Disclosures

  • SeedInvest’s due diligence process is no guarantee of success or future results. All investors should carefully review each investment opportunity and cancel their subscription within the allotted time-frame if they do not feel comfortable making any specific investment based on their own DD. Learn more about due diligence on the SeedInvest Blog (https://www.seedinvest.com/blog/angel-investing/how-to-assess-an-investment) and our vetting process in our FAQs (https://intercom.help/seedinvest/en/).

  • SeedInvest’s selection criteria does not suggest higher quality investment opportunities nor does it imply that investors will generate positive returns in investment opportunities on SeedInvest. Learn more about due diligence on the SeedInvest Blog (https://www.seedinvest.com/blog/angel-investing/how-to-assess-an-investment) and our vetting process in our FAQs (https://intercom.help/seedinvest/en/).

  • Diversification is only across multiple early-stage investment opportunities within the asset class. There is no guarantee that this program will lead to a well-balanced portfolio of companies across industry types or stages across the asset class. In addition, enrolling in this program will not lead to diversification across your entire investment portfolio. In order to achieve diversification, we do not recommend you allocate more than 10% of your entire investment portfolio to alternative assets.

  • Testimonials may not be representative of the experience of others and are no guarantee of future performance or success. No individuals were compensated in exchange for their testimonials.

SEC Re-opens Comment Period for Proposed JOBS Act Rules

 
 

In what seems to be a (potentially temporary) victory for the startup industry, the SEC announced late last Friday that they are re-opening the comment period (which initially ended on September 23)  for an additional 30 days for the controversial proposed JOBS Acts rules that would require

  • An advance Form D filing 15 days BEFORE any general solicitation
  • Filing of all general solicitation materials with the SEC
  • Lengthy legends on all written general solicitation material
  • Harsh penalties

For additional background on these proposed rules, check out our previous post Proposed Form D Rules: The Good, The Bad and the Ugly.

The extension follows almost universal opposition to these rules by the startup industry as well as a letter from Congressman Patrick McHenry, the sponsor of the JOBS Act legislation, indicating that the original analysis in the proposal may have been deficient and requesting the SEC to re-open the comment period and to publish supplemental analysis.

This means that the proposed requirements above are likely to be further delayed, which seems to be great news for those of us in the startup industry.  For details on the extension and some great commentary on what this might mean, check out Sam Guzik‘s post this morning:  SEC Extends Comment Period for JOBS Act Rule 506 Proposed Rulemaking – Is the SEC About to Pivot?

Patrick McHenry
U.S. Representative

 

This post was written by James Han on September 30, 2013

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