FundersClub said it received a no-action letter from the Securities and Exchange Commission. The letter suggests that the SEC will not take action against venture capital advisers who are not registered at broker dealers, the company said.
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An official in the enforcement division of the Securities and Exchange Commission said last month that the agency has its eye on several industry practices that could disadvantage investors, such as the charging of deal fees and the cherry-picking of deals.
In recent years, private equity has largely avoided the scrutiny facing the hedge fund industry. All this is changing, mostly due to the passage of the Dodd-Frank Wall Street Consumer Protection Act in 2010.
U.S. securities regulators voted 4-1 on Wednesday to propose lifting a long-standing ban on general advertising for private securities offerings.
SEC Chairman Mary Schapiro recently told Congress it was “not feasible” to meet the JOBS Act’s 90-day deadline for the implementation of changes to Securities Act Rule 506 to permit general solicitation in private placements to accredited investors.
Until SEC rule-making is complete the crowdfunding exemption under Section 4(6) is not available for offers and sales of securities. Nonetheless, equity crowdfunding offers are already easy to find on Twitter.
The latest regulatory requirement for buyout shops appears not to be as onerous as the industry had feared, lawyers who work with private equity firms told sister publication Buyouts Thursday. Smaller registered private equity firms will be required to provide only limited information regarding size, leverage, investor types and concentration, liquidity, and fund performance. For [...]
The Securities and Exchange Commission adopted a definition of the venture capital industry that will permit VCs to operate largely as they currently do, a decision some GPs are calling a victory for the asset class. Details of the decision have yet to be released, and are expected in the next few days. However, the [...]
It was the sigh of relief heard ‘round the PE world last summer, when Congress exempted venture firms from having to register with the SEC as investment advisers. So why did Austin Ventures announce today that it has hired a general counsel and chief compliance officer? Kim Hughes, director of communications at Austin Ventures, wasn’t [...]