Mary Jo White said it. It’s on C-SPAN. Crowdfunding rules could finally be released this fall. I don’t really like writing news about no news, but given the keen interest in the marketplace to learn something, here is a quick update.
The latest no-news comes from White’s recent testimony before members of the Senate Banking, Housing and Urban Affairs Committee. As part of the Q&A, lawmakers wanted to know whether crowdfunding and other JOBS Act rules were considered “front burner” issues for the SEC.
“Again, I certainly am describing multiple front burners to some degree … but crowdfunding rulemaking is certainly on one of those front burners,” White said. She reassured the committee that rules should come out this fall.
She also advised the committee that the SEC is working closely with FINRA to develop rules for crowdfunding portals. “We’re trying to land that at the same time so that it does not build in other delays.”
As always, if you have questions or comments, please call, e-mail or tweet me @Bettina Eckerle. Of course I’ll keep you posted when the real news come out.
Eckerle Law offers legal advice in a variety of transactional and regulatory matters and serves companies’ plenary business law needs. Its founder, Bettina Eckerle, is a veteran of Debevoise & Plimpton and Wachtell, Lipton, Rosen & Katz. She also served as the General Counsel of two companies en route to IPO. Please visit the Eckerle Law website for more details.