Selling Equity Through Crowdfunding: A Comment

J. Brown
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引用次数: 2

Abstract

The Securities and Exchange Commission has proposed rules that will implement the crowfunding exemption set forth in the JOBS Act. See SEC File No. S7-09-13. Once implemented, the exemption will allow non-reporting companies to use crowdfunding to raise equity. The SEC’s proposal, however, raises a number of issues, including: (A) concerns over reliance on the “collective wisdom of the crowd” as a substitute for traditional investor protections; (B) concerns over reliance on investor self-certification as a means of enforcing the investment limits for individual investors; (C) the inconsistency of the proposed method of calculating the offering limits applicable to issuers with the requirements of the JOBS Act; (D) concerns over the elimination of the integration doctrine; (E) the need to address and include persons in civil unions/civil partnerships within the definition of family member; and (F) the need to require the filing of Form Funding Portal in an interactive format. The attached paper analyzes all of these issues.
通过众筹出售股权:评论
美国证券交易委员会(Securities and Exchange Commission)提出了实施《就业法案》(JOBS Act)中规定的众筹豁免的规则。见SEC文件编号。S7-09-13。一旦实施,这项豁免将允许未申报的公司利用众筹筹集股权。然而,SEC的提议提出了一系列问题,包括:(a)对依赖“群体智慧”来替代传统投资者保护的担忧;(B)对依赖投资者自我认证作为执行个人投资者投资限制的手段的担忧;(C)适用于发行人的发行限额的拟议计算方法与《就业法案》的要求不一致;(D)对取消一体化原则的担忧;(E)需要将民事结合/民事伴侣关系中的人纳入家庭成员的定义;以及(F)要求以交互式格式提交“表格资助门户”的必要性。本文对这些问题进行了分析。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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