Yesterday, the head of the Securities and Exchange Commission’s Division of Corporation Finance gave testimony to the House Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises with respect to the SEC’s progress on finalizing the rules for crowdfunding under the Crowd Fund Act of 2012.
Keith Higgins stated:
“In October 2013, the Commission proposed rules to implement Title III of the JOBS Act to provide a new exemption for the offer and sale of securities through crowdfunding, an evolving method to raise capital using the Internet. The Commission has received over 300 comment letters and the Division is preparing recommendations for the Commission on final rules.”
No indication of timing however.