NYTECH & CompTIA "Federal Legislative Briefing" 2012

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On Wednesday, March 14, 2012, the New York Technology Council and CompTIA, provided a joint "Federal Legislative Briefing" at EisnerAmper. Together they discussed technology opportunities related to public policies currently in progress in Washington, DC.

www.nytech.org

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  • Passed the house 390-23
  • NYTECH & CompTIA "Federal Legislative Briefing" 2012

    1. 1. Federal Legislative Briefing March 14, 2012 @nytechcouncil #fedbriefing
    2. 2. 2012 Sponsors
    3. 3. Special Thanks
    4. 4. Join UsBecome a NYTECH Member For 2012 Free or discounted admission to 60+ events A voice in local and federal government Resources to grow your business Discounts on trade shows, shipping, training and more  UPS  CompTIA
    5. 5. Upcoming EventsMonday March 19 – Tech Hiring and Employment Outlook What is the outlook for technology hiring in New York?Tues April 3 – Management Strategies for Cloud Computing InformationWeek editor-at-large and author Charlie Babcock discusses trends in cloud computing.Thurs April 12 – Social Media Do’s and Don’ts A review of the law as it applies to companies that use social media platforms to engage consumers.
    6. 6. AgendaDonn Morrill Crowd-sourced Funding JOBS ActMatthew Evans Immigration Reform & Other HR Issues Data Security & Breech Notification
    7. 7. BackgroundMr. Morrill Goes to Washington CompTIA and TECNA Six Regional Tech Councils  NY, NJ, AZ, GA, PA, UT Met House and Senate Members  Congressman Rush Holt – NJ  Congressman Richard Hanna – NY  Aides to Senator Schumer – NY  And many others….
    8. 8. BackgroundSecurities Act of 1933 and theSecurities & Exchange Act of 1934 Established rules for issuance and trading of securities Rules related to size of issuance and investor “sophistication” Exceptions to rules  Regulation A (Reg A)  Regulation D (Reg D)
    9. 9. Crowd FundingCurrent Situation “Accredited” investors can purchase private securities  Defined in Reg D (1933)  Net worth > $1mm  > $200k income for past 2 years Offerings cannot be publicly promoted 500 shareholder limit Therefore, current crowd-funding sites can only offer gifts or product, not equity
    10. 10. JOBS ActWhat Changes: Crowd Funding? Aspiring Fred Wilsons can invest up to the less of $10k or 10% of their annual income Raises shareholder limit to 1,000 from 500 Start-ups can raise up to $1-2mm in this way
    11. 11. JOBS ActWhat Changes: Access to Capital? Companies under $1b exempt from certain regulations  Increase from $75mm  Sarbanes-Oxley  Dodd-Frank Public placement regulatory exemption ceiling increased from $5mm to $50mm (S-1 reg)
    12. 12. IssuesWhat could possibly go wrong? “Job-Creation Bill Seen Eviscerating U.S. Shareholder Protections” – BusinessWeek “…fraud reauthorization act of 2012…” – former SEC executive Lynn Turner “JOBS Bill Opens Door…To Scam Artists” – The Fiscal Times “We lack a clear understanding of the impact that the legislation… would have on investor protections,” – Mary Schapiro, SEC Chairperson

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