Oregon Releases Proposed Intrastate Crowdfunding Exemption Rules; BUT Will They Be Useful?

Oregon CFWhile just recently uploaded, sometime in October David Tatman, the administrator of the Division of Finance and Corporate Securities, filed a “Statement Of Need And Fiscal Impact” with the Oregon Secretary of State proposing, what he refers to as, “Community Public Offerings” (CPOs) … which, between you and I, are intrastate crowdfunding offerings. While I applaud Administrator Tatman’s efforts in pushing intrastate crowdfunding forward, and his stated purpose for the proposed legislation, in my humble opinion this legislation misses its intended mark.

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Eureeca Cease and Desist Order – Why the SEC’s Approach Is Good News For The Industry

EureccaLast week Eureeca Capital SPC officially became one the first crowdfunding sites to be cited by the Securities and Exchange Commission (“SEC”) for, among other things, failing to take proper measures to verify that purchasers were “accredited” as required by Regulation D Rule 506(c). In response to the SEC’s proceedings against the Dubai based crowdfunding platform, Eureeca submitted an offer of settlement which was accepted by the SEC on November 10, 2014 in the form of a cease and desist order and a $25,000 fine. While we are certain to see more SEC actions as crowdfunding continues to grow in popularity, I see this order as a good sign for the crowdfunding industry in general.

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Business man looking at factory that makes money from ideasAs noted in my prior post, “OFFICIAL DRAFT – Illinois Proposed Intrastate Crowdfunding Exemption,” an official draft of my proposed Illinois Intrastate Crowdfunding Exemption was recently finished. To my surprise, people actually read it and I have been getting a lot of questions as to why I choose to make my bill so different than those of other states. I figured the easiest way to answer that question was to outline some of what I was thinking in drafting the proposed bill.

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STATE OF THE STATES – An Update On Intrastate Crowdfunding

Split Map 7While the industry waits for Title III crowdfunding rules to be released, the intrastate crowdfunding movement continues to move forward (as a whole). Here is a brief update as to the status of the enactment/use of intrastate crowdfunding exemptions in certain states.

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OFFICIAL DRAFT – Illinois Proposed Intrastate Crowdfunding Exemption

Dollarphotoclub_38753851Well it’s official. At long last my proposed Illinois intrastate crowdfunding exemption has been formally drafted as a proposed bill. It may be without a sponsor at the moment but one step at a time….

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