In addition to legislative initiatives we've previously discussed, we
continue to see efforts to relax the general solicitation prohibition in
private offerings. For example, the SEC's Advisory
Committee on Small and Emerging Companies recently...
The SEC announced yesterday that it will be holding an
open meeting on June 22, 2011, evidently to discuss new proposed
changes to the new Advisers Act rules pending under Dodd Frank. For fund
managers concerned about becoming subjected to Advisers...
As we previously blogged ,
in June 2012 the SEC adopted final rules directing
national securities exchanges to establish listing standards relating to
compensation committees. The NYSE and Nasdaq have
now done so.
Our colleagues Christopher C....
The National Venture Capital Association (NVCA) recently published an article that may indicate an increasing role of Corporate Venture Capital's increasing role in the startup investments arena, as reflected in Money Tree's Investment Analysis...
Some beer lovers who were fans of Pabst Blue Ribbon heard
that its parent company, the Pabst Brewing Co., was up for sale. The previous
owner had died, leaving it to a charitable trust. Charities couldn't hold on to
the asset so they had to sell...
One of the more confusing parts about forming a startup
is sorting through the dozen or so documents that may come into play. Below are
the basic organizational documents to consider when forming your startup. Which
documents are applicable to your...
This is the seventh post in a series exploring recent SEC
regulations which define the term "venture capital fund" for the purposes of
determining whether a fund's manager is exempt from SEC registration
requirements under the Dodd-Frank...
Now is the time for US persons to complete and file their
FBARs for 2010, or to confirm their entitlement to an extended due date (for
2010 or a prior year).
By way of background, US persons need to make an
annual filing with the Department of the...
A few months ago we posted an article entitled " Financing Your Startup: How to Sell Stock without Going to Jail ."
Among other things, the post described a series of legal restrictions
associated with raising funds legally. Although there...
On this edition, David Lynn and Anna Pinedo of Morrison & Foerster discuss the benefits available to Emerging Growth Companies under the JOBS Act. They review the significance of the ability to submit IPO registration statements confidentially, and...
I tend to be an optimist and have been accused by friends (and others) of being too rosy in my outlook. If that's true, I suspect it is because of athletics. I have played sports all my life and I've found that, in sports, the competition is fierce...
Recently, I came across an online petition proposing a
new "Startup Exemption" to federal securities registration requirements.
You can find the petition at this website: www.startupexemption.com . Like many other
similar proposals, its...
It's hard to raise capital. The regulatory restrictions
imposed by securities laws make it harder to do so. As any bright-eyed
entrepreneur with a dream project will tell you, the lawyers and the securities
laws make it very expensive and time...
A year ago, President Obama signed the Jumpstart Our
Business Startups (JOBS) Act, a legislative product of rare bipartisan
collaboration that was intended to improve employment and make it easier for
smaller firms to raise private equity. (For an...
"Everyone agrees the title was a work of pure genius,"
says Dick Phillips of K&L Gates in a recent podcast , referring to the Jumpstart Our Business
Startups (JOBS) Act. "It's impossible to vote against in an election year."...
Recently, several developments have changed the
First, beginning March 30,
2012, title IV of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank) will eliminate an exemption that many advisers to
Australia highly regulates employee stock incentive plans. Failing to adapt to applicable rules can lead to adverse consequences for employees and employers and ultimately can undermine the intended purpose of such plans. Compliments of our DLA Piper...
According to an article in Crain's NY, most of VC investments made during the second quarter of 2012 went to California companies. Out of $2.1 billion in total, only $30 million was invested in New York startups, whereas California companies received...
This past week, the SEC and CFTC jointly adopted rules
regarding the new Form PF that certain fund managers will need to file under
the Adviser's Act. The form will require advisers to disclosure
detailed information about their funds' holdings...
This post is the sixth in a series examining
the impact of the Jumpstart Our Business Startups Act (or JOBS Act) one year
after its passage and focuses on the provision instructing the SEC to create a
new securities registration exemption commonly...
If you are reading this post, then you probably share my
belief that one of the best things our government can do to spur economic and
job growth is to support the startup community. In recent years, government
entities ranging from state (See Maryland's...
The House of Representatives recently voted to pass The
Jumpstart Our Business Startups (JOBS) Act ( H.R. 3606 ), a
collection of several bills focused on barriers to capital formation. I'm
focused on the bill because of mostly because of the Access...
As I've mentioned before, it's
very important for growing companies to comply with securities laws , even
during the initial seed and friends and family rounds of financing. The
possibility of lawsuits and even fines and other criminal penalties...
Laws don't often get their own parties. But for the
irresistibly named Jumpstart Our Business Startups (JOBS) Act, President Obama held a rare public ceremony in the
White House's Rose Garden in its honor. Even more notably, this party was quite...