Archive for Regs & Advocacy
CFIRA Releases White Paper on Best Practices for Crowdfunding
The Crowdfund Intermediary Regulatory Advocates released its white paper entitled “Crowdfunding Best Practices for Portals Operating Pursaunt to Title II and Title III of the JOBS Act. Scott Purcell of Arctic Island and chair of CFIRA’s Best Practices Industry Oversight Committee commented “At the birth of any industry, or disruptive changes to an existing industry [...]
CFIRA Official Comments
Here are the official comments CFIRA has issued to the Securities and Exchange Commission and other regulatory agencies and associations. CFIRA Offers SEC Proposals to Streamline Crowdfunding. May 21, 2012. The Crowdfund Intermediary Regulatory Advocates (“CFIRA”) today provided recommendations to the Security and Exchange Commission on how crowdfunding notices can be offered on social [...]
Bi-Partisan Group Pushes JOBS Act
Washington, D.C. – December 11, 2012 – Senators Jeff Merkley (D-OR) and Michael Bennet (D-CO) urged Chairman Mary Schapiro of the Securities Exchange Commission to request that rules governing crowdfunding activities be issued quickly. Merkley and Bennet were lead sponsors on the CROWDFUND Act, which was passed on April 5, 2012 and legalizes the raising [...]
CFIRA Offers Proposals for Crowdfunding Portals to FINRA
Cincinnati, Ohio – December 6, 2012 - The Crowdfund Intermediary Regulatory Advocates (CFIRA), a leading industry organization fostering implementation of equity crowdfunding under the JOBS Act, offered proposals today to the Financial Industry Regulatory Authority on how Broker-Dealers and Registered Crowdfunding Portals can implement crowdfunding and possibly work cooperatively in this new emerging industry. The Financial Industry Regulatory Authority is the [...]
CFIRA Offers SEC Tips for a 21-Day Cool-off Period for Crowdfund Investing
Cincinnati, OH – December 1, 2012 — Members of the Crowdfund Intermediary Regulatory Advocates (CFIRA) urge the Securities and Exchange Commission to consider rules under the JOBS Act that would allow issuers of crowdfund equities to rescind an offer or to decline investors if a portal believes the transaction may be unlawful. CFIRA Board Member [...]
CFIRA Presses for Clear Rules and Safe Harbor for Equity Ads Under JOBS Act
Cincinnati, OH -October 5, 2012 – The new rules that will open the door for public advertisements of certain securities under the new JOBS Act should be easy to follow and consistent, a leading crowdfund investing advocate has urged the Securities and Exchange Commission. The Jumpstart Our Business Startups Act, which amends nearly 80-year-old federal securities [...]
Whitepaper: What You Need to Know About the JOBS Act and Equity Crowdfunding
Washington, DC – September 20, 2012 – Equity crowdfunding will offer small businesses a new tool to raise capital once the Security and Exchange Commission (SEC) and self-regulatory groups formulate rules for such investing under the new Jumpstart Our Business Startups Act. Beforehand, the “crowd” could offer donations to projects online, but unregistered offers for [...]
Trust Crowd Intelligence for Crowdfunding, CFIRA Urges FINRA
CFIRA, a leading crowdfund investing coalition, has urged the largest independent securities regulator known as FINRA to embrace “crowd intelligence” as FINRA develops a self-regulatory scheme for equity crowdfunding. The Jumpstart Our Business Startups Act, signed into law on April 5, 2012, authorizes small businesses to raise up to $ 1 million per year through [...]
Repeal Crowdfunding from JOBS Act? Advocates Say It Will Hurt Small Business
Columbia, SC – September 13, 2012 – Repealing crowdfunding would take away the only parts of the new JOBS Act that would help small business, small business advocate Frank Knapp warned after getting word that a Tennessee Congressman may seek repeal of the crowdfund provisions of the new law. President Obama signed the Jumpstart Our Business [...]
Push Crowdfunding With Due Speed and Clarity, Panel Urges Congress
Washington, DC — September 13, 2012 – Quite simply, crowdfund investing will bring more capital to small business, a crowdfunding panel told a congressional committee today. “Today’s small startups are tomorrow’s Fortune 500 employer,” Naval Ravikant, CEO of AngelList, told the House Joint Subcommittee Hearing on JOBS Act Implementation during a hearing today. The committee originally [...]
