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ARTICLE · 07 JULY 2014

Crowdfunding 2.0?

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On October 24, 2013, the SEC published proposed rules to permit companies to offer and sell securities through "regulation" crowdfunding.

United StatesCorporate/Commercial Law
John Hempill
John Hempill
Lauren Lewis
Lauren Lewis
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On October 24, 2013, the Securities Exchange Commission (the "SEC") published proposed rules (Release Nos. 33-9470; 34-70741) to permit companies to offer and sell securities through "regulation" crowdfunding as proposed in the Jumpstart Our Business Startups Act (the "JOBS Act"), which we have written about here. The 90-day comment period on the proposed rules ended January 23, 2014 but comments are still being submitted to the SEC's website, with the latest comment submitted on June 3, 2014. There is no indication as to when the SEC will publish its final rules relating to crowdfunding.

Certain members of Congress have expressed dissatisfaction with the proposed rules published by the SEC. The concern expressed is that the overly burdensome requirements and restrictions under the JOBS Act and the proposed rules make "regulation" crowdfunding an unattractive and potentially unusable option for early stage companies looking to raise financing.

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