最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯

股权众筹对比分析

众筹融资带来了现代公司金融产品与结构的产生,这其中包括私人发行公开募集(PIPRs)、TitleIII众筹、州内众筹和注册式众筹。尽管众筹发行以股权结构为主,但也可能出现公司债结构。

PIPRs是什么?

PIPRs(私人发行公开募集),又称"506(c)发行",本质上是私人证券发行,不适用于SEC注册制。只要证券只对"合格投资者"开放且发行人满足"D条例"的相关适用条款,PIPRs允许通过多种交流媒体面向普通公众宣传。("D条例"提供了豁免注册要求的条件,允许一些企业不用在SEC注册就可以发行和销售证券)。根据506(c)的规定,发行人有义务核实购买其证券的合格投资者的状况。

PIPRs在大多数情况下是由中介代表的,包括用以展示和促进投资的技术平台这类平台分两种类型:一种是由经纪商或者经销商经营的(因此对审查发行人以保证客户投资的适宜性有更多义务),另一种是没有在SEC或者FINRA登记的平台,主要作为让发行人能直接与投资者沟通的一个媒介。当然,这些非登记平台也是需要提供一些文件(如商业计划书、财务状况以及其他第三方数据)。同时,平台有助于与初创企业管理团队建立联系,以完成进一步的尽职调查。根据反欺诈法,两种平台都有义务为任何虚假陈述和失实陈述承担责任。

TitleIII众筹

TitleIII众筹,又称4(a)(6)众筹,本质上是授权非合格投资者通过投资购买非上市企业股权的"乔布斯法案"的一部分。尽管"乔布斯法案"是在2012年4月签署并立法的,但是只有在SEC实施TitleIII众筹的最终规定后,这种形式的众筹才合法化。SEC在2013年10月23日提出建议条款,现在正在接受来自公众的意见。TitleIII众筹的重点内容包括:

  • 采用该豁免条款的发行人每年最多仅可筹集1百万美元。
  • 筹集金额在10万到50万美元的发行,必须提供财务报表。
  • 筹集金额超过50万美元的发行,报表审计是强制性要求。
  • TitleIII众筹下的投资者要遵守投资限制,该限制基于净资产或者年收入。对于每年赚(或价值)10万美元以下的投资者,投资限制在2千美元或者收入/净资产的5%(取两者中较高的),对于每年赚(或价值)10万美元以上的,投资限制是10万美元或10%(取两者中较低的)
  • 交易必须经由经纪商或者符合4A(a)章节规定的融资门户来完成

完整版"乔布斯法案"可访问以下网站获取:http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606enr/pdf/BILLS-112hr3606enr.pdf

州内众筹

虽然基于"乔布斯法案"的TitleIII下的全国性证券型众筹还未合法化,个别州已在"147条款",即州内豁免条款下开始自己立法将众筹合法化。包括乔治亚州、阿拉巴马州、堪萨斯州、北卡罗尼亚州和威斯康星州在内的将近12个州已经制定或者提议新的法律来帮助当地企业向当地居民融资。美国第一个公开的非授信股权众筹于2013年秋天在乔治亚州完成,依据的是"乔治亚州投资豁免"(IGE)。细节可以访问SparkMarket,一家州内众筹解决方案的领先供应商。

注册制众筹

注册制众筹是非豁免、完全注册制的,投资者主要是散户(主要是发行人的客户群),机构投资者很少。

Crowdfinance has given rise to modern corporate finance offerings and structures including PIPRs, Title III Crowdfunding, Intrastate Crowdfunding and Registered Crowdfinance. Although primarily structured as equity, offerings may also be structured as corporate debt. For a comparative analysis of crowdfinance offerings, please visit http://nowstreetwire.com/a/comparative-analysis-of-crowdfinance-offerings

What are PIPRs?

PIPRs ("Private Issuers Publicly Raising"?), also known as "506(c) Offerings," are essentially private securities offerings, not subject to SEC registration, that are permitted to be advertised to the general public across multiple communications mediums, so long as the securities are placed solely with "accredited investors" and the issuer complies with other applicable provisions of Regulation D. (Reg D provides exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register them with the SEC). Under 506(c), it is the responsibility of the issuer to verify the accredited investor status of anyone whom it sells its securities to.

PIPRs are, for the most part, being presented via intermediaries, which are technology platforms created to showcase and facilitate the investments. There are two different types of platforms: one that is run by broker/dealers (and therefore has stronger obligations to vet the issuer and to ensure the suitability of the investment for their clients), and one that is not registered with the SEC or FINRA and that functions primarily as a medium through which the issuer can communicate its offering directly to investors. These non-registered platforms do require certain documentation (such as business plans, financials, and other third-party data). The platforms also make it easy to connect with the venture management team to conduct further due diligence. Both types of platforms are liable for any misstatements or misrepresentations under the anti-fraud laws.

Title III Crowdfunding:

Title III Crowdfunding, also known as 4(a)(6) Crowdfunding, is essentially the component of the JOBS Act that allows non-accredited investors to receive securities in exchange for funding private companies. Although the JOBS Act was signed into law in April 2012, this form of crowdfunding will not be legal until the SEC implements the final rules that will govern Title III Crowdfunding. The SEC released its proposed rules on October 23, 2013 and is currently accepting comments from the general public. Highlights of Title III Crowdfunding include:

·Issuers employing this exemption may only raise up to $1M per year.

·For offerings between $100,000 and $500,000, reviews of financial statements are required.

·For offerings greater than $500,000, audits of financial statements are mandatory.

·Investors in Title III Crowdfunded Offerings are subject to investment limits based on net worth and annual income. These limits are $2,000 or 5% (whichever is greater) for people earning (or worth) up to $100,000, and $100,000 or 10% (whichever is less) for people earning (or worth) $100,000 or more.

·The transaction must be conducted through a broker or funding portal that complies with the requirements of section 4A(a).

The JOBs Act can be read in its entirety at http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606enr/pdf/BILLS-112hr3606enr.pdf

Intrastate Crowdfunding:

While national securities-based crowdfunding as written under Title III of the JOBS Act remains illegal, individual states have begun adopting their own legislation to legalize crowdfunding under Rule 147, the intrastate exemption. Officials in nearly a dozen states, including Georgia, Alabama, Kansas, North Carolina and Wisconsin, have enacted or proposed new laws to make it possible for its local businesses to secure financing from local residents. The country's first publicized unaccredited equities crowdfunded raise was completed in the fall of 2013 in Georgia utilizing the Invest Georgia Exemption (IGE). Details can be found at SparkMarket, leading provider of intrastate crowdfunding solutions.

Registered Crowdfinance

Registered Crowdfinanced Offerings are non-exempt, fully registered offerings that are financed by a crowd of retail investors (most likely an issuer's customer base) as oppose to a small number of institutional investors.


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