On December 19, 2018, the U.S. Securities and Exchange Commission (the “Commission”) adopted final rules (the “Final Rules”) to allow Exchange Act reporting companies (“Reporting Companies”) to rely on Regulation A for their securities offerings. Prior to the adoption of the Final Rules, Reporting Companies…
On June 4, the U.S. Securities and Exchange Commission (the “Commission”) announced that Valerie A. Szczepaknik was named Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman. Valerie A. Szczepaknik is referred to…
On January 8, 2018, the OTC Markets Group issued a response letter to FINRA’s request for comments in which OTC Markets Group states that the “cumbersome operational processes around Rule 6432, and the related Rule 15c2-11 under the Securities Exchange Act of 1934 (SEA) unnecessarily…
The Regulation A+ Improvement Act of 2017 (the Act) was introduced on November 7, 2017 by Republican Thomas MacArthur and recently passed 246-170 votes with the overwhelming support of Republicans. Ready For Some Background? In mid-2015, the U.S. Securities and Exchange Commission (Commission) amended Regulation A…
Technology companies and advisors involved in cryptocurrencies have received a number of subpoenas and information requests from the U.S. Securities and Exchange Commission (SEC) during the last few weeks and they are alarmed. While the content of these subpoenas and information requests have generally remained…
You are reading this because you or someone you know wants to launch an Initial Coin Offering or Initial Token Offering (“ICO”) in 2018. You also may not know exactly how to get started but there is one thing you are absolutely certain of: you…
If you are reading this, then you are probably an issuer who sold securities in a Regulation Crowdfunding (Regulation CF) Offering – Congratulations! Not. So. Fast. You must comply with annual reporting obligations in order to continue relying on the Regulation CF exemption. A Quick…
On October 31, 2017, Munchee Inc. (Munchee) launched an Initial Coin Offering (ICO) to raise $15 million to improve its blockchain-based iPhone app, an app to post pictures of and review restaurant meals. The next day, the U.S. Securities and Exchange Commission (SEC) contacted Munchee –…
ICOs are on the rise and the SEC’s Cyber Unit is proactively fulfilling its promise to protect investors against cyber-related misconduct involving distributed ledger technology and ICOs. Earlier this month, the SEC filed fraud charges against Dominic Lacroix, age 35, Sabrina Paradis-Royer, age 26 (Lacroix’s…
Facebook, Twitter, LinkedIn and other social networking sites have irreversibly transformed the ways public companies interact with millions of potential investors. This interaction is difficult to regulate and can easily be abused by anonymous market manipulators who promote fraudulent campaigns that harm market efficiency and…
ICOs are on the rise and so are SEC Cyber Unit enforcement initiatives. Last week, I represented Bevilacqua PLLC at the Crowdfunder Educational Series “Introduction to Launching an ICO” at Expert DOJO in Santa Monica, California and heard from some subject matter experts. Following are…
Following is an Article Top 10 Things You Should Know About Regulation A that I collaborated on with Steve Dresner, the CEO of Dealflow.com. It is being reprinted here with the permission of Dealflow.com. Sign up for Steve’s Series D blog here. Top Ten Things…
