It takes a crowd to raise a startup *

USA - April 9 2012
While the general public eagerly awaits the initial public offering of Facebook, anticipated to occur in the next several months, select investors have been buying shares of Facebook for the last few years.

Co-authors: Martin V. Mayo, Paula Hufschmid.

SEC adopts Dodd-Frank Act exemption and new reporting requirements for VC fund advisers *

USA - July 22 2011
On June 22, 2011, the SEC adopted new rules to implement Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which, among other things, created a new exemption from the registration requirements of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), for investment advisers to venture capital funds.

Co-authors: Michael E. Wong, Rory Donald, Janson L. Mao.

Recent Senate legislation retains venture capital fund exemption *

USA - May 26 2010
Sweeping financial overhaul passed by the US Senate spares venture capital fund managers from new registration requirements that may hit the hedge fund community, requires periodic evaluation and adjustment of accredited investor standards, and disqualifies certain securities offerings from issuers affiliated with felons and other "bad actors" from the Regulation D safe harbor exemption from registration.

Co-authors: Michael E. Wong, Jerrold F. Petruzzelli.