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From the Rooftop, March 23, 2015 Reg A+ Edition

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From the Rooftop, March 23, 2015 Reg A+ Edition

By: Steve Sadler, CEO, Allegiancy

March 23, 2015

SEC Announces Open Meeting with Reg A+ on the Agenda

SOURCE: Securities and Exchange Commission

Summary: Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Pub. L. 94-409, that the Securities and Exchange Commission will hold an Open Meeting on Wednesday, March 25, 2015 at 10:00 a.m., in the Auditorium, Room L-002.

The subject matter of the Open Meeting will be:

The Commission will consider whether to propose amendments to Rule 15b9-1 (Exemption for Certain Exchange Members) under the Securities Exchange Act of 1934.

The Commission will consider whether to adopt rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act. READ MORE HERE.

 

SEC Schedules Open Meeting on Rules for Title IV of the JOBS Act

SOURCE: Crowdfund Insider

Summary: The Securities and Exchange Commission has announced an open meeting to be held on Wednesday, March 25th, to consider whether to adopt rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act.  This is Title IV of the JOBS Act, a portion of the law that has come to be referred to as Reg A+.

The meeting will be held at 10AM at the offices of the SEC. These meetings are typically live streamed and open to the public.

A scheduled meeting normally indicates the Commissioners have come to an understanding and the long awaited final rules for Title IV will be released.  Rules will not take effect immediately as they will first need to be published in the Federal Register and undergo an associated waiting period.

Title IV of the JOBS Act has engendered controversy on Capitol Hill as NASAA, a special interest group representing state securities administrators, has lobbied aggressively against state “Blue Sky Review” reform.  Industry expectations are for state review to be removed as it has effectively killed current Regulation A utilization.  The new exemption will allow funding raises of up to $50 million with the participation of qualified investors.

The Commission will also consider whether to propose amendments to Rule 15b9-1 (Exemption for Certain Exchange Members) under the Securities Exchange Act of 1934 at this time as well. READ MORE HERE.

 

Today’s Community Banker: Crowdfunding

SOURCE: Allegiancy CEO Steve Sadler

Summary: Crowdfunding – what’s recently become the media’s darling story when they write about the Jumpstart our Business Startups (JOBS) Act – makes me think about a story my father-in-law told me.

He was an entrepreneur.  Through the GI Bill, he attended medical school and became a dentist, and then moved to Eastern Maryland to open a practice. He had no money. No operating capital. Just a license to practice dentistry and the drive to make a difference in his community.

A local banker took a liking to Dr. Bauman and told him that when he was ready to open his practice, to come see him.   That banker ended up loaning my father-in-law the money he needed to buy furniture, X-ray machines and equipment, and to start the business.

It turned into a successful dental practice, in part because one banker believed, and understood that my father-in-law simply needed capital to get started.  And the banker provided that capital. READ MORE HERE.

 

Q&A with Expert on SEC’s new Regulation A+, Rob Kaplan

SOURCE: Allegiancy

Summary: As part of the Jumpstart Our Business Startups (JOBS) Act, the U.S. Securities and Exchange Commission (SEC) is expected to announce the new rules for Regulation A+ (Reg A+) shortly.

Attorney Robert R. Kaplan Jr. has been involved in Reg A+ since its inception, working on enactment of the JOBS Act in Congress and the A+ rules of implementation with the SEC. His law firm, Kaplan Voekler Cunningham & Frank (KVCF), is one of the few regularly providing counsel on Regulation A deals.

Steve Sadler, CEO of Allegiancy, a Richmond-based commercial real estate asset manager, plans for his company to be one of the first to become an active participant in the new Reg A+ marketplace. This year, Allegiancy offered $5 million in securities under Regulation A in order to be poised to be a leader in this space.  (See related press release)   

Today, Allegiancy spoke with Rob Kaplan to find out the latest on Reg A+ and what it could mean to U.S. investors and small and medium-sized enterprises (SMEs) alike. READ MORE HERE.

 

 

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