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As experts in several unique areas of the law, our attorneys are dedicated to keeping up to date on legal matters related to every client’s case. We like to share what we’re learning, so you’ll find some free resources here. You’ll also find firm announcements and our perspectives on legal matters related to our firm’s specialties.

Firm News

Name Five Ways Broker-Dealers Benefit from Reg A+ … Go!

RICHMOND, VA – The U.S. Securities and Exchange Commission (SEC) announced the rules implementing Title IV of the JOBS Act, commonly known as Regulation A+, on March 25. These rules increase the amount a company can raise through a non-registered, public securities offering from $5 million to $50 million in a year. Reg A+ also allows securities to be sold in all 50 states without state pre-review, and permits non-accredited investors to buy in. In short, Reg A+ eliminates the barriers that have prevented smaller companies from accessing public capital and smaller investors from accessing alternative investments.

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Dispelling Myths Around Regulation A+

RICHMOND, VA – On March 25, 2015, the SEC promulgated its final rules related to the implementation of Title IV of the JOBS Act, better known “Reg. A+”. This represents a watershed event in the securities law, providing a workable means for issuers to engage in public offerings of securities that are EXEMPT from the registration requirements of Section 5 of the Securities Act of 1933. Already several misconceptions of the new law are out in the market. Let’s look at some of these and dispel them in turn.

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A New Era in Capital Raising: Regulation A+ Overview

RICHMOND, VA – On March 25, 2015, the Securities and Exchange Commission (“SEC”) held an open meeting to vote on adoption of rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act, otherwise known as “Regulation A+”.

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Regulation A+ Adopted by SEC

RICHMOND, VA – On March 25, 2015, the Securities and Exchange Commission (“SEC”) held an open meeting to vote on adoption of rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act, otherwise known as “Regulation A+”.

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REISA’s Spring Symposium Aims to Educate

SAN DIEGO, CA – REISA’s Spring Symposium, which takes place here March 16-18 at the Sheraton San Diego, will focus on educating reps, broker-dealers and sponsors about the alternative-investment industry, GlobeSt.com learns exclusively. GlobeSt.com spoke with John Harrison, REISA’s CEO and executive director; Tom Voekler, REISA’s president-elect and co-founder and managing partner of business operations for Kaplan Voekler Cunningham & Frank; and Mark Kosanke, REISA’s president and the founding partner and licensed security principal at Concorde Financial Group, about what attendees can expect from the event, the regulations impacting alternative investments and changes within REISA, the organization.

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New Regulation A – Critical Commentary to the SEC

RICHMOND, VA – On December 18, 2013, the United States Securities and Exchange Commission (“SEC”) proposed landmark rules, pursuant to the mandate of Title IV of the Jumpstart Our Business Start-Ups Act (the “JOBS Act”), to revitalize Regulation A promulgated under Section 3(b) of the Securities Act of 1933, as amended (the “Securities Act”). These rules create a create a two-“Tier” system for Regulation A offerings. Tier 1 will continue to be available for offerings under $5 million, while a Tier 2 Regulation A offering will be for offerings of up to $50 million. Tier 1 offerings will continue to have similar requirements as existing Regulation A, while an issuer conducting a Tier 2 offering will be subject to heightened disclosure requirements in its offering documents and will be required to make ongoing reporting.

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What Does Reg A+ Mean for Broker Dealers?

RICHMOND, VA – The proposed revisions to Regulation A under Title IV of the JOBs Act, commonly referred to as “Reg A+”, present the potential for a watershed event in America’s securities markets – creating an “intermediate” class of public securities between private placements under Regulation D and those registered securities typically listed on national exchanges.

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Tom Voekler Named 2014 President Elect of REISA

INDIANAPOLIS – At its first Board meeting of the year, REISA’s Board of Directors elected its 2014 officers. Thomas G. Voekler will serve as the 2014 President-Elect. Mark Kosanke of Concorde Financial Group is currently serving as the 2014 REISA President. The other REISA officers elected were: Peter Blum of Ladenburg Thalmann as Vice President; Derek Peterson of Walton International Group as Secretary; and Deborah Froling of Arent Fox as Treasurer. 2013 REISA President Michael Weil of American Realty Capital will remain on the Board as Immediate Past President.

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Press Release: Steve Baril Joins KVCF

RICHMOND, VA – Steve Baril, well-respected trial lawyer and business advocate, was named Partner and the head of the Richmond Litigation and Government Relations teams at Kaplan Voekler Cunningham and Frank, PLC (KVCF).

Grady Frank, KVCF’s General Counsel and head of the Alexandria Litigation team, explained, “It is a great time for the firm – new office space in downtown Richmond with new energy and a new practice area. I have known Steve for years and I am looking forward to practicing with him. His reputation as a successful litigator and business advocate will be a great addition.”

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KVCF and Davis Consultants Form 2014 Alliance

RICHMOND, VA – Kaplan Voekler Cunningham & Frank, PLC and Davis Consultants, Inc. are pleased to announce the formation of a business alliance between two of Richmond’s prominent legal and government and media relations firms.

“I’m excited to lead Kaplan Voekler Cunningham & Frank’s government relations practice and to form an alliance with a veteran lobbyist like Charlie Davis for the upcoming General Assembly Session. Our combined legal and lobbying expertise will greatly benefit our clients and allow us to compete with the many fine consulting firms in Richmond,” said Steve Baril who is leading Kaplan Voekler’s government relations practice.

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JOBS Act Update 2

On December 18, 2013, an open meeting of the Commissioners of the Securities and Exchange Commission was held to consider approval of proposed rules related to implementation of Title IV of the Jumpstart Our Business Start Ups (JOBS) Act, commonly referred to as “Regulation A+.”

The Regulation A+ provisions of the JOBS Act provided for an increase in the offering cap to $50 million in a trailing 12 month period and reaffirmed general solicitation and the free tradeability, as well as the “testing the waters” capability, associated with securities offered under Regulation A.

KVCF was cited over twenty times in the proposed rules on various issues upon which the Firm commented. “There are various aspects of the proposal where we will continue to work with the Commission,” said Rob Kaplan, Managing Partner, Practices, “but it is richly satisfying to see Commission produce a proposal which overall appears to be a well-crafted scheme for the genesis of a new public securities market in the United States.”

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