Washington D.C., Oct. 30, 2015 - The Securities and Exchange Commission today adopted final rules to permit companies to offer and sell securities through crowdfunding.  The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings.  The new rules and proposed amendments are designed to assist smaller companies with capital formation and provide investors with additional protections.

Crowdfunding is an evolving method of raising capital that has been used to raise funds through the Internet for a variety of projects.  Title III of the JOBS Act created a federal exemption under the securities laws so that this type of funding method can be used to offer and sell securities.  

“There is a great deal of enthusiasm in the marketplace for crowdfunding, and I believe these rules and proposed amendments provide smaller companies with innovative ways to raise capital and give investors the protections they need,” said SEC Chair Mary Jo White. “With these rules, the Commission has completed all of the major rulemaking mandated under the JOBS Act.”

The final rules, Regulation Crowdfunding, permit individuals to invest in securities-based crowdfunding transactions subject to certain investment limits.  The rules also limit the amount of money an issuer can raise using the crowdfunding exemption, impose disclosure requirements on issuers for certain information about their business and securities offering, and create a regulatory framework for the broker-dealers and funding portals that facilitate the crowdfunding transactions. 

The new crowdfunding rules and forms will be effective 180 days after they are published in the Federal Register. The forms enabling funding portals to register with the Commission will be effective Jan. 29, 2016. 

The Commission also proposed amendments to existing Securities Act Rule 147 to modernize the rule for intrastate offerings to further facilitate capital formation, including through intrastate crowdfunding provisions.  The proposal also would amend Securities Act Rule 504 to increase the aggregate amount of money that may be offered and sold pursuant to the rule from $1 million to $5 million and apply bad actor disqualifications to Rule 504 offerings to provide additional investor protection.

The SEC is seeking public comment on the proposed rule amendments for a 60-day period following their publication in the Federal Register.
 
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The Initiative for a Competitive Inner City (ICIC) and FORTUNE recently revealed the 2015 Inner City 100, a list of the fastest-growing inner city businesses in the U.S. Six Pennsylvania based businesses were included in the list: John Pomp Studios, Seer Interactive, AE Works Ltd., Connexus Technology, Windle Mechanical Solutions Inc. and Net Health.

ICIC's Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America's urban communities. Each year, ICIC works with a national network of nominating partners to identify, rank and spotlight rapidly-growing urban businesses, and the top 100 - determined by revenue growth - are honored on the Inner City 100 list published in FORTUNE.

ICIC's Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America's urban communities. Each year, ICIC works with a national network of nominating partners to identify, rank and spotlight rapidly-growing urban businesses, and the top 100 - determined by revenue growth - are honored on the Inner City 100 list published in FORTUNE.

The full list of the 2015 Inner City 100 can be viewed on the FORTUNE website, here.

October 27, 2015 - Ex-Im Bank Update: House approves reauthorization of the U.S. Export-Import Bank by vote of 313 -118. House bill now goes to Senate in December.

Related Ex-Im Bank News:
12/02/2015 Highway Bill Offers a Seasonal Display of Congressional Unity via New York Times
11/05/2015 House approves highway bill that also revives Ex-Im Bank via Washington Examiner
11/04/2015 Retreating Ex-Im Bank Foes Fight Furious Rearguard Action As Defeat Looms via Forbes
10//23/2015 Put jobs above politics by voting on Ex-Im Bank via Philly.com
10/21/2015 As the Ex-Im Vote Draws Near, See What Local Businesses Have to Say (excerpt from Bucks County Courier Times)

Wallquest is a World Trade Center of Greater Philadelphia Member

NEW YORK, NY, USA - The World Trade Centers Association (WTCA) Member Seminar is the most important learning and networking event for the World Trade Centers Association community. ​The seminar offers a dynamic platform to review and discuss the most recent strategic developments and trade programs across the association's global network.

​CJEU decision increases burden on producers, importers and suppliers of components
SVHCs in component parts above 0.1% concentration must be notified

​In a ruling with significant implications for producers, importers and suppliers of complex articles, the Court of Justice of the European Union (CJEU) has followed an earlier Advocate General's opinion that producers and importers of articles must notify ECHA if any of the components in their articles contain a substance of very high concern (SVHC) above a concentration of 0.1% weight by weight. Suppliers of products comprising any individual component will also have to provide information to recipients and, upon request, consumers.

Full Review via Allen & Overy