We’ve compiled a selection of publications related to our research into securities issues below.

A Primer on “Going Public: How companies too small for the national stock exchanges can access public capital, (2010)
Laid out the premise for crowdfunding before the concept became widely accepted, along with many others listed below. Those efforts led to their current investment banking efforts utilizing crowdfunding and incorporating a number of the ideas contained in the primer for a more complete version of crowdfunding than is being contemplated by the rest of the industry.

A New Stock Exchange Where People and the Planet Matter, 2010
What if there were a stock exchange where society and the environment were the top priority and profit a means to maintain continuity and not an end in itself? What if the corporations listed on such an exchange were valued based on how well they served society instead of solely by short-term profit? Such an exchange is possible as explored in this document.

Intrastate Crowdfunded Offerings – How to ensure integrity with the SEC, 2013
The 1930s federal securities laws made special provision for the states to define their own rules for securities sold exclusively within each state. Such offerings are called intrastate offerings wherein stocks and bonds (securities) are sold by companies located in a particular state exclusively to residents in that state. As long as certain guidelines are followed by the companies making these offerings, states have sole discretion to establish their own regulations on such things as to whom those securities can be sold (e.g., accredited versus non-accredited investors), how large the offerings can be, and whether the offering company can solicit investments via a general solicitation. This article explores the concept of intrastate offerings and how to do them safely within the context of SEC regulations.

Small Business Capital Markets Regulation:  A New Paradigm, 2011
This document calls for the establishment of a new SRO (self-regulatory organization), parallel and equal to Financial Industry Regulatory Authority (FINRA), tasked with regulation and oversight of the capital markets related to small businesses, one that would take over a subset of the activities currently performed by FINRA.

Funding Small Businesses A New Approach, 2011
An introduction to the new SRO concept and the actual proposed U.S. Congressional legislation titled “THE SMALL BUSINESS CAPITAL MARKETS ACT” (withdrawn). This document and the legislation was done in partnership with one of the nation’s top securities attorneys Lee Petillon (now deceased).

A Community-Centric Small Business Holding Company, 2016
This document provides for an alternative funding vehicle for small business. It can be found in what I call a public small business holding company (SBHC).

How to Increase the Flow of Capital to Small Businesses While Enhancing Liquidity for Investors, (LinkedIn Pulse, 2016)
This article introduces the concept of small business holding companies (SBHCs) and how they can serve as a replacement for business development companies (BDCs) to serve the capital formation needs of small businesses.)

SBHC model discussion, (2106/2008)
This video explores the earliest thinking about ideas that ultimately evolved into the concept of Small Business Holding Companies (SBHCs).