Riveles Wahab partner Simon Riveles was quoted in crowdfunding news and information website Crowdfund Insider on two recent no-action letters issued by the SEC. The no-action letters granted exemptive relief from broker-dealer registration to crowdfunding sites FoundersClub and AngelList, which accept only pre-screened accredited investors, on the basis that the platforms received carried interest rather than transaction-based compensation. Simon cautioned that the no-action letters do not represent a relaxation of the securities laws regarding private offerings and would likely not have an impact on implementation of equity crowdfunding under the JOBS Act, as JOBS Act crowdfunding platforms are unlikely to be compensated on the basis of carried interest and will accept non-accredited investors.
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