The document discusses securities regulation and deregulation in the context of the JOBS Act. It outlines the history of securities regulation and how the JOBS Act aims to deregulate the industry. It questions who can be trusted, discussing fraud and lack of trust in banks and government. It suggests that crowdfunding and deregulation could increase access to capital but also risks from fraud. In the end, it argues the public must find a way to trust each other.

2. Outline
Introduction: Who Am I? (Dave)
The JOBS Act
- Background: History of Securities Regulation
- The JOBS Act in the Process of De-Regulation
Fraud: Who Can We Trust?
WhenYouWish.com.br

4. What is a security?

5. The oldest stock in the world, issued by the Dutch East India
Company (Vereenigde Oost-Indische Compagnie or VOC), 1606.

6. PROBABLY Taxes?
What is not a security?

7. With stocks comes…
bolhas especulativas

11. $50 Billion $905 Billion
Reg D Offerings are also known as “Private Placements”

12. US$905Bln
http://www.sec.gov/info/smallbus/acsec/acsec103111_analysis-reg-d-offering.pdf

13. http://www.sec.gov/info/smallbus/acsec/acsec103111_analysis-reg-d-offering.pdf

14. When Enacted in 1982, Reg D was Met
With a Lot of Criticism -- Still Today
http://www.wcl.american.edu/journal/lawrev/33/warren.pdf

15. http://www.sec-oig.gov/Reports/AuditsInspections/2009/459.pdf

16. Reg D Focuses on
“Accredited Investors”
Net worth of at least one million US
dollars, not including the value of one's
primary residence
OR
Have made at least $200,000 each year for
the last two years (or $300,000 together
with his or her spouse if married) and have
the expectation to make the same amount
this year.

18. http://www.crowdfunder.com/crowdfunding-law

19. http://www.forbes.com/sites/wendytanaka/2011/01/06/facebook-to-breach-500-shareholder-limit-go-public-in-2012/

20. http://www.rollingstone.com/
politics/blogs/taibblog

22. Brasil Deregulation/Opening Securities
Markets
Considerations:
“Accredited Investor” vs. Crowdfunding
Paternalism/Safeguarding the Public
vs.
Financial Democratic
Freedom
But - Safeguarding the Public From

23. Fraud
詐欺
frode

27. http://www.nytimes.com/2011/11/08/business/in-sec-fraud-cases-banks-make-and-break-promises.html?pagewanted=all

28. We can’t trust the
banks.

30. We can’t trust the
government.

31. Who can we trust?
If you think about it, we
have no other choice…

32. http://www.slashgear.com/kickstarter-scam-mythic-pulled-down-no-money-exchanges-hands-04226345/

34. Trust each other.

35. consciouscapitalism.org

37. Obrigado!
Dave@WhenYouWish.com