It's Halloween weekend, when dark forces walk abroad, demanding candy. But crowdfunding investors in the UK and USA are waiting to see what their regulators will do.
In the US, equity crowdfunders are expecting a treat. After over three years of delays, the Securities and Exchange Commission (SEC) votes today to finalize rules on Title III of the JOBS Act . The vote is to be taken in a public meeting at the SEC scheduled to take place Friday morning, and are also expected to be streamed live online. Forbes reports that once the rulings are published in the federal register, we can expect to see them go live 60 days after the vote.
In the UK, the mood is less joyful: the Financial Conduct Authority (FCA) isn't offering any treats, and maybe a trick or two. Today is the last day of the application window for application window for peer-to-peer lenders who want to be fully authorised by the FCA.
The specialist press has been reporting on the application process and its pitfalls. We wrote about the backlog of applications in March. According to Ryan Weeks, writing in Alti-Fi News, as many as 30 applications have been withdrawn, "with some firms reportedly unable to cope with the demands of the full authorisation process". His article also lists the approval status of each lending platfoem listed on the Liberum AltFi Volume Index UK (LAVI UK), a respected dataset on leading players in the industry.
Happy haunting, everybody.
UPDATE: 2nd November 2015
Title III of the JOBS Act passed, as expected, and according to Bankless Times, the nine page law has been expanded into 686 pages of rules! Oh dear. Well, at least the lawyers won't run out of work.