--- title: Jacko Law Group Blog | Jacko Law Group, PC (19) description: Jacko Law Group Blog (19) --- [![Jacko Law Group, PC - Securities Law](https://resources.jackolg.com/hubfs/Jackolawgroup%20February2018/image/brand.png)](http://www.jackolg.com/) Call Today for a Consultation San Diego 619-298-2880 San Francisco 415-766-3599 Los Angeles 213-631-2549 Menu [Contact](http://www.jackolg.com/Contact.shtml) - [Home](http://www.jackolg.com/) - [Firm Overview](http://www.jackolg.com/Firm-Overview/) - [Professionals](http://www.jackolg.com/Professionals/) - [Events](http://www.jackolg.com/Events.shtml) - [News](http://www.jackolg.com/News-Room/) - [Blog](http://www.jackolg.com/blog/) - [Videos](http://www.jackolg.com/Videos.shtml) - [Contact](http://www.jackolg.com/Contact.shtml) # Understand. Define. Achieve. Uniquely situated to offer comprehensive services to registered investment advisers, securities broker-dealers, hedge funds, financial professionals and organizations of all sizes. View Our Practice Areas - [SEC/FINRA Regulatory Counsel](http://www.jackolg.com/Regulatory-Examinations-and-Inquiries-SEC-and-FINRA/) - [Private Equity & Hedge Fund Counsel](http://www.jackolg.com/Private-Equity-Counsel/) - [Investment Adviser Services](http://www.jackolg.com/Legal-Considerations-for-Breaking-Away/Investment-Adviser-Counsel.shtml) - [Breakaways And Transitions](http://www.jackolg.com/Legal-Considerations-for-Breaking-Away/) - [General Corporate Counsel](http://www.jackolg.com/Corporate-Counsel/) - [Broker- Dealer Counsel](http://www.jackolg.com/Broker-Dealer-Counsel/) #### News - [Legal Tips](http://www.jackolg.com/News-Room/) - [Publications](http://www.jackolg.com/News-Room/Publications.shtml) - [Blog](http://www.jackolg.com/blog/) # Jacko Law Group Blog ## Jacko Law Group, PC ### Recent Posts ## [Advances in Technology May Prompt the SEC into Revising Securities’ Registration Requirements](https://resources.jackolg.com/2011/08/25/advances-in-technology-may-prompt-the-sec-into-revising-securities-registration-requirements/) By: [Jacko Law Group, PC](https://resources.jackolg.com/author/jacko-law-group-pc) In November of 2009, two advertising executives, and longtime fans of Pabst Brewing Company (“PBR”), attempted to purchase the company. The advertising executives made offers for the company, but could not approach the $300 million asking price. In order to raise capital for the buyout, the advertising executive utilized “crowd funding.” Crowd funding is the use of social media and the internet to organize a large group of individuals to achieve a common goal, in this instance, to raise capital for the purchase of a brewery. Accordingly, the advertising executives decided to solicit online pledges in exchange for a “certificates of ownership” and beer equal to the amount pledged. To that end, the advertising executives established the website buyabeercompany.com to facilitate and centralize their fundraising efforts. They also formed a FaceBook page and Twitter account for buyabeercompany.com to help generate interest and publicity for the buyout. Shockingly, the two advertising executives ultimately received pledges of $200 million from over five million people. While the $200 million dollars was not enough to purchase PBR, it was enough to catch the attention of the Securities and Exchange Commission (“SEC”), who in June of this year issued a Cease and Desist Order[\[1\]](http://jackolg.wordpress.com/wp-admin/post-new.php#_ftn1) against the two advertising executives for violation of federal securities laws. [Read More](https://resources.jackolg.com/2011/08/25/advances-in-technology-may-prompt-the-sec-into-revising-securities-registration-requirements/) ## [SEC Whistleblower Program Now In Effect](https://resources.jackolg.com/2011/08/18/sec-whistleblower-program-now-in-effect/) By: [Jacko Law Group, PC](https://resources.jackolg.com/author/jacko-law-group-pc) With its new whistleblower program officially becoming effective on August 12, 2011, the SEC launched a new webpage for people to report violations of the federal securities laws and apply for a financial award. [Read More](https://resources.jackolg.com/2011/08/18/sec-whistleblower-program-now-in-effect/) ## [Massachusetts Adopts New Regulations Governing Use of Expert Networks](https://resources.jackolg.com/2011/08/11/massachusetts-adopts-new-regulations-governing-use-of-expert-networks/) By: [Jacko Law Group, PC](https://resources.jackolg.com/author/jacko-law-group-pc) Beginning December 1st of this year hedge fund managers, private equity firms and investment advisers doing business in Massachusetts will need to have policies and procedures in place to address that state’s new regulations aimed at overseeing the use of expert network firms. Expert networks are intended to connect institutional investors, hedge funds, investment advisers and others with industry specialists and consultants, helping them gather data to make investment decisions. The adoption of these regulations makes Massachusetts the first state in the Union to have rules overseeing these relationships. [Read