At long last, the SEC is expected to release proposed rules under Title III of the JOBS Act on Wednesday, allowing for legal equity crowfunding with unaccredited investors.
“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, October 23, 2013 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 rules and forms related to the offer and sale of securities through crowdfunding pursuant to Section 4(a)(6) of the Securities Act of 1933, as mandated by Title III of the Jumpstart Our Business Startups Act.”
We previously heard reports that the new rules would allow for self-certification of income or net worth for purposes of Title III, which may indicate that the SEC has solved the biggest problem in Title III.
Stay tuned for ongoing updates as the rules are released on Wednesday.
This post was written by James Han on October 21, 2013
Proposed Crowdfunding Rules to be Released