![]() ![]() And, in various ways, it may make it difficult for the least sophisticated issuers – the ones who presumably are to be the main beneficiaries of the Regulation – to take full advantage of the opportunity this new offering regime provides. ![]() That said, the Regulation is also complex – in many respects very complex. The fact that the Commission embraced that significant change so well and with such foresight and flexibility is something to be complimented. Specifically, Regulation Crowdfunding reflects a sea change in perspective allowing what is obviously a “public” offering to be made on an exempt basis, creating a conceptual challenge to the Commission’s ordinary and traditional view of what offerings need to be registered. The entire capital formation community should be appreciative of the enormous time and effort the Commission dedicated to improving the capital raising process for small businesses. Steve Wallman: Regulation Crowdfunding reflects a very significant effort on the part of the Commission. He also believes crowdfunding is transformational.Ī recent posting on Folio clarified that Title III rules may now allow individual investors new opportunities to invest in an asset class an asset class that until now has been reserved for the very rich.Ĭrowdfund Insider recently spoke with Wallman following the release of Title III crowdfunding rules to get his perspective on the process and his view of the future of investment crowdfunding.Ĭrowdfund Insider: What is your overall impression of final rules regarding Title III of the JOBS Act? Wallman believes this is an opportunity for his platform. The JOBS Act has brought into existence new securities exemptions including recent rules surrounding Regulation A+ and Title III crowdfunding. The platform was early in the game of offering alternative assets to investors instead of the typical stocks, bonds, options and funds. Folio boasts a patent portfolio of 19 different services targeting online investors. Based in McLean, Virginia, Folio is a platform that is heavy on technology and services you do not typically see on broker platforms. FOLIOfn is a brokerage and investment company that serves retail investors as well as advisors and institutions. This group was created to recommend changes to boost access to capital.Ī lawyer by training, Wallman soon launched FOLIOfn after he departed the SEC in 1997. Appointed by President Bill Clinton in 1994, Wallman’s official bio at the SEC notes that his tenure was marked by the creation of the first Advisory Committee on Capital Formation and Regulatory Processes. Steve Wallman spent a good portion of the 90’s at the Securities and Exchange Commission. ![]()
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