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SEC Issues Crowdfunding Rules

Steven Lemon
Managing partner
New Black Wall Street Exchange

25 Oct 2013

On April 5, 2012 President Obama signed the JOBS (Jumpstart Our Business Startups) Act, which was created to allow small businesses to offer their stock to the public without the expense of registration and certain other rules that larger corporations must follow.

The final rules were to be written and put in place by the Securities and Exchange Commission (SEC) within 270 days of the signing, and typical of how lickety split our government works, especially when the prescribed period occurs during a presidential campaign, the commission on 25 Oct, 2013 , some ten months past the deadline, issued a UNANIMOUS proposal outlining final rules for the crowdfunding section of the act

New Black Wall Street has been preparing for this day for more than a year, guessing at what the rules might say and how we might incorporate those rules into our service inventory. Now that the rules have been proposed (the SEC still has to solicit public comment for ninety days prior to final adoption, the newly created cottage industry which sprang up to serve the small businesses that would need to use the benefits of the act can finalize their procedures and  prepare for the expected increase in activity.

New Black Wall Street originally considered becoming a "Funding Portal" through which entrepreneurs could market their stock, an investment  adviser which would help buyers evaluate and select stocks to buy, or a full blown stock exchange to bring buyer and seller together pretty much as the major exchanges and dozens of minor ones do today.

After much researching and soul searching and the specter of the inevitable red tape and bureaucratic quicksand that government always manages to inject into everything we do, we have decided to offer the admin and information services that facilitate the execution of those business activities listed above.
By the end of January 2014 we expect to offer the following services to new users of the JOBS Act.:

A. Stock Transfer Agent... To record, safeguard and transfer stock certificates
records of stock transactions, what's this? (Investopedia)
B. Incorporation services in most states, subcontracting others
C. Registered Agent... To act as remote administrative liaison for intrastate and
corporations what's this? (Wickepedia)

New Black Wall Street will be seeking to establish working relationships and networks with current service providers as well as those who wish to add the above services to their list of offerings.

View the proposed rules
  submit public comment to the SEC

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