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Description:
Few changes in securities offerings have created as much comment as the concept of crowdfunding. Crowdfunding is viewed by some as the answer for companies too small to go public, but too large to rely on private offerings. When the JOBS Act was adopted it created a “crowdfunding” exemption in section 4(a)(6) of the 1933 Act, and called for SEC regulations to permit offerings of up to $1 million over a rolling 12-month period. The SEC Staff says to expect crowd funding rules before year-end.
In the meantime, issuers in need of capital are finding their own ways to “crowdfund.” With no $1 million cap and no limits on individual investments, some people say that Rule 506(c) allowing public advertising and general solicitation is the real “crowdfunding” exemption. Web sites such as Kickstarter are permitting start-up companies to raise substantial amounts through “offerings” that do not involve the sale of a security.
Attend this CLE program on crowdfunding, led by a faculty of extraordinarily experienced practitioners, commentators, and presenters, to learn how existing and proposed options for crowdfunding could drastically change your clients’ capital raising options.
What You Will Learn
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Does the section 4(a)(6) exemption for crowdfunding offer any advantages over Rule 506(c)?
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What methods of solicitation will be permitted in crowdfunding offerings, and how do they compare with Rule 506(c) offerings?
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What types of companies will use the different methods of crowdfunding?
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What are the liability risks for officers and directors of crowdfunding issuers, and how do they compare with Rule 506(c) offerings?
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Can crowdfunding portals supplant broker-dealers?
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How will disclosures in crowdfunding offerings compare with disclosure in Rule 506(c) offerings?
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Can crowdfunding intermediaries satisfy the requirements regarding disclosure, background checks, and provision of information to the SEC in an economic way?
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How will issuers comply with the need for ongoing disclosures to the SEC and investors?
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What special liability risks are raised by the requirement that closings be contingent on meeting a target offering amount?
 | | Practice Areas: | | Banking & Finance Law, Corporate & Securities, Securities & SEC Regulation, Venture Capital & Private Equity | | | Online Media Type: | | Audio | | | Production Date: | | 10/22/2013 | | | Level: | | Intermediate | | | Category: | | Standard | | | Duration: | | 1 Hours, 37 Minutes | | | Online Format: | | On Demand | | | Course Type: | | Public |
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Purchase of this product provides online access for 180 days. If you are purchasing a live webcast, you will receive complimentary access to the on demand version for 180 days once it becomes available. Please note that the on demand and podcast versions may, or may not be accredited in your state.
If you intend to take a course for CLE credit, please make sure your state is listed in the "Accreditation" section to the upper right of the program description. Accreditation displayed is unique to the purchased program format (live conference, live webcast, on demand, podcast). Credit totals listed for live conferences are the maximum credits available. Credits issued will be based upon actual time in attendance. Credit totals for other formats are for complete programs. Partial credit is not available for any online or downloadable format.
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This product is intended for individual use by the named purchaser. Group viewings for online programs may be arranged for five or more attorneys within the same organization prior to viewing by emailing west.wlec-sales@thomson.com.
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| | • | Martin P. Dunn - OMelveny & Myers LLP; Washington, DC | | • | David M. Lynn - Partner, Morrison & Foerster LLP | | • | Robert B. Robbins - Pillsbury Winthrop Shaw Pittman LLP; Washington, D.C. | | • | Annemarie Tierney - General Counsel, SecondMarket, Inc. |
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