With SEC chief Mary Shapiro stepping down on December 14th, what will this mean for the implementation of the JOBS Act on investment crowdfunding? Some people say this will delay the implementation even further. Others think it could speed things up since Shapiro seemed to be dragging her feet in the first place.
The new chair is Elisse Walter. Walter used to work for FINRA and NASD. So expect any policies she comes up with to be in the best interests of securities dealers. In recent months we've seen some of the leading investment crowdfunding platforms partner with securities dealers. Crowdfunder has partnered with GATE Global Impact, to pursue securities-based crowdfunding between entrepreneurs and accredited investors. EarlyShares has partnered with broker/dealer firm Point Capital Partners, LLC.
All this seems to suggest that in the short term, any platform associated with a broker/dealer will have an advantage. Elisse Walter has stated that her term as chair will be short. However, chances are that it will be long enough to start solidifying much of the JOBS Act mandates. If that is the case, look for equity crowdfunding to be a highly regulated industry that favors broker/dealers.
The new chair is Elisse Walter. Walter used to work for FINRA and NASD. So expect any policies she comes up with to be in the best interests of securities dealers. In recent months we've seen some of the leading investment crowdfunding platforms partner with securities dealers. Crowdfunder has partnered with GATE Global Impact, to pursue securities-based crowdfunding between entrepreneurs and accredited investors. EarlyShares has partnered with broker/dealer firm Point Capital Partners, LLC.
All this seems to suggest that in the short term, any platform associated with a broker/dealer will have an advantage. Elisse Walter has stated that her term as chair will be short. However, chances are that it will be long enough to start solidifying much of the JOBS Act mandates. If that is the case, look for equity crowdfunding to be a highly regulated industry that favors broker/dealers.
