Posts Tagged ‘ broker dealer ’

Unregistered broker-dealer services can be illegal…and costly.

By Tim Boykin Corporate Counsel at WealthForge, Crowdfund Beat Guest Contributor, Last month, in our blog post “Unregistered? You might be breaking the law… and the SEC is watching.,” we discussed the importance of the registration requirement of Section 15(a)(1) of the ’34 Act. We suggested that Section 15(a)(1) requires registration as a broker-dealer when a person effects or induces the purchase or sale of securities. Recent SEC action suggests that the SEC is construing the registration requirement broadly and is bringing related enforcement actions. The previous post discussed a specific SEC enforcement action involving an unregistered online platform. This post dives a bit deeper into the…

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FINRA’s Latest Proposed Funding Portal Rules and Fees “charts”

FINRA’s Latest Proposed Funding Portal Rules and Fees “charts”

By Lauren Leibowitz, CrowdFundBeat Guest Contributor, Principal at 1st BridgeHouse Securities, LLC, On October 9, 2015, 2 years after FINRA first published its proposed Funding Portals rules , FINRA published the amended proposed Funding Portal Rules to the Securities and Exchange Commission (SEC). The following are FINRA’s proposed rule submissions:         1. SR-FINRA-2015-040 a. Adopt Funding Portal Rules 100,110,200, 300, 800,900 and 1200 and related forms. b. Adopt FINRA rule 4518: Notification to FINRA in Connection with the JOBS Act. 2. SR-FINRA-2015-041: Adopt Section 15 of Schedule A to the FINRA By-Laws governing fees for funding portals that are FINRA Members. In April 2012, when…

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Raising Money online with a Participating Broker-Dealer?

Raising Money online with a Participating Broker-Dealer?

By Scott Andersen, CrowdfundBeat Guest Contributor, Principal at finLawyer.com FinLaw:  Raising Money online with a Participating Broker-Dealer? Welcome to the World of FINRA Regulation In my last article regarding Regulation A+ filing requirements, I discussed how when raising funds for a Reg A offering you are required not only to make a Form 1-A filing with the SEC, but also one with FINRA pursuant to FINRA Rule 5110. Rule 5110, known as the Corporate Financing Rule, enables FINRA to review and evaluate the fairness of underwriting terms and arrangements.  However, this is not the only FINRA rule that those seeking to publicly raise funds over the internet need to…

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SEC Sanctions Finder’s Fees by non-Broker-Dealer

SEC Sanctions Finder’s Fees by non-Broker-Dealer

By Jonathan Wilson CrowdFundBeat , Sr. contributing guest editor, partner in the corporate law department of Taylor English  LLP In a consent judgment announced recently the SEC re-emphasized its position that parties who are not licensed as broker-dealers are prohibited by securities laws from accepting so-called finder’s fees for connecting investors with securities issuers. In its consent judgment in In re IREECO, LLC, the SEC described IRRECO, LLC and certain named affiliates who ran a business in which they assisted prospective investors in EB-5 transactions with regional centers who were seeking investors for EB-5 project financings.  The EB-5 program is one that allows non-U.S. citizens to make an investment of at…

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The Many Definitions of “Crowdfunding”

By Fred Bryant, President, WealthForge It was 2010 and I had just received a question from a regulatory body: What is crowdfunding? While I have since answered this question dozens of times, crowdfunding as a term has been used by a variety of groups who have defined it in different ways, creating confusion about what exactly it is. To be clear, there are, in fact, many different flavors of crowdfunding. The three most common are donation-based, presale of a product, and securities or “equity” crowdfunding. All three have one thing in common: some sort of monetary exchange where one entity looks to source capital directly from…

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ForbesHow This Millennial Built A 7-Figure Business Using Equity CrowdfundingForbesJules Schroeder , Contributor I write about millennials following nontraditional paths Opinions expressed by Forbes Contributors are their own. Most people I talk to are astonished when I tell them I sp [...]

Entrepreneur3 Crowdfunding Tips Every Company Forgets From a Brand That Raised $800000 and Got AcquiredEntrepreneurCrowdfunding takes a lot of planning, whether you're gearing up for a launch, a ship date or thinking about the next source of funding you'll pursue. But it [...]

Boing BoingCrowdfunding for medical costs is turning health-care into a reality-TV competitionBoing BoingIt's a sad -- if gripping -- document of the wildly inefficient, friction-hot mess of medical care in the US, where one-fifth of household spending is lavished on healthcare, [...]

Youris.comApproaching energy crowdfunding with eyes wide openYouris.comFor example, in Germany cooperatives have always been important in financing small-scale solar energy. And if you look at all the renewables capacity in the country, I think more than 50% is in the hands of private [...]

Telegraph.co.ukBrewDog keeps the taps open after hitting £10m crowdfunding markTelegraph.co.ukPunk IPA maker BrewDog has surpassed its £10m crowdfunding target but opted to extend the deadline in a bid for even more cash.BrewDog extends crowdfunding deadline after raising £11.3m - BBC [...]

VentureBeatIndiegogo moves beyond crowdfunding to help startups with manufacturingVentureBeatIndiegogo made its name as a crowdfunding site where startups could get cash for their big dreams. But the San Francisco company is moving beyond that idea to helping startups with design for [...]

Comics BeatCrowdfunding Watch: Curiously Cute Critters and a Cyberpunk CollectionComics BeatI recently returned from the Penny Arcade Expo (PAX) in San Antonio, Texas and I can't stop thinking about the games I saw. From the interactive love story Florence to Tunic, a story about [...]

Entrepreneur12 Key Strategies to a Successful Crowdfunding CampaignEntrepreneurI've Raised Close to $2 Million in Crowdfunding Campaigns -- Here Are My Secrets · Next Article. 12 Key Strategies to a Successful Crowdfunding Campaign. Image credit: Shutterstock · Aj Agrawal • Contr [...]

EntrepreneurLive at CES: Indiegogo CEO Predicts What's Next for CrowdfundingEntrepreneurAt CES, hundreds of companies of varying sizes and stages can attribute crowdfunding platforms to their funding, product design and success. One of those being Indiegogo. Founded in 2007, the [...]

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