SEC will not meed the deadline to issue the rules of hedge fund advertising. However SEC Jobs Act on track to write rules for crowd-funding
Ms. Schapiro said she expects the SEC to issue the rules to allow hedge funds to advertise this summer and in end of the year on rules to permit businesses to use crowdfunding techniques to raise small amounts of capital without registering with the SEC.
Shapiro says agency on track to write rules for crowdfunding; will be sensitive to costs to issuers created by complexity of rules. And she said she expects the SEC to issue the rules to allow hedge funds to advertise this summer.
the end of the year on rules to permit businesses to use crowd funding techniques to raise small amounts of capital without registering with the SEC.
WASHINGTON–A U.S. House lawmaker told Securities and Exchange Commission Chairman Mary Schapiro he felt “sideswiped” by her agency during negotiations in Congress over a law passed in April to ease business regulations.
Rep. Patrick McHenry (R., N.C.), in a hearing Thursday, told Ms. Schapiro he was disappointed she didn’t raise her concerns of the crowd-funding techniques, which allow entrepreneurs to raise small amounts of capital from thousands of investors.
Back when the legislation was pending before the Senate, Ms. Schapiro wrote a letter to Senate Banking Committee members saying she feared the House-passed crowdfunding provisions, which Mr. McHenry helped author, could create opportunities for fraud. The letter spurred senators to tighten the provisions, a move that Mr. McHenry believes will crimp the potential for crowd-funding.
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