- Restrictions on the nature of the issuer;
- Limitations on the number and manner of offerings;
- Disclosures required to be provided to investors, including disclosures of risk factors related to the issuer and the offering;
- Requirements that all proceeds received from purchasers be placed in escrow in a Virginia chartered depository institution until the minimum amount of the offering is raised;
- Filings with the Commission of notices and other materials related to the offering;
- Requirements regarding the preparation and submission of the issuer’s financial statements, including (i) the form and content of such statements and (ii) whether such statements are required to be audited or reviewed by an independent certified public accountant in accordance with generally accepted accounting principles.
The lawmakers also pointed out that the State Corporation Commission shall report each year until 2020 on the implementation of this Act and propose adjustments.
Image credit to: Will Fisher http://bit.ly/1E7YFbo
About the author - Irene Tordera
Born and raised in Milan, Italy, Irene is an International Business graduate, with a strong interest for innovative ideas that can simplify our lives.
During her studies, she co-founded an online community for sportspeople and worked in marketing positions at Ogilvy & Mather Advertising and at the European Business Angel Network, in Brussels. She is a passionate blogger about crowdfunding and the startup ecosystem.