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“FINRA is committed to ensuring that the capital-raising objectives of the JOBS Act are advanced in a manner consistent with Congressional intent and investor protection. Crowdfunding portals...
The Financial Industry Regulatory Authority (FINRA), the largest independent securities regulator in the United States, on Thursday issued a call for public input on the crowdfunding portion of the Jumpstart Our Business Startups (JOBS) Act.
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.
David Drake provides an action plan and a rough timeline for when Obama's executive branch, including the SEC, and FINRA might be able to complete the process of implementing the equity crowdfunding provisions of 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.
Panel members:
Jason Best; Startup Exemption,
Sherwood "Woodie" Neiss; Startup Exemption,
DJ Paul; Crowdfunder.com,
Vince Molinari; GATE Technologies
Moderator:
Candace Klein; SomoLend
Previously, crowdfunding has been limited legally to nonprofit and philanthropic fundraising efforts but the new law will open the opportunities to include investments in a full range of...
ConfidentCrowd aims to increase investors’ confidence by using Financial Industry Regulatory Authority (FINRA) registered broker-dealers to screen businesses looking to raise capital. For the investors, the crowdfunding portal offers, foremost, the ability to minimize risks.
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.
As you may have heard, Mary Schapiro intentionally held up the rulemaking for key crowdfunding and Reg D. general solicitation provisions of the JOBS Act. The perception is that lobbyists urging...
There are two sides to every story. The same can be said for those who support and those who are against Crowdfunding. The proponents tend to be entrepreneurs, innovators, and America’s jobs engine. They are the ones advocating in favor of allowing entrepreneurs to raise a limited amount of capital from their friends, family & community. They are a fragmented group by nature, heads in the sand, focused on their businesses without deep pockets or the backing of special interests. The major opponents to crowdfunding are the SEC, FINRA and NASAA. They are government bureaucratic agencies with a vested interest in the current system, widespread oversight and deep pockets. Their job is to protect and regulate the large, often complex, public markets. However they tend to do so at the expense of small businesses. Overly bureaucratic rules, we see time and again, have a trickle-down effect on small businesses that hamper growth.
Find below a summary of the arguments for and against Crowdfund Investing.
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.
Our weekly crowdfunding live chats are becoming one of the hottest tickets around as the gears start turning to put the new investing framework in place. Our third live event was held this past Monday, just a few days after members of the Crowdfunding Intermediary Regulatory Association met with officials from FINRA and the SEC.
During this week's Live Chat, we will be providing an update on CFIRA's progress working with the Securities & Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and other affected governmental and quasi-governmental entities to help establish industry standards and best practices.
We will also be discussing efforts to unite a broad-based coalition of industry participants from within the growing crowdfunding community to ensure the credible development of the industry, including a commitment to the highest ethical standards.
Our fifth crowdfunding live chat took place here on Crowdsourcing.org yesterday. The discussion continued to center around how the industry will take shape and the regulatory framework that will govern it. A very lively and informative discussion, as always.
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.
Crowdfunding could become one of the most promising new strategies for business creation in decades — but intermediaries, investors, and entrepreneurs need to manage the risks to reap the rewards.
This is upsetting to companies who rely on the crowdfunding business model, but not everyone is sounding alarm bells yet. “As long as the delay is just until later this summer I don’t think it...
I am optimistic because the parties that need to work together are working together and there is clearly momentum at the SEC and FINRA to get the necessary regulations made. We didn’t sign up for a...
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)
![Answers to the arguments against making crowdfund investing legal [Part 1]](/images/resized//editorial_10079_190x100_editorial_crop.jpg?1326147637)
