No one doubts that the archaic, overlapping patchwork of agencies needs modernising, with regulation refocused on a firm's activities rather than its legal form.
But as a new study conducted by the Searle Center on Law, Regulation, and Economic Growth and distilled in a recent Washington Legal Foundation Legal Backgrounder demonstrates, these rules have not kept up with technology.
By Friday SIFMA should have a recommendation for the Office of Financial Research (OFR) on who should be in charge of Legal Entity Identifiers (LEI), the first step toward improving global regulation.
We know that Title II Removal of the Solicitation Ban on SEC exemption Regulation D, exemption 506 has precedent over crowdfunding so we feel that crowdfunding will not be legal for companies to use until early summer 2014.