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December 10th, 2015
SEC Sets Effective Date for Regulation Crowdfunding
In our Alert on November 11, we notified clients that the SEC had issued on October 30 final regulations to implement Title III of the JOBS Act. Once effective, Regulation CF permits a person or company to offer securities over the Internet for up to $1 million in a 12 months period. We have now learned that Regulation CF becomes effective on May 16, 2016.
As we explained on November 11, Regulation CF now joins two prior regulations implementing the JOBS Act: the regulations permitting Internet equity offerings only to accredited investors (a new Rule 506(c)), and regulations amending Regulation A to permit equity offerings of up to $20 million (a "Tier 1 offering") or up to $50 million (a "Tier 2 offering"). We have written about the new Regulation A here.
As we also noted in our November 11 Alert, there are a variety of limitations, requirements and costs associated with a Regulation CF offering which may limit its utility for issuers. The other two regulations, particularly Regulation A, may be much more cost effective.
For certain projects, the cap of $1 million under Regulation CF may not be an issue. Raising finishing funds, or money needed to distribute or to promote a completed project, are two examples where the money to be raised would be sufficient to achieve the investment goal. Certain documentaries or web-series can be financed with less than $1 million. Even development financing may be a possibility if the project has enough "buzz" to attract investors.
Other Entertainment Law Alerts
New York City Reopens for Film and Television Production
On July 17, 2020 NYC Mayor Bill de Blasio announced that, with the City entering Phase Four of Reopening on Monday July 20th, 2020, film and television production in the City can restart again in earnest. Read more.
July 21 2020
Los Angeles County Authorizes Television, Film, and Music Production Resume on June 12, 2020 With Strict Regulations
On June 11, Los Angeles County approved a staged resumption of film and TV production beginning June 12, 2020. However, it comes with extensive regulations. Read more.
June 16 2020
California Will Permit Television, Film, and Music Production to Resume on June 12, 2020 Subject to County Public Health Approvals
As several production-heavy states announce the easing of stay-at-home orders and restrictions, the question of how to restart entertainment production in a safe manner has become paramount. Read more.
June 9 2020