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Follow on Google News | Darryl Steinhause, Partner, DLA Piper to Speak at KC’s EventAbout Darryl Steinhause Darryl Steinhause has more than 30 years of experience in complex securities and tax transactions, representing both sponsors and investors in a range of deal structures. The Daily Journal selected Steinhause as one of the Top 100 Lawyers in California in 2014 for his work with clients looking to invest in new online real estate platforms. Steinhause was one of the first in his field to recognize the implications of the 2012 JOBS Act which amended Rule 506 of Regulation D of the Securities Act of 1933, and has been advising clients on both the potential and the complications of such platforms. Steinhause has been recognized as an industry expert at the forefront of this exciting new area of opportunity, and has spoken on the subject of crowdfunding at numerous conferences since the Rule changed in 2012. About DLA Piper The Real Estate Capital Markets group of DLA Piper builds creative solutions for your business needs. Our interdisciplinary approach ensures the involvement of skilled practitioners to address the complexities of real estate securities. Our group’s experience acting as lead counsel on fund, REIT, DST, TIC and debt offerings, gives our clients an edge in capital markets transactions. Event Synopsis: Crowdfunding involves the raising of money via the internet through small investments of many investors. To permit crowdfunding, the JOBS Act Title III added two provisions to the Securities Act. Issuers may offer and sell securities in unregistered offerings provided that certain disclosures are made by issuers. In October 2013, the Securities and Exchange Commission (SEC) proposed new regulations for crowdfunding, specifically involving the rules governing the offering and sale of securities under Section 4(a)(6) of the Securities Act of 1933, and regulation of registered funding portals and brokers. All crowd-funding offerings must be conducted through such intermediaries, registered with the SEC and members of the Financial Industry Authority (FINRA). The SEC is increasingly enforcing laws regarding crowdfunding portals. The focus of these concerns is whether the portals offer and sell securities in unregistered transactions to US ‘persons’ in violation of the Securities Act, and whether they act as unregistered broker-dealers to these people. For example, in November 2014, the SEC issued cease-and-desist proceedings against Eureeca Capital SPC (Eureeca) because it did not prevent US investors from using their ‘platform’ Now, an eligible crowdfunding issuer may raise a maximum of $1 million from an unlimited number of investors in a 12-month period. But, there are specific conditions for advertising, re-sale, funding portal exemption from Broker-Dealer registration, and other requirements (The intermediary is prohibited from owning any interest in an issuer), obligations, and other issues that investors, brokers, and crowdfunding portal managers need to be aware. Furthermore, other worries include, fear of scams and other abuses, lack of due diligence regarding equity stock purchases, communication problems with large numbers of individuals, cumbersome and costly legal and accounting transactions, and serious liability risks, among others. In this two-hour, LIVE Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will discuss the significant new regulations regarding Crowdfunding through Funding Portals. The panel of speakers will offer the audience advice about how to avoid the legal and regulatory risks as a Broker, dealer, investor, or crowd funder. Key issues that will be covered in this course are: Crowdfunding Portals JOBS Act Title II, III JOBS Act and Crowdfunding Title II, III Crowdfunding Rule 506 New Portal Rules & Regulations General Solicitation and Advertising New Exemption for Portals No Registration or Regulation Broker/Dealer Registration Funding Limitations Securities Act Violations Compliance and Litigation Risks About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register to an event, please visit: http://theknowledgegroup.org End
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