New Rules Implementing Statutory Exemption from California Securities Broker-Dealer Registration for “Finders” Go into Effect

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 The California Department of Business Oversight has adopted final rules 10 CCR §260.211.4-§260.211.7 implementing California’s exemption from broker-dealer registration for certain individuals acting as finders in securities transactions. The exemption, codified on January 1, 2016 at §25206.1 of the Corporations Code, provides long-sought clarification of the scope of allowable activities for finders in securities transactions in California and creates a streamlined regulatory framework in which finders can legitimately provide services. Most significantly, it permits finders who satisfy the requirements ...

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RULE 504 AMENDED TO ALLOW CAPITAL RAISE OF $5 MILLION PER 12 MONTHS

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On October 26, 2016, the SEC amended Rule 504 of Regulation D under the Securities Act of 1933 (the “Securities Act”) to increase the maximum amount of securities that may be sold thereunder in any 12-month period from $1 million to $5 million.

As amended, an offer and sale of securities by an eligible issuer will be exempt from registration under the Securities Act pursuant to Rule 504 if:

  • the aggregate amount of securities sold in the offering does not exceed more ...
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NEW SEC RULE 147A FOR INTRASTATE OFFERINGS

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SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings

Rules Provide More Options for Companies to Raise Money While Maintaining Investor Protections

FOR IMMEDIATE RELEASE
2016-226

Washington D.C., Oct. 26, 2016 —The Securities and Exchange Commission today adopted final rules that modernize how companies can raise money to fund their businesses through intrastate and small offerings while ...

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