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President Obama’s aim to nominate Elisse Walter as the next chair of the Securities and Exchange Commission will be “positive” for the crowdfund investing industry, says Candace Klein, Co-Chair...
Despite news that the chair of the SEC will step down next month, CFIRA members remain optimistic that the SEC will formulate rules to govern equity crowdfunding under the JOBS Act by the end of...
Key details: This week's live chat with the CFIRA leadership group, the group organizing to develop a self-regulatory framework for the crowdfunding industry, will begin at 9am PST / 12pm EST / 5pm BST on Monday, April 23. This week's chat will provide updates from a recent leadership group meeting held in New York on Wednesday, April 18 and meetings with FINRA and the SEC on Friday, April 20. You can submit your questions for this panel of experts right now in the comments at the end of this post, or to eric.mack@crowdsourcing.org.
It was a busy and fruitful week with well-attended meetings held in NY on Wednesday, April 18. The group agreed on two important mandates: first, the efforts to work with the SEC to guide the development of a framework for the regulation of the U.S. crowdfunding industry; and second, the need to work to coalesce the industry in order to form a united group that could represent the needs of the industry, beyond the development of a workable regulatory framework.
In this week's Live Chat we will be providing updates on the progress that has been made including details of meetings held with FINRA and the SEC.
We invite you to join members of CFIRA's leadership group and our securities attorneys for this week's live chat in order to learn of the progress that has been made and to invite you to continue to ask questions and provide input.
Please post any questions you have for this next Live Chat as comments to this post or to eric.mack@crowdsourcing.org. We will field the questions.
The Crowdfund Intermediary Regulatory Advocates organization (“CFIRA”) yesterday sent a letter to the SEC highlighting the importance of social media to crowdfund investing. Specifically, the letter proposes that issuers of equity who use the JOBS Act’s crowdfunding exemption should be allowed to send “notices” — tweets, Facebook posts, status updates and the like — to potential investors “without being deemed to be engaged in general solicitation.”
On Tuesday, the Crowdfund Intermediary Regulatory Advocates (CfIRA) sent recommendations to the Securities and Exchange Commission (SEC) regarding safe harbors. Safe harbors aim to reduce uncertainty in markets by providing additional guidelines that companies may choose to follow in order to ensure compliance with the law.
Recap of the July 13th CFIRA event where the nation’s key lawmakers, regulators, crowdfunding enthusiasts, entrepreneurs and investors all came together to discuss the rules that will eventually...
On Thursday, CFIRA board members sent a letter to the SEC regarding crowdfunding portal revenue models. The letter proposed a 12-15 percent fee per offering, not including additional charges for maintenance or payment processing.
Once appointed, Ms. Walter will have the task of leading the implementation of rules governing crowdfund investing under the Jumstart Our Business Startups Act,which was signed into law on April...
As a result of this week's live chat, the SRO working group learned that there is some confusion around whether and when platforms can charge a fee for facilitating crowdfunding. We invite you to join members of CFIRA's leadership group and our securities attorney's for next week's live chat to clarify this issue.
Specifically, platforms have the following abilities:
• Until July 4, 2012, platforms may not facilitate any form of "solicitation" or advertising of raises;
• From July 4, 2012 until January, 2013, platforms may only facilitate "Regulation D" offerings, must limit all offerings to accredited investors, and cannot charge a fee for that facilitation;
• After January, 2013, platforms may offer crowdfunding offerings (not Regulation D offerings), and may charge a fee to facilitate those offerings.
We will discuss this in more detail to answer questions you may have, and welcome you to our next Live Chat at 9am PDT / 12pm EDT / 5pm BST on 16 April 2012.
On Monday Crowdsourcing.org hosted our fourth crowdfunding live chat and below is the full transcript of the conversation as promised. The discussion included the official announcement of the creation of the Crowdfunding Professional Association. A detailed statement on CfPA also immediately followed the conclusion of the live chat. CfPA will act as a sister organization to CFIRA, and answers to plenty more questions about the new organization can be found in this full transcript:
Panel members:
Jason Best; Startup Exemption,
Sherwood "Woodie" Neiss; Startup Exemption,
DJ Paul; Crowdfunder.com,
Vince Molinari; GATE Technologies
Moderator:
Candace Klein; SomoLend
This post is the first in a series from David Drake, a founding board member of
Crowdfund Intermediary Regulatory Advocates or CfIRA, designed to address some of the common issues, questions and concerns around the JOBS Act, which legalizes crowdfunding for equity in the United States beginning next year, after the SEC completes its rulemaking process.
The following post is the second installment in a series from David Drake, a founding board member of Crowdfund Intermediary Regulatory Advocates or CfIRA, designed to address some of the common issues, questions and concerns around the JOBS Act, which legalizes crowdfunding for equity in the United States beginning next year, after the SEC completes its rulemaking process. In this post Drake offers some recommendations on how to handle advertising and investment advice under the emerging crowdfunding framework.
During Crowdsourcing.org's most recent Crowdfunding Live Chat this past Monday, June 4, leaders from CfIRA, CfPA and others in the emerging equity crowdfunding industry gathered to discuss recent discussions with SEC and FINRA on how the industry will take shape. There was also a recap of the recent Crowdfunding Made Simple event in Salt Lake City and talk of similar events in the works for several other states.
This week, the Crowdfund Intermediary Regulatory Advocates (CFIRA), of which Funding Launchpad is a founding member, submitted recommendations to the Securities and Exchange Commission on general...
The following recap of last week's forum on the JOBS Act and crowdfunding for equity in the United States comes to us from Dara Albright and NowStreetJournal.com. Albright is one of Crowdsourcing.org's resident experts in the area of crowdfunding.
Scott Purcell, CFIRA board member, talks about the organizations newly released outline of best practices for crowdfunding portals operating under the JOBS Act.
“CFIRA welcomes the SEC's approval of FINRA's Form for Funding Portals. We see this as a very positive and proactive sign that both agencies intend to prioritize rule making on the JOBS...
CFIRA representatives met with officials from FINRA and the SEC Friday. Crowdsourcing.org spoke with some of the folks that where there and offers a few highlights of the discussion.
The following is a guest post from attorney Douglas S. Ellenoff, on the meeting between CFIRA members and the SEC staff last week. Also be sure to read our earlier story on the meeting.
Founded in 2010, the industry website, Crowdsourcing.org, is a neutral organization dedicated solely to crowdsourcing and crowdfunding. As one of the most influential and credible authorities in the crowdsourcing space, Crowdsourcing.org is recognized worldwide for its intellectual capital, crowdsourcing and crowdfunding practice expertise and unbiased thought leadership.
![CFIRA: Progress and Meetings with the SEC and FINRA [Live Chat]](/images/resized//editorial_13707_190x100_editorial_crop.jpg?1335038859)
![Crowdfunding: What's Legal and When [Live Chat]](/images/resized//editorial_13431_190x100_editorial_crop.jpg?1334263135)
