Hank Massey, Greg Kahn and Sam Jennings authored a May 12 article, "SEC focusing on B-D registration issues for private-fund managers," for Investment News, addressing concerns arising from the Securities and Exchange Commission's recent focus on broker-dealer registration for private fund managers. The article notes that in determining whether a private fund manager should register as a broker dealer, the main issues to focus on are: how investors are solicited and retained and by whom; and how employees are compensated for that work.
The full article can be found here.
On January 30, Michael Rave and Richard Leu will be speaking at Bank Director's annual conference, Acquire or Be Acquired, in Phoenix, Arizona.
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Eliza Fromberg was quoted in an article, "Equity Crowdfunding Tops $10M Since SEC Rules Took Effect," in Law360.
Eliza Fromberg was quoted in an article, "SEC Boosts Intrastate Crowdfunding, But Hurdles Remain," in Law360. In the article, Fromberg discusses the U.S. Securities and Exchange Commission’s adoption of amendments to the intrastate offering exemption.
Eliza Fromberg was quoted in an article, "JOBS Act's Lift Of Ad Ban Gains Traction With Small Cos.," in Law360. The article is about how the Jumpstart Our Business Startups Act's lifting of advertising bans for certain private placements is finally beginning to gain traction with issuers. Fromberg says she expects 506(c) offerings to pick up as methods of verifying accredited investors become more standard and the use of Internet platforms, which allow smaller companies to bypass intermediaries, become more accepted.
Michael Rave was quoted in an article, "Banks Have Another Reason to Sell with SBLF Dividend Hike," in American Banker. In the article, Rave discusses how banks that hold Small Business Lending Fund (SBLF) capital are likely to be acquired. "They aren't in a position to repay the money or refinance it. They don't have a lot of choices," explains Rave.
Eliza Fromberg was quoted in an article,"Capital Markets Regulation And Legislation To Watch In 2016," in Law360. In the article, Fromberg discusses the significance of the new rules FINRA has proposed for capital acquisition brokers.