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Crowdfunding and the Federal Securities Laws by C. Steven

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Crowdfunding and the Federal Securities Laws by C. Steven 1 CROWDFUNDING AND THE FEDERAL SECURITIES LAWS Draft Revision Date: 1017/2011 by c. Steven Bradford~ Crowdfunding-the use ofthe Internet to raise mopey through small contributions from a .c:' large number of investors--could cause a r'volution in small-business financing. Through crowdfunding, smaller entrepreneur:s, .. who traditionally have had great difficulty obtaining capital, have accf:!ss to anyone in the worldwith a computer, Internet access, and spare cash to invest. Crowdfuhding sites such' tis Kiva,' Kickstarter, and IndieGoGo have proliferated and the amount ofmoney raised through crowdfunding has grown to billions ofdollars injustafewyears. Crowdfunding poses two issues under federal securities law. First, some, but not all, crowdfunding involves selling securities, triggering the registration requirements ofthe Securities Act of1933. Registration is prohibitively expensive/or the small offerings that crowdfunding facilitates and none of the current exemptions from registration fit the crowdfunding model. Second, the web sites that facilitate crowdfunding may be treated as brokers or investment advisers under the ambiguous standards applied by the SEC. I consider the costs and benefits ofcrowdfundifig and propose an' exemption that would free crowdfunding from Ihe registration requirements, butnot the antifraudpro.visions, of federal securities law. Securities offerings f?r an amount less than $250;000-500,000 would be exempted if (1) each investor invests no more: than the greater of$500 or two· percent of the invistor's annual income and (2) the offering is made on an Internet crowdfunding site that meets the exemption's requirements. To qualifYfor the exemption, crowdfundingsites wouldhave to (1) be open to the gener.al public; (2) provide public communication portals for investors and potential investors; (3) require investors to fulfill a 'simple education requirement before investing; (4) prohibit certain conflicts ofinterest;, (5Jnot offer inveS/rrl({nt advice or recommendations; and (6) notifY the SEC that theyare hosting crowdfundingofferings. Sites that meet these requirements would not be treated as brokers or investment advisers. I Earl Dunlap Distinguished Professor ofLaw, University ofNebraska,.Lincoln College of Law. An earlier draft ofthis paper was presented in a colloquium at th~ University ofNebraska College of Law. My thanks to the participants in that colloquium for their helpful comments and questions. My thanks as wdl to Victor Peterson and Kevin Davis for commehts on an earlier draft. FinallY, my thanks to the research assistants who worked on this article: Daniel Hendrix and,especially, Katharine Collins. Their worle improved the frnal article immeasurably and made my work much easier. 2 L Introduction ............................ : .......................................... ~ ................. 3 II. Ail Introduction to Crowdfunding......................................................... 7 A. What Is Crowdfunding? ............................................................. 7 B. Types ofCrowdfunding.............................................................. 9 L Donation Sites ................................................................ 10 2. Reward and Pre-Purchase Sites ........................................ 10 3: Lending Sites (peer-to-Peer Lending) ...............................13 a. Sites Not Offering Interest .................................... 13 b. Sites Offering Interest ........................................... 14 4. Equity Sites .................................................................... 16 C. The Antecedents ofCrowdfunding .. , ......................................... 18 III. Are Cro~dfunding Investments Subject to the Registration Requirementsofthe Securities Act? ..........................................................19 .~ A. Are Crowdfunding Investments SecurIties? ................................20 I . The Donation Model ...........................................•.........21 ~" The Reward and Pre-Purch51Se Models............ , ....... c •••••••.21 "..,3,;.The-Equity ModeL.........y{............•......•......•. i ..................21 4. The Lending Model ........ ~~ ................................. : ............ 22 B. Registration and Exemption ofCrowd funded Securities Offerings................................................... ·....... :.:·.~~-.:......................27 1.. ·Registration ................................. : ................................... 27 . 2. Possible Ex-emptions under Current Law ........................29 a. Section 4(2). Rule 506. and Section 4(5) ...... :......... 