The SEC temporary final rule providing smaller companies conditional relief from certain requirements under Regulation Crowdfunding was published in the Federal Register. The rule will be in effect from May 4, 2020 through March 1, 2021.
The Financial Crimes Enforcement Network requested comment on proposed amendments to the definitions of "broker or dealer in securities" and "broker-dealer" under Bank Secrecy Act regulations. The proposed definitions would include funding portals that are involved in the offering or selling of crowdfunding securities.
SEC Chair Mary Jo White outlined the opportunities, challenges and risks of "Silicon Valley" technology in financial services. She urged entrepreneurs and issuers of private companies (particularly so-called unicorns) to focus on investor interests.
The SEC corrected the Regulation Crowdfunding final rule implementing Title III of the JOBS Act. The correction added an effective date (May 16, 2016) for subpart U of the regulations relating to the Form Funding Portal. The correction was posted in the Federal Register.
IOSCO highlighted major crowdfunding risks and urged regulators to consider measures to address them. In a survey and report issued by the Committee for the Regulation of Market Intermediaries, IOSCO stated that "crowdfunding regimes are in their infancy" and "IOSCO has not proposed a common international approach to the oversight or supervision of crowdfunding at this stage."
IOSCO's Board of Directors (the "Board") focused on three activities in key priority areas identified in the IOSCO 2020 Strategic Direction: (i) identifying and responding (by providing guidance) to global market risks, (ii) providing assistance to IOSCO members and (iii) supporting G20 efforts to promote stability in the global financial system.
The SEC Advisory Committee on Small and Emerging Companies considered (i) recommendations related to intrastate crowdfunding; (ii) the treatment of so-called "finders" that assist companies in capital-raising activities; and (iii) improving public company disclosure. In her remarks, Chair Mary Jo...
IOSCO held its Annual Conference in Luxembourg to discuss how to advance work on global regulatory reform and the identification of emerging risks in securities markets. The meetings covered topics including: how to move forward with work requested by the G20 on issues for securities market,...
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