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...
On August 26, 2020, the Securities and Exchange Commission approved allowing the New York Stock Exchange to permit "direct listings" of newly public companies. The Nasdaq has had this ability for several years- companies like Spotify took advantage of this alternative method of going public....
After years of endless discussion, the Securities and Exchange Commission just announced an expansion of the definition of "accredited investor" under SEC rules and Regulation D in particular. Many companies, both public and private, who seek private investments limit their offering to accrediteds primarily because...
A few months ago, a real estate company brought an action against the Securities and Exchange Commission, and apparently the SEC now has been served in the case, known as Platform Real Estate, Inc. vs. United States Securities and Exchange Commission. The federal case was...
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...
Last Friday, the Securities and Exchange Commission approved a new Silicon Valley-based national securities exchange, the Long Term Stock Exchange (LTSE), with a unique twist - a focus on earlier stage companies and long term investing. The idea of "venture exchanges" has been around for...
The SEC just announced that it has adopted final rules that will permit full SEC reporting companies to conduct public offerings utilizing the modern crowdfunding capabilities with Regulation A+. We are still awaiting the details of the new rules, but they will become effective immediately...
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...
Get the holiday theme? It hit me on the way to work. There seem to be two camps with views on how Regulation A+ is doing now that it has been over two years since the dismissal of two states' attempt to stop the new...