Equity Crowdfunding is dead for us. What’s next?


DEAD CAR Photo by Kristian Karlsson

DEAD CAR Photo by Kristian Karlsson


If you remember that there once was a glimmer of hope for more sustainable financing for innovative small business (and, for my concern, an indie film industry) through “Equity Crowdfunding” as demanded by the JOBS Act of 2012, the fact is that it’s not going to happen. It’s already far past the Act’s imposed deadlines because the concept is anathema to the entrenched and self-interested bureaucracy.
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The JOBS Act of April 2012 is a Failure for America.


THIS IS A MAJOR JOBS PROBLEM AND NEEDS OUR ATTENTION:

America needs good jobs. Joblessness and low-wage jobs have crippled the survival and prosperity of millions of Americans, and are a drag on our entire economy.

The promise of the JOBS Act, signed into law a year ago and supported by the most bi-partisanship effort in recent history, is DEAD because the Federal Securities and Exchange Commission (SEC) has failed to enact it.

The JOBS Act established a deadline of Wednesday, July 4, 2012, for the SEC to promulgate rules and regulations for the implementation of TITLE II—ACCESS TO CAPITAL FOR JOB CREATORS (commonly referred to as the “general solicitation rule“). The SEC missed that deadline. The agency did publish proposed rules for TITLE II on August 29, 2012, but has not implemented them. There is no anticipated date for finalizing the rules for Title II of the JOBS Act.

The JOBS Act established a deadline of Monday, December 31, 2012 for the SEC to promulgate rules and regulations for the implementation of TITLE III—CROWDFUND (commonly referred to as “Equity Crowdfunding“). The SEC missed the deadline, and has no anticipated date for the rulemaking to implement TITLE III.

AMERICA NEEDS JOBS! Hope from the JOBS Act of 2012 has been *crushed* by the SEC’s inaction and dismissal of the JOBS Act!

 

FILMMAKERS, IT’S 2013. DO YOU KNOW WHERE YOUR JOBS ACT IS? Part 1


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FILMMAKERS, IT’S 2013. DO YOU KNOW WHERE YOUR JOBS ACT IS? Part 1 of 2

Michael R. Barnard

Michael R. Barnard

Written by Michael R. Barnard

Michael R. Barnard is a writer and filmmaker who has been researching the American JOBS Act since it was first proposed. Barnard is currently working on creating an independent feature film, A FATHER AND SON. He lives in Brooklyn, New York, and is the author of the historical novel NATE AND KELLY. Find him on Twitter at @mrbarnard1, Facebook at michael.barnard and LinkedIn at michaelrbarnard.

This article is an overview and observation, not legal advice.

 

SUMMARY: The independent film industry in America is not enjoying the growth that would be expected from the surge in the quantity of indie movies being made. The American JOBS Act, passed in April 2012, offers hope to reinvigorate the independent film industry.

 

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FILMMAKERS, IT’S 2013. DO YOU KNOW WHERE YOUR JOBS ACT IS? Part 2


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FILMMAKERS, IT’S 2013. DO YOU KNOW WHERE YOUR JOBS ACT IS? Part 2 of 2

Michael R. Barnard

Michael R. Barnard

Written by Michael R. Barnard

Michael R. Barnard is a writer and filmmaker who has been researching the American JOBS Act since it was first proposed. Barnard is currently working on creating an independent feature film, A FATHER AND SON. He lives in Brooklyn, New York, and is the author of the historical novel NATE AND KELLY. Find him on Twitter at @mrbarnard1, Facebook at michael.barnard and LinkedIn at michaelrbarnard.

This article is an overview and observation, not legal advice.

 

SUMMARY: The independent film industry in America is not enjoying the growth that would be expected from the surge in the quantity of indie movies being made. The American JOBS Act, passed in April 2012, offers hope to reinvigorate the independent film industry.

 

           In Part 1, we discussed the reasons behind the difficulty raising equity investment. Continue reading

URGENT UPDATE for filmmakers regarding the Crowdfunding Act of the JOBS ACT


The Securities and Exchange Commission is accepting comments on how it will formulate rules for the new equity CROWDFUNDING act that was included in the JOBS ACT. (See my story on ReelGrok.com at http://www.reelgrok.com/jobs-act-crowdfunding)

This is important for indie filmmakers, since the ability to reasonably raise up to $1,000,000 from investors could reinvigorate the indie film biz.
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President Obama signs JOBS ACT; its Equity Crowdfunding may rebuild indie film biz.


Written by Michael R. Barnard for ReelGrok.com “Where Filmmakers Get It!”

ReelGrok.com "Where Filmmakers Get It"

ReelGrok.com “Where Filmmakers Get It”


President Obama  signed the JOBS ACT into law on April 5th, 2012. Called the ‘‘Jumpstart Our Business Startups Act,’’ the goal is to increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies. It will make it easier for small businesses to raise money so they can create jobs and rebuild the American economy by amending the Securities Act of 1933. It can have a profound impact on the independent filmmaking industry.

President Obama said, “We are a nation of doers. We think big. We take risks.  This is a country that’s always been on the cutting edge. The reason is, America has always had the most daring entrepreneurs. When their businesses take off, more people get employed.”

That’s a boost the independent filmmaking industry needs. “I think we’ll see the $1 million range and down to $100,000 or so flourish with this new model,” says entertainment attorney Gordon P. Firemark.

The American Jobs Act

The American Jobs Act

READ MORE AT REELGROK.COM “WHERE FILMMAKERS GET IT”
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