As we reported in November, just before the election, the then Republican-controlled SEC approved, in a 3-2 vote, increases in the maximum a company can raise under Regulation Crowdfunding (to $5 million) and Regulation A+ (from $50 to $75 million). The increases were due to...
In a very big pre-Election Day surprise, the Securities and Exchange Commission today took a few significant steps to enhance access to capital for smaller companies, with the stated intention to "harmonize, simplify, and improve the multilayer and overly complex exempt offering framework." The new...
Last month, the Nasdaq quietly submitted a proposal to the SEC regarding Regulation A+. It is simple enough to quote: "Any Company listing on Nasdaq in connection with an offering under Regulation A of the Securities Act of 1933 must, at the time of approval...
Reporting from the Practising Law Institute's Annual Institute on Securities Regulation here in NYC. I was honored to serve on a panel next to Jennifer Zepralka, head of the SEC's Office of Small Business Policy. Jennifer provided a very positive report on Regulation A+. Here...
Last November, the SEC held its annual conference focused on small business in Austin, TX. Most of the conference consists of participants developing recommendations to the SEC. Those recommendations are then ranked by the participants and published, which they have recently done. The recommendations from...
The US House of Representatives yesterday passed the Regulation A+ Improvement Act of 2017 (although Congress.gov reports it as the "Regulation At Improvement Act"). This bill would increase the cap on amounts to be raised under Regulation A from $50 to $75 million. If the...
Tomorrow night at a panel here at Duane Morris, we will hit official pre-launch on my latest book, Regulation A+ and Other Alternatives to a Traditional IPO (John Wiley & Sons). Here's info from Amazon about this guide to the new streamlined IPO process through...
Today, Sebastian Abero, the head of the SEC's Office of Small Business Policy, had some very positive news for those interested in the new Regulation A+. He revealed that, since the Reg A+ rules were adopted by the SEC in June 2015, through September 2017,...
Last week the SEC's Advisory Committee on Small and Emerging Companies finished its work. The Committee is anticipated to be succeeded by the new Small Business Capital Formation Advisory Committee mandated by statute. A few highlights of their final recommendations to the Commission (all good...
The Regulation A+ rules adopted by the SEC in 2015 included scaled reporting obligations to assist in reducing issuers' offering costs as against a traditional IPO. However, if a company is seeking to become a full Securities Exchange Act reporting company, which is required if...