Jobs Act: The Terrible Twos: General Solicitation & Crowdfunding, the Next Frontier of Securities Regulation

Fordham Journal of Corporate & Financial Law, April 1, 2015 | Go to article overview

Jobs Act: The Terrible Twos: General Solicitation & Crowdfunding, the Next Frontier of Securities Regulation


Editors' Forward

We are pleased to present this Symposium on Title II and Title III of the JOBS Act. This is the annual symposium hosted by the Fordham Journal of Corporate & Financial Law on significant topics in the realm of business law.

The format for the symposium is as follows. It begins with an introduction by Professor Sean Griffith, followed by edited transcripts of the opening remarks, the two panel discussions, and the closing address.

The first panel discusses Title II of the JOBS Act, which has changed the general solicitation restrictions applicable to private funds. The panel focuses on the implications of Title II, in particular the effect private fund advertising may have on investment companies. The second panel discusses Title III of the JOBS Act, which creates equity crowdfunding. The panel focuses on finding the balance between the competing interests of protecting investors and encouraging capital formation under the crowdfunding providing of the JOBS Act.

We are grateful to our sponsor for the symposium: The Corporate Law Center.

WELCOME AND INTRODUCTORY REMARKS

Sean Griffith(i)

Fordham University School of Law

OPENING REMARKS

Congressman Patrick McHenry(ii)

Deputy Republican Whip (NC-10)

PANEL I: GENERAL SOLICITATION

MODERATOR

Emily Chasan(iii)

The Wall Street Journal CFO Journal

PANELISTS

Mitch Ackles(iv)

Hedge Fund Association

Andrew J. Donohue(v)

Goldman Sachs Asset Management

Robert C. Grohowsk(vi)

Investment Company Institute

James P. JaliT(vii)

Thompson Hiñe LLP

PANEL II: CROWDFUNDING

Moderator

Catherine Clifford1(viii)

Entrepreneur.com

PANELISTS

Douglas S. Ellenoff(ix)

Ellenoff, Grossman & Schole LLP

A Ion Hillel-Tuch(x)

RocketHub

Joanne C. RutkowskiX1

SEC Division of Trading and Markets

Kim Wales(TM)

Wales Capital

KEYNOTE ADDRESS

Former SEC Commissioner Troy A. Paredesxm

U.S. Securities and Exchange Commission

Welcome and Introductory Remarks

SEAN GRIFFITH: Welcome everyone and good morning. My name is Sean Griffith. I'm the T.J. Maloney Chair and Professor of Law here at Fordham Law School. I also have the honor and pleasure of directing the Corporate Law Center and advising the Fordham Journal of Corporate & Financial Law.

I'm delighted to welcome you to this symposium entitled "JOBS Act: Terrible Twos - General Solicitation and Crowdfunding, the Next Frontier of Securities Regulation," sponsored by the Fordham Journal of Corporate and Financial Law, as well as the Fordham Corporate Law Center. I'd like to thank the editors of the Journal of Corporate and Financial Law for their outstanding efforts in organizing this symposium. So, in particular, I'd like to thank Noelle Indelicato, the Journal's Symposium Editor and Alex Zozos, the Journal's Symposium Committee Chair. And of course, I also need to thank, who I always thank, Ann Rakoff, without whom nothing would really happen here at Fordham.

This symposium focuses on the JOBS Act, which was passed in 2012. This is the Act's second anniversary. As any parent in the crowd knows, the second year is a difficult one. The JOBS Act is no different, as its policies are implemented and as rules continue to be passed under it. The purpose of the JOBS Act is to increase job creation and improve access to the capital markets.

Today's Symposium will feature two panel discussions, each focusing on a different aspect of the Act.

The first panel will focus on Title II of the JOBS Act. This part of the Act removed restrictions on general solicitation for hedge funds and other private funds. Now, here's the argument: removing this restriction might spur investment, but it might also leave the investing public susceptible to different types of fraud. Additionally, it may create an unlevel playing field for certain managed funds that are subject to many more restrictions and a more prescriptive rule regime. …

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