Small and Microcap markets

SEC Conferees Recommend Reg A+ Improvements

Last November, the SEC held its annual conference focused on small business in Austin, TX. Most of the conference consists of participants developing recommendations to the SEC. Those recommendations are then ranked by the participants and published, which they have recently done. The recommendations from these conferences are sometimes taken up by the SEC and

[ Read More ]

House Passes Regulation A+ Limit Increase

The US House of Representatives yesterday passed the Regulation A+ Improvement Act of 2017 (although Congress.gov reports it as the “Regulation At Improvement Act”). This bill would increase the cap on amounts to be raised under Regulation A from $50 to $75 million. If the Senate approves, most believe the President will sign this bill,

[ Read More ]

Nasdaq Decides to Get Small

In a HUGE announcement last week, Nasdaq, Inc., the parent company of the various stock exchanges bearing that name, decided the exchanges should no longer be called NASDAQ. Instead they are “re-branding” as just plain Nasdaq, ie initial cap then lower case. Why? Well, the name had been upper case because it stood for the

[ Read More ]

SEC Proposes Disclosure Simplification

A week ago, the Securities and Exchange Commission, as required by the Fixing America’s Surface Transportation (FAST) Act, released a proposal to simplify and modernize Regulation S-K, which governs most public company disclosure. None of the proposals individually is that huge, but as a group they could noticeably ease the compliance burden. It includes things

[ Read More ]

SEC Small Business Advisory Committee Wraps Up Work

Last week the SEC’s Advisory Committee on Small and Emerging Companies finished its work. The Committee is anticipated to be succeeded by the new Small Business Capital Formation Advisory Committee mandated by statute. A few highlights of their final recommendations to the Commission (all good to me!): Private placement brokers – a more than 10

[ Read More ]

Bill Would Allow Reporting Companies to Use Reg A+

Update August 1, 2017: The Financial Services Committee approved this bill on July 25, 2017 in a rare 59-0 vote. it now heads to the full House of Representatives. The House Financial Services Committee is considering a bill that would permit full SEC reporting companies to use Tier 2 of Regulation A+ to effect a

[ Read More ]

June 2017: The Month That Reg A+ Arrived

What a month this has been for those of us involved with the Reg A+ movement going back all the way to 2010. Although dozens of Reg A+ deals, raising hundreds of millions of dollars, had closed before this month, virtually none were trading their stock. In the span of a month, however, we now

[ Read More ]

Financial CHOICE Act Would Broaden Form S-3 Availability

On May 4, 2017, the House Financial Services Committee narrowly, by a vote of 34-26, passed the Financial CHOICE Act of 2017, which now moves to the full House. Most of the bill relates to rollbacks of Dodd-Frank provisions that are better covered by those who follow issues affecting large financial institutions. Among other things

[ Read More ]

Almost Every SEC Form Changes

Got your attention? No it’s not April 1 anymore so this is serious. But actually no big deal. Last Friday the SEC adopted some rules mandated by the Jumpstart Our Business Startups (JOBS) Act of 2012. Among them: implementing the use of the term “emerging growth company”  (EGC) throughout its registration and periodic reporting forms.

[ Read More ]