29 b. Rule 50S ...............................................................30 ) c. Rule 5.04 .............................................................. :.31 ./ d. Regulation A ........................................................31 IV: The Status ofCrowdfunding Sites under Federal Securities Law ..........32 A. Are CrowdfundingSites Exchanges? ......................... : .....•......... 32 B. Are CrowdfundingSites Brokers? ................... ; ................ ~ .........33 . L Engaged inthe Business ................................................. .34 2. Effecting Transactions in Securities..................................35 . J a. General Guidance ............... ~ ............. ~ ..................35 b. Transaction-,sased Compensation...................... : .. 36 c. Involvement in the Transactions............................39 (I}Providing' advice or recommendations...... .40 (2) Structuring the transa<;tion .......................040 . (3) Receipt or transmission offundsl Continued involvement after the financing '" . .41 (4) Involvement in negotiations..................... .41 d. Solicitation and Advertising .................•............. ~. 042 e. For-Profit Status ..................................................042 J. Conclusion: Would Crowdfunding Sites Be Brokers? ........43 C. Are Crowdfunding Sites Investment Advisers? ................ ~ ......... .43 1. The G~meralDefmition ofInvestment Adviser ..~ ............. .43 2. In the.Business. ............................... · ....... ,.·...........................44. 3. ForCompensation............•.............. , ... ~ ...... , ... ,,; ...........•. .44· ) 3 4. Advice, Analyses, or Reports Concerning Securities ........ .45 5. SEC No-Action Letters .................................................. .47 . 6. The Publisher Exception .................................. : ............. .49 V. Proposals to Exempt Crowdfunding .....................................'" ........... .51 A. The Sustainable Economies Law Center Petition .......................52 B. The Small Business & Entrepreneurship Council Proposal.. ....... 53 C. The Startup Exemption Proposal ................................................54 D.TheWhite House Proposal ...................................................... .54 E. H.R. 2930 .................................................................................55 F. The SEC Response .................................... ·~ ..............................55 G. The SEC's Exemptive Authority ............................................. .56 VI. The Costs and Benefits ofCrowdfurtding ........................................... .57 A. Capital Formation: The Need for a Crowdfunding Exemption ...58 .~. B. Investor Protection: The Effect ofCrdwdfunding on Investors ....61 . 1. The Risks ofSmali BUSiness InveStment.. ......................... 62 2,The'FinanciaiSophisticatiQll ofthe Ctdwd.......................64 3;Ctowdfuriding'and SmaIJ~usiness' Investment Risk ..........66 VII A Crowdfunding Exemption Proposal ...............................................69 A. Restrictions on. the Offering............. , ........... , ........ -... : ................. 69 1. Offering Amount ...................... ~ ...... .-., .. :.-~ .........._............70 2.. Aggregation/Integration ............. , ........... , ....................... 71 3. Individual Investment Cap ..............................................72 a.The Individual Cap Related to Existing_ Exemptions, ..............................................................72 h. How to Structure the Cap .....................................75 4. Should There Be Company Size Limits? ......:....................78 B. Restrictions on Crowdfunding Sites ...........................................78 1. Open Sites; Open Communication.................. ~ ................79 2. Investor Education ..........................................................80 3. Ftln£tiugGoals and Withdsawal Rights ............................81 4~ No Investment Advice or Recommendations ....... ~ ...........82 5. Plohibition on Conflicts ofInterest ..................................82 6; NotifiCation to the SEC ...................................................83 .c. QtheJ,' P~s,sibIeReqU:~eIIlents ............ ~ .............................. :;.~ .....•83 L Non:1>rofi.(Versus Profit Status ....... , ................................ 83 2. Registration/Standardized1 Disclosure. , ............................84 3. Restrictions on Resale .....................................................85 D~ Preemption of State Law ........................................ ,.............. _ ... 86. __ VIll.••Conclusion......................................................................................90 I. Introduction Small businesses, especiaUy startups, have a difficult time' raising money. The usual­ solirces of business finance-bank lending, venture capital,
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