Recent update to the CrowdCheck Issuer-Dealer Memo
Our memo regarding issuer-dealer registration for companies considering an offering under Tier 2 of Regulation A has been updated with the inclusion of Nebraska following recent pronouncements from its Department of Banking and Finance. The updated memo can be obtained here, http://13.221.220.68/sites/default/files/Reg%20A%20Issuer-Dealer%….
Compliance with Reg CF: What if you need money during the middle of Reg CF campaign?
So far, Regulation Crowdfunding appears to be doing what it was always intended to do. Small businesses are able to raise funds to begin or expand their business operations. Some companies could be categorized as innovative growth companies, others more main street. In any case, a common theme is that issuers are in need of […]
Preparing for an A+ grade: Don’t forget your state notice filings
One of the great benefits to issuers under the SEC’s rules for offerings under Tier 2 of Regulation A, effectively created by the JOBS Act, is the preemption of state requirements for registration of the offer and sale of securities. Known as “Blue Sky Laws”, these state specific rules added considerable cost to qualifying an […]
CrowdCheck releases memo on Regulation CF communications by crowdfunding portals
Funding portals are governed by unique communication rules under Regulation CF and FINRA’s Funding Portal Rules. These rules derive from the restrictions on funding portals regarding soliciting investors and providing investment advice. Additional information can be found in the memo here.
Compliance with Reg CF: Is your crowdfunding platform compliant?
Just as with issuer compliance, investment platform compliance with Regulation CF has been all over the map since Regulation CF went into effect in May. Under Rules 300 to 305 of Regulation CF, all intermediaries in Regulation CF offerings have specific requirements that they must meet. For instance, they must register with the SEC and […]
Preparing for an A+ grade: Ongoing reporting under Tier 2
On September 16, 2016, the SEC filed its first suspension of the Regulation A exemption(link is external) against an issuer for failure to file its required annual statement. A suspension of the Regulation A exemption is a Bad Act, disqualifying the company from raising capital under Regulation A, Regulation CF, and Rule 506 of Regulation D. The […]
Compliance with Reg CF: Current liquidity and capital resources
While never intended to be the type of discussion that accompanies the management’s discussion and analysis of a registered securities offering, the SEC expects issuers making offerings under Regulation CF to discuss all the material information regarding their current liquidity and capital resources. Under Rule 201(s), this discussion must cover each period for which the […]
Compliance with Reg CF: Financial statements under Rule 201
The financial statements and corresponding discussion of financial condition of an issuer undertaking a securities offering under Regulation CF is arguably the most important set of information for an investor to make an informed investment decision. While the story of the company is critical for gaining investor interest, it is the financials that help an […]
CrowdCheck guest post on the Dealflow Series D Blog
The overlooked Reg A requirement that could land you in hot water https://dealflow.com/seriesd/overlooked-reg-requirement-land-hot-water/
Understanding Reg CF: Compliance with Rule 201 disclosure requirements
Over the next few weeks, CrowdCheck will be posting a series of blog posts regarding issuer compliance with the disclosure requirements of Regulation CF. We believe this series will be important for prospective issuers and platforms, and ultimately investors. Of the ninety-six Form C filings as of September 1, 2016, very few have actually met […]