An Introduction to the Federal Crowdfunding Exemption: Part 1

This lesson is the first part of a two-part introduction to the federal crowdfunding exemption from the registration requirement of the Securities Act of 1933. Before taking this lesson, students should have a basic understanding of the Securities Act of 1933 and its registration requirement.

The lesson provides links to the relevant regulatory provisions, but you might find it helpful to have your own copy of Regulation Crowdfund as you take the lesson. That regulation appears at 17 C.F.R. § 227.10 et seq. and is included in every statutory supplement published for securities regulation courses.

However, the crowdfunding exemption is long and complicated. This lesson does not attempt to cover every detail of the rules.

Learning Outcomes
On completion of the lesson (and the second related lesson), the student will be able to:
1. Apply the basic requirements of the exemption to determine if it is available to a particular offering.
2. Explain how crowdfunding offerings work.
3. Apply the offering amount limitation.
4. Explain which issuers are eligible to use the exemption.
5. Discuss and apply the restrictions applicable to crowdfunding investors.
6. Restate the limitations on crowdfunding intermediaries and how they must conduct offerings pursuant to the exemption.
7. Describe the disclosure requirements of the exemption.
8. Apply the resale restrictions applicable to crowdfunded securities.
9. Understand the protection available for insignificant deviations from the exemption's requirements.

Sara Smith Joins The Center for Computer-Assisted Legal Instruction (CALI)

The Center for Computer-Assisted Legal Instruction (CALI) is pleased to announce the addition of Sara Smith as the new Assistant Director of Curriculum Development. In this newly created position, Sara will assist in the development of CALI’s e-learning materials for legal education, such as interactive lessons and free ebooks, and help facilitate CALI fellowships.

CALI will be exhibiting at AALL2019 Annual Meeting

The AALL Annual Meeting & Conference is the premier educational and networking event for almost 1,400 legal information professionals. In its 112th year, the 2019 AALL Annual Meeting offers three days of must-have educational programming featuring more than 70 sessions in six domains:

  • Professionalism + Leadership at Every Level
  • Research + Analysis
  • Information Management
  • Teaching + Training
  • Marketing + Outreach
  • Management + Business Acumen

5 Reasons Why You Should Attend CALIcon19 Conference

  1. Education & Learning:  The education program is a robust lineup of 30+ engaging sessions that goes beyond the typical lecture-classroom style.  You will leave with an understanding of how forward-thinking professionals are implementing best practices to transform and improve the legal education community.   
  2. Value-added:  We understand that budgets are tight these days.  This why we have not increased the registration fee from last year.  Click here to see everything included with your registration fee.  Get your boss on board with you attending CALIcon19. Download and customize this letter that details the benefits your attendance can provide your organization. 
  3. Keynote Headliner - Speaker David Yearwood  PH.D., CSTM: Dr. Yearwood brings a wealth of experience in the use of technological tools in education to enhance teaching and learning.  Keynote Session Title:  The Education Conundrum: Teach as you were Taught, OR Teach for the Future?
  4. Thursday Night Reception: From a private tour of the Jimmy Carter Presidential Library, complete buyout of Lucky Strike Phoenix, and hosting a virtual carnival, our Thursday Night Reception has become our signature event.  This year will be even bigger and better.  You'll be able to test your ability in various sport settings with a modern day twist.  Some would say a "Paradigm Shift." 
  5. Networking Opportunity:  With 300+ legal educators and technology professionals in attendance, you will network and build connections with others in the community whom you can swap stories with year-round when it comes to identifying solutions for similar challenges.

Not Registered for CALIcon19? Easy bird discount ends on Friday, May 3 to save money!

PARADIGM SHIFT

“A fundamental change in an individual's or a society's view of how things work in the world.”

The way we think about legal education is changing and not just at the edges.  The crash of 2008, the collapse of law school applicants and the access to justice gap have inspired law schools to launch new programs to compete in this shifted world.  Incubators, Innovation Clinics, Hackathons, Distance Learning, Academic Success, Learning Outcomes, Education Analytics …. we are doing different things and doing things differently.  Almost all of these have a technology component too and so are relevant for this year’s conference.  What is your law school doing?  What should you be doing?  Come to CALIcon19 to share your plans and discuss the new shifted present tense of legal education.

Bailments

This lesson teaches about the law of bailments, i.e., the law that controls the rights and duties of a possessor of tangible personal property (goods) who is not the owner.

Thrilled to announce Dr. Dave Yearwood as the keynote speaker at CALIcon19

Dave Yearwood is a Professor in the School of Entrepreneurship. He was a Graduate Director in two disciplines (Technology and the Ph.D. program in Teaching and Learning) and also the past chair of the Technology Department at the University of North Dakota. Dave has been teaching in higher education for 30 years, first at a Community College and for the last 22 years at the undergraduate and graduate levels. Yearwood’s two research interests are Electronic Pedagogy—the purposeful use of technological tools in education to enhance teaching and learning; and the study of control or semi-automatic/automatic systems for use in commercial and/or consumer settings.

Dr. Yearwood was presented with the outstanding teacher award in the College of Business and Public Administration (CoBPA) on two occasions, and he also earned the coveted combined Teaching, Service, and Scholarship award (CoBPA). In 2009 Dave was one of four professors recognized nationally by the Association of Technology, Management and Applied Engineering (ATMAE) as Outstanding Professor in the areas of Teaching, Research, and Service.

Thrilled to announce Dr. Dave Yearwood as the keynote speaker at CALIcon19

Dave Yearwood is a Professor in the School of Entrepreneurship. He was a Graduate Director in two disciplines (Technology and the Ph.D. program in Teaching and Learning) and also the past chair of the Technology Department at the University of North Dakota. Dave has been teaching in higher education for 30 years, first at a Community College and for the last 22 years at the undergraduate and graduate levels. Yearwood’s two research interests are Electronic Pedagogy—the purposeful use of technological tools in education to enhance teaching and learning; and the study of control or semi-automatic/automatic systems for use in commercial and/or consumer settings.

Dr. Yearwood was presented with the outstanding teacher award in the College of Business and Public Administration (CoBPA) on two occasions, and he also earned the coveted combined Teaching, Service, and Scholarship award (CoBPA). In 2009 Dave was one of four professors recognized nationally by the Association of Technology, Management and Applied Engineering (ATMAE) as Outstanding Professor in the areas of Teaching, Research, and Service.

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