SEC and Section 15(a)(1) of the Exchange Act

SEC's Division of Trading and Markets Grants Relief from Broker-Dealer Registration for Online Platform that Permits Investment in Start-Up Companies | Holland & Knight LLP - JDSupra: "On March 26, 2013, the SEC's Division of Trading and Markets issued a no-action letter indicating that it would not recommend enforcement action under Section 15(a)(1) of the Exchange Act if a venture capital fund adviser and its management company (collectively, the "fund") operated a platform through which its members could participate in Rule 506 offerings. The no-action letter is the first relief from broker-dealer registration for a platform that provides investors with a means to invest in start-up companies following the enactment of the JOBS Act. However, the no-action letter does not in any way address the JOBS Act's crowdfunding exemption, or the ability to conduct a Rule 506 offering using general solicitation, as those final rules have not yet been adopted by the SEC." (read more at link)


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