Emerging Markets Law

Showing 11 posts from October 2015.

SEC Adopts Crowdfunding Rules

Posted In SEC, Securities

The Securities and Exchange Commission is meeting today to consider whether to adopt final rules that would allow the offer and sale of securities through crowdfunding. The recommended rules would give small businesses an additional avenue to raise capital and provide investors with important protections. If adopted, this would complete the Commission’s major rulemaking mandated under the JOBS Act.

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SEC to Vote on Title III Crowdfunding October 30th

Posted In SEC, Securities

Nearly three years after the Congressional deadline to adopt rules to implement crowdfunding under Title III of the JOBS Act of 2012, the SEC has announced that it will vote on October 30, 2015, on the adoption of draft rules first published in 2013.  

Title III of the JOBS Act, which passed Congress on a bipartisan basis and was signed into law by President Obama in April 2012, was one of the most sweeping changes to U.S. securities laws in decades.

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Safe Harbor's Replacement - Handshake Deal in Place

The officials working to replace the recently-invalidated data transfer Safe Harbor have in place a handshake deal.

The full details are not yet public, but presumably will be disclosed before the deadline of January 2016 for US businesses to comply with EU data protection laws.

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Savannah Film Incentive Makes State Even More Competitive

The Savannah Economic Development Authority (SEDA) is making Georgia an even more attractive place to shoot films, starting in 2016. This is a boost to an industry that didn't exist in Georgia in a big way until about 10 years ago, but that has grown rapidly: filmed entertainment brought about $6 billion to Georgia in 2014.

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SEC to Hold Annual Government-Business Forum on Small Business Capital Formation

Posted In SEC, Securities

The Securities and Exchange Commission ("SEC") today announced that it will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington D.C. headquarters on November 19, 2015.

The morning session of the forum will feature panel discussions on exempt and registered offerings occurring after the passage of the JOBS Act. During the afternoon session, participants will work in groups to formulate specific policy recommendations.

Information on the panel participants and the full agenda for the forum will be announced in November and available on the forum webpage.

The forum, which begins at 9:00 a.m., is open to the public, and the morning session will be webcast live on the SEC’s website. The afternoon breakout group sessions will not be webcast but will be accessible by teleconference for those not attending in person. Anyone wishing to participate in a breakout group either in person or by teleconference must register online by November 13, 2015.

Cyber Hygiene: Upgrade Your Software, Too

Data security is a multi-part process for most organizations. Today's installment of cyber hygiene habits for 2015 reminds us that updating software is a critical step in securing our networks. 

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Cyber Hygiene: Upgrade Your Hardware

This fourth installment in our cyber hygiene series will discuss the importance of hardware upgrades in maintaining corporate data security. As with all the best practices we recommend in this series, the idea behind protection is to avoid incidents where possible, mitigate damage if they occur, and have a defensible position or "storyline" if you suffer a dispute or investigation. 

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Congress Begs SEC to Issue Crowdfunding Rules

Posted In SEC, Securities

Six Congressional Democrats issued an open letter dated October 5 to SEC Chair Mary Jo White, begging the regulator to issue the long-overdue rules to implement crowdfunding under Title III of the Jumpstart Our Business Startups (JOBS) Act of 2012.  

Congressman Eric Swalwell (D-CA), along with House Representatives Derek Kilmer (D-WA), Seth Moulton (D-MA), Grace Meng (D-NY), Ruben Gallego (D-AZ), and Patrick Murphy (D-FL) joined the chorus of elected officials demanding rules for Title III, retail crowdfunding be released immediately.  

The JOBS Act was passed with bipartisan support and praised by President Obama as a way to spur the economy by making it easier for small businesses to raise capital through crowdfunding. The law required the SEC to issue regulations before the end of 2012 so that companies could start using crowdfunding.

Politics delayed the SEC's release of proposed rules for more than a year and now, more than three year after passage of the law, those rules have still not been implemented.

Nevertheless, SEC Chair Mary Jo White has recently been quoted to say that the rules will be forthcoming and other activities (like FINRA's modification of its crowdfund portal rules) suggests that implementation of the regulations may be just around the corner. 

FINRA Release Funding Portal Rules

On October 12, 2015, Financial Industry Regulatory Authority, Inc. (“FINRA”) announced that it would file with the Securities and Exchange Commission (“SEC”) a proposed rule change to adopt Funding Portal Rules 100, 110, 200, 300, 800,900 and 1200 (collectively, the “Funding Portal Rules”) and related forms. In addition, FINRA proposed to adopt new FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act) in the FINRA rulebook.

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Cyber Hygiene Habits: Have a Plan For Your Employees

For 2015, we are addressing data security and privacy by discussion of topics relating to information security and hygiene. Parts one and two covered knowledge of what laws cover your business and of what data you have in your networks. This installment covers the human side of data handling: which employees have access to your data, and why.

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