• SEC Staff Permits Sponsors to Operate Online Platforms That Facilitate Investments In Early Stage Companies Without Registration As A Broker-Dealer
  • May 20, 2013
  • Law Firm: Phillips Nizer LLP - New York Office
  • In late March 2013, the Securities and Exchange Commission (“SEC”) issued two separate “no-action letters” that permitted the sponsors of online platforms utilizing a “venture fund” approach to receive incentive compensation without having to register as a broker-dealer under Section 15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).