In a not so surprising development, the SEC announced that even SEC registered broker dealers may not act as a crowd funding intermediaries under the JOBS Act because the SEC has not adopted regulations. 

Crowd funding allows companies to finance new businesses by accepting and pooling donations of up to $1 million over the Internet if

The SEC’s Chief Accountant announced that a number of companies may be unaware they fall under the disclosure requirement for Emerging Growth Company status under the JOBS Act. 

As a result of this status, the JOBS Act requires these companies to disclose such a status in their public filings with the SEC.  This disclosure and the resulting status

Yesterday, the SEC proposed rules to implement Section 201(a) of the JOBS Act, which mandates the elimination of the prohibition against general solicitation in Rule 506 and Rule 144A offerings.  The proposed rule answered the major questions securities professionals were asking about these reforms:  would the new Rule 506 replace the old (no), would “reasonable

In recent days, industry and investor advocates have been fighting over the general solicitation and advertising exemptions in private placements that went into effect with the JOBS Act.

Further, these advocates are also discussing the definition of the accredited investor standard.  Investor groups are looking to tighten these standards while industry advocates are seeking flexibility. 

In a move that surprised absolutely no one, SEC chairwoman Mary Schapiro stated in testimony before a House Subcommittee that the SEC would not make the July 4th deadline set by Congress to amend Rules 506 and 144A. 

Mary was not quite contrary here – I don’t think anyone expected the SEC to make this deadline (And

I did another interview with LXBN TV this afternoon.  In some ways, it went better than the first.  Instead of an opening shot where I look like I’m trying to find the fastest escape route out of the imminent stammer-fest, now I just look really, really sad, like someone just yelled at a puppy.  And