Growth Capitalist (https://growthcapitalist.com/prominence/featured/page/6/)
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After investors in marijuana-related stocks started 2014 flying high, gravity has yanked them back to earth as not-so-hard-to-anticipate consequences tied to weed’s legalization have begun to emerge.
The North American Securities Administrators Association (NASAA) commanded a private sit down with SEC Chairwomen Mary Jo White and Commissioner Luis Aguilar on April 9 to discuss federal pre-emption issues the state securities regulators group sees as a problem in the proposed rulemaking on Regulation A+, the expanded securities offering exemption mandated by the JOBS Act. A former SEC director, Tom Sporkin of BuckleySandler, has been hired by the group to put muscle behind the association’s threats fight the proposed exemption rule, which would allow issuers to bypass state blue sky laws if they are raising less than $50 million of capital. Sporkin attended the April 9meeting with the commissioners. Faith Anderson, NASAA’s general counsel, told Growth Capital Investor in an interview that her take-away from the meeting was, “the SEC wants to have a partnership with the states,” and she thinks the coordinated state review process NASAA has developed would be seriously considered by the SEC. Of the 53 territories that currently have the power to regulate whether companies can issue debt and issue equity securities to investors, 48 have signed on to the streamlined review process.
Mark Green has joined Ladenburg Thalmann & Co. as a managing director and head of technology investment banking at the firm, focusing on fundraising, structuring, advisory and M&A for innovative growth companies in the technology sector.
Regulators over the last several weeks have signaled that they are prepared to loosen regulations overseeing merger and acquisition brokers, advisory firms, and other consulting businesses that don’t facilitate securities offerings but may nevertheless receive compensation based on securities-related transactions.
