Companies in Silicon Valley and beyond have been waiting with baited breath for this day: The Securities and Exchange Commission unanimously approved a proposal of crowdfunding rules to last year’s Jumpstart Our Business Startups (JOBS) Act.
If your company funds its ventures online or is considering using crowdfunding as a litigation aid, it’s time to pull out your reading glasses and peruse the 538-paged proposal before you weigh in on the matter and comment on the proposed rules.
Here are a few notable highlights of the proposed rules:
Public comments in response to the proposal are already pouring in – particularly about the more costly provisions including the financial statement requirements and the mandatory filing of annual reports with the SEC. It could be at least another six months before the agency issues final rules, reports The Times.
See what else people are thinking about on our LinkedIn page.
Related Resources:
- SEC introduces, unanimously approves crowdfunding proposals (The Washigton Post)
- JOBS Act: Startup Investment Solicitation Legal; Crowdfunding TBA (FindLaw’s Technologist)
- Corporate Counsel Center (FindLaw)
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