The Angel Capital Association's response to last week's SEC releasesBy http://profile.typepad.com/1237764140s22740 // July 18, 2013 in Angels, JOBS Act, Reg D
If you've seen or read about the Angel Capital Association press release reacting to last week's SEC releases on Reg D rules, new and proposed, be sure also to see this blog post from Dan Rosen, chair of the Alliance of Angels and an ACA board member and leader on public policy issues impacting angel investing.
There is a ton to sort through from what went down last week. Entrepreneurs, many of them, are genuinely excited about the lifting of the ban on general solicitation in Rule 506(c) offerings (where all purchasers must be verified accredited investors). At the same time, there are many "gotchas" in the newly proposed rules for Reg D and Form D filing requirements. And all of the rules, new and proposed, will unavoidably have an impact on what angels will be asked to do.
It behooves the startup financing ecosystem - which we all know by now is really the province of angels, not venture capitalists - to listen to angel concerns and to not impose burdens on how angels work.
Disclosure: I work with Dan and others on ACA issues in a volunteer, advisory capacity, as a member of the ACA's Public Policy Advisory Council.