Staff Says No One Can Act as Crowdfunding Intermediary Until SEC Adopts Implementing Regulations – by David Drake

Crowd Funding Intermediary Regulatory Authority (“CFIRA”) met with SEC earlier last month April 2012 and some of the Frequently Asked Questions are now up on the SEC website

Jumpstart Our Business Startups Act
Frequently Asked Questions About Crowdfunding Intermediaries

Division of Trading and Markets

CFIRA meet again in NYC May 18th.  We encourage anyone with a legal experience interested in attending to reach out to David@LDJCapital.com

In addition, James Hamilton at SEC Today covered last Friday this topic:

“Staff Says No One Can Act as Crowdfunding Intermediary until SEC Adopts Implementing Regulations

No person, not even an SEC-registered broker, can act as a crowdfunding intermediary pursuant to the Jumpstart Our Business Startups Act (JOBS) Act until the SEC adopts implementing regulations, according to a recent Division of Trading and Markets response to frequently asked questions”

Crowd Funding for Equity is Not legal in the US today.  SEC has 270 days from Obama signing the JOBS Act April 5th, 2012 to implement provisions and processes to make it legal.

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