Download - David Harvilicz
Outline
Introduction: Who Are We? (Dave, Jon,
Silvia)
The JOBS Act- Background: History of Securities Regulation- The JOBS Act in the Process of De-Regulation
Fraud: Who Can We Trust?
WhenYouWish.com.br
What is a security?
The oldest stock in the world, issued by the Dutch East India Company (Vereenigde Oost-Indische Compagnie or VOC), 1606.
What is not a security?
PROBABLY Taxes?
With stocks comes…
bolhas especulativas
$50 Billion $905 Billion
Reg D Offerings are also known as “Private Placements”
http://www.sec.gov/info/smallbus/acsec/acsec103111_analysis-reg-d-offering.pdf
US$905Bln
http://www.sec.gov/info/smallbus/acsec/acsec103111_analysis-reg-d-offering.pdf
http://www.wcl.american.edu/journal/lawrev/33/warren.pdf
When Enacted in 1982, Reg D was Met With a Lot of Criticism -- Still Today
http://www.sec-oig.gov/Reports/AuditsInspections/2009/459.pdf
Reg D Focuses on “Accredited Investors”
Net worth of at least one million US dollars, not including the value of one's primary residence
OR
Have made at least $200,000 each year for the last two years (or $300,000 together with his or her spouse if married) and have the expectation to make the same amount this year.
http://www.crowdfunder.com/crowdfunding-law
http://www.forbes.com/sites/wendytanaka/2011/01/06/facebook-to-breach-500-shareholder-limit-go-public-in-2012/
http://www.rollingstone.com/politics/blogs/taibblog
Brasil Deregulation/Opening Securities Markets
Considerations:
“Accredited Investor” vs. Crowdfunding
Paternalism/Safeguarding the Public vs. Financial Democratic
Freedom
But - Safeguarding the Public From What?...
Fraud
Fraude
мошенничествоاحتيال
騙局
Betrugαπάτη
frode詐欺
bedrägeri
http://www.nytimes.com/2011/11/08/business/in-sec-fraud-cases-banks-make-and-break-promises.html?pagewanted=all
We can’t trust the banks.
We can’t trust the government.
Who can we trust?
If you think about it, we have no other choice…
http://www.slashgear.com/kickstarter-scam-mythic-pulled-down-no-money-exchanges-hands-04226345/
Trust each other.
consciouscapitalism.org
Obrigado!