I'm reposting and updating the below, which first appeared here nearly a year ago. I remain determined in my quest for the major stock exchanges to consider some alterations to the reverse merger “seasoning” requirements instituted in November 2011. As we know, these restrictions were added...
A jury in federal court in Manhattan has spoken. They found that five of convicted swindler Bernie Madoff's employees knew that the multi-billion dollar Ponzi scheme he orchestrated was illegal and fraudulent. It looks like they are all headed for the hoosegow along with Bernie,...
Many seem a little confused by the flurry of regulatory activity in Congress and the SEC the last few years when it comes to small business and capital formation. Regulation D? Regulation A? Kickstarter? Crowdfunding? Which is which? Here's a few sentences so you can...
One of the biggest changes in the regulation of capital formation by smaller companies is coming. The revisions to SEC Regulation A, mandated by the Jumpstart Our Business Startups (JOBS) Act of 2012, have been proposed by the SEC. Comments must be submitted no later...
After unanimously sailing through the House Financial Services Committee back in November, the full House of Representatives, in a lopsided 412-4 vote, last week passed HR 3448, known as The Small Cap Liquidity Act of 2013. The bill now moves to the US Senate for...
I was recently interviewed for a Podcast on the UR Business Network show, "Way Off Wall Street" with Marshall Sterman. The 20-minute interview can be found at http://urbusinessnetwork.com/david-feldman-expert-securities-attorney-way-wall-street-marshall-sterman/. I cover entrepreneurship, going public, Regulation A, crowdfunding, IPO alternatives, the regulatory environment, you name it! If you...
A few weeks ago at a keynote speech in California, SEC Chair Mary Jo White covered a wide range of topics in the world of securities regulation. The speech also referenced crowdfunding and Regulation A, both the subject of current pending rulemakings awaiting final action...
In a stunning reversal from over a decade of ruling differently, last Friday the SEC released a "no-action" letter saying it will not go after intermediaries in merger & acquisition transactions for failure to register as a broker-dealer even if they receive a commission equal...
The North American Securities Administrators Association (NASAA, not to be confused with the space agency) is pushing to allow states to have a chance to complete a merit-based review of offering documents under the newly proposed Regulation A+ (see prior posts). Recall that this has...
Happy almost New Year everyone (except if you are in Sydney where it is already 2014)! I spent part of my holiday reading the 300+ page SEC proposal to overhaul Regulation A. My grade: Regulation A+ gets very close to an A+ on substance. If...