US SEC Proposes Policy Highlighting the Importance of Proper Company Recordkeeping and Disclosure to Equity Crowdfunding

BoardSuite, a leader in cloud-based solutions to manage, organize and share corporate information securely applauds announcement

October 30, 2013 –NEW YORK, NY – BoardSuite (www.boardsuite.co)

BoardSuite a secure cloud-based board portal and shareholder recordkeeping solution for private companies is delighted to see the leadership taken by the U.S. Securities and Exchange Commission headed by Commissioner Kara M. Stein in its recent proposals on equity crowdfunding. The proposal if implemented would significantly help small U.S. companies to raise money in the private securities market. BoardSuite sees as critically important specific provisions in the proposed SEC  regulations regarding company recordkeeping and disclosure of company information about owners, officers and directors, how proceeds from the offering will be used, and financial statements.

“There is substantial discussion in the release with respect to an issuer’s responsibility to keep complete and accurate records of its security holders. I believe this is a critically important issue that could have far-reaching implications for the (equity crowdfunding) marketplace. A business simply must be able to track who its owners are. While I understand that requiring a registered transfer agent would increase the costs to an issuer, I would like to hear from commenters about possible third-party, cost-effective solutions to help crowd funding issuers manage their recordkeeping responsibilities.” —Statement Regarding the Proposing Release on Crowd funding, Commissioner Kara M. Stein, Washington, D.C., Oct. 23, 2013

BoardSuite secure portal has been used by private companies in 40 countries to help them manage their capital structure and their shareholder communications.  BoardSuite combines simplicity for the issuer and good governance, compliance.

“Proper recordkeeping is critical for the success of equity crowdfunding and managing the owner/shareholders is a great step forward,” commented Oscar A Jofre, President / CEO, BoardSuite Corp. BoardSuite provides a cost effective solution to the issue identified by Ms. Stein, by helping companies manage their shareholder share structure, corporate information and records.”

Gil Michel Garcia, a Partner at Blue HF a boutique law firm advising Canadian companies on venture and private equity transactions, including US based Equity Crowd Funding by Canadian companies, shares the enthusiasm of Mr. Jofre stating: “Proper documentation and disclosure is a critical component to a company being able to properly take advantage of the enormous funding opportunities now available through equity crowdfunding. By engaging an experienced registrar and recordkeeping agent like Boardsuite, companies can show to potential investors that they are serious about record keeping and compliance, and therefore that they are worthy of their investment.”


We are pleased to see the advancement of equity crowd funding in the US and around the world. BoardSuite offers private companies an opportunity to also manage their complete minute and additional governance and compliance requirements. BoardSuite’s roots are in governance and compliance.

We support the views of the SEC and are here to help companies to take advantage of the growing crowdfunding market.

About BoardSuite

Provided as a FREE SaaS-based service, BoardSuite enables management to manage, organize and share their corporate information securely.  BoardSuite enables management to manage their documents, calendaring, people committees, contracts, and capitalization table.

BoardSuite was created to mitigate risk by providing directors, officers and shareholders a simple yet powerful solution to address their responsibilities surrounding good governance and compliance, thus allowing them to devote more time towards helping their organizations improve overall business performance.

###

For more information contact:

Oscar A Jofre
President/CEO
BoardSuite Corp.
Oscar.Jofre@BoardSuite.co

BoardSuite
Website:    www.boardsuite.co

Media Contact:
Howard Oliver
What If What Next
holiver@whatifwhatnext.com

416-568-5254

 

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