Crowdfunding: The SEC Finally Acts on the Proposed Rules
Publication Date
11-3-2015
Document Type
Article
Organizational Units
Sturm College of Law
Keywords
Securities and Exchange Commission (SEC), Jumpstart Our Business Startups Act of 2012 (JOBS Act), Commissioner Piwowar, Financial statements, Crowdfunding
Abstract
On October 23, 2013 the Securities and Exchange Commission (“SEC”) unanimously voted to propose a set of crowdfunding rules under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The SEC held an open meeting on October 30, 2015 to consider whether to adopt the proposed rules and voted 3 to 1 to approve the rules. The original rules required an issuer to provide audited financial statements by an independent public accountant if the offering was going to exceed $500,000. Some individuals, including SEC Commissioner Piwowar who voted against the proposed rules adoption, believe that the regulations are too burdensome for many small businesses to comply with. The new rules and forms will become effective 180 days after publication in the Federal Register.
Publication Statement
Copyright is held by the author. User is responsible for all copyright compliance.
Rights Holder
Stacey L. Bowers
Language
English (eng)
Publication Title
The Race to the Bottom
Recommended Citation
Stacey L. Bowers, Crowdfunding: The SEC Finally Acts on the Proposed Rules, Race to the Bottom (November 3, 2015), https://www.theracetothebottom.org/rttb/crowdfunding-the-sec-finally-acts-on-the-proposed-rules.html.