More](https://resources.jackolg.com/2011/08/11/massachusetts-adopts-new-regulations-governing-use-of-expert-networks/) ## [Considerations for Structuring Finders Arrangements](https://resources.jackolg.com/2011/08/05/considerations-for-structuring-finders-arrangements/) By: [Jacko Law Group, PC](https://resources.jackolg.com/author/jacko-law-group-pc) Hedge funds, private equity funds, venture capital funds and other types of private funds commonly utilize third parties to promote their funds and raise capital from potential investors. These third parties are commonly referred to as “finders.” When entering into arrangements with finders, private fund managers should carefully consider the structure of this relationship, particularly if the finder is not a registered representative. Increasingly, the SEC and FINRA are focusing on whether or not a finder is acting in the capacity of an unregistered broker. Section 15 of the Securities Exchange Act of 1934, as amended, defines a "broker" as any person engaged in the business of effecting transactions in securities. As the term “effecting transactions in securities” is open to interpretation, the SEC has added some clarity to this term through a myriad of SEC No-Action Letters and enforcement actions. Factors the SEC uses to determine whether a finder is really acting as an unregistered broker include: [Read More](https://resources.jackolg.com/2011/08/05/considerations-for-structuring-finders-arrangements/) ## [Use of Solicitors – What Investment Advisers Should Consider](https://resources.jackolg.com/2011/07/20/use-of-solicitors-–-what-investment-advisers-should-consider/) By: [Jacko Law Group, PC](https://resources.jackolg.com/author/jacko-law-group-pc) Registered investment advisers ("RIAs") commonly engage accountants, attorneys, banks, broker-dealers and other third parties to solicit new investment advisory clients on the RIA’s behalf. Rule 206(4)-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), provides requirements that must be met in order for a RIA to pay a solicitor who in exchange for compensation directly or indirectly, solicits any client for or refers any client to the RIA. Under this Rule, the solicitor-RIA relationship must be evidenced by a written agreement. Accordingly, RIAs that engage solicitors should be sure to enter into a written agreement which: [Read More](https://resources.jackolg.com/2011/07/20/use-of-solicitors-–-what-investment-advisers-should-consider/) [Previous](https://resources.jackolg.com/author/jacko-law-group-pc/page/18) [All posts](https://resources.jackolg.com/all) ### Legal Tip Archive - [September 2011 (5)](https://resources.jackolg.com/archive/2011/09) - [April 2014 (5)](https://resources.jackolg.com/archive/2014/04) - [August 2014 (5)](https://resources.jackolg.com/archive/2014/08) - [September 2015 (5)](https://resources.jackolg.com/archive/2015/09) - [August 2011 (4)](https://resources.jackolg.com/archive/2011/08) - [October 2011 (4)](https://resources.jackolg.com/archive/2011/10) - [June 2012 (4)](https://resources.jackolg.com/archive/2012/06) - [July 2012 (4)](https://resources.jackolg.com/archive/2012/07) - [August 2012 (4)](https://resources.jackolg.com/archive/2012/08) - [October 2012 (4)](https://resources.jackolg.com/archive/2012/10) - [November 2012 (4)](https://resources.jackolg.com/archive/2012/11) - [January 2013 (4)](https://resources.jackolg.com/archive/2013/01) - [March 2013 (4)](https://resources.jackolg.com/archive/2013/03) - [April 2013 (4)](https://resources.jackolg.com/archive/2013/04) - [May 2013 (4)](https://resources.jackolg.com/archive/2013/05) - [June 2013 (4)](https://resources.jackolg.com/archive/2013/06) - [September 2013 (4)](https://resources.jackolg.com/archive/2013/09) - [October 2013 (4)](https://resources.jackolg.com/archive/2013/10) - [January 2014 (4)](https://resources.jackolg.com/archive/2014/01) - [February 2014 (4)](https://resources.jackolg.com/archive/2014/02) - [March 2014 (4)](https://resources.jackolg.com/archive/2014/03) - [May 2014 (4)](https://resources.jackolg.com/archive/2014/05) - [June 2014 (4)](https://resources.jackolg.com/archive/2014/06) - [July 2014 (4)](https://resources.jackolg.com/archive/2014/07) - [December 2014 (4)](https://resources.jackolg.com/archive/2014/12) - [January 2016 (4)](https://resources.jackolg.com/archive/2016/01) - [November 2011 (3)](https://resources.jackolg.com/archive/2011/11) - [December 2011 (3)](https://resources.jackolg.com/archive/2011/12) - [January 2012 (3)](https://resources.jackolg.com/archive/2012/01) - [February 2012 (3)](https://resources.jackolg.com/archive/2012/02) - [April 2012 (3)](https://resources.jackolg.com/archive/2012/04) - [May 2012 (3)](https://resources.jackolg.com/archive/2012/05) - [September 2012 (3)](https://resources.jackolg.com/archive/2012/09) - [December 2012 (3)](https://resources.jackolg.com/archive/2012/12) - [July 2013 (3)](https://resources.jackolg.com/archive/2013/07) - [August 2013 (3)](https://resources.jackolg.com/archive/2013/08) - [November 2013 (3)](https://resources.jackolg.com/archive/2013/11) - [December 2013 (3)](https://resources.jackolg.com/archive/2013/12) - [January 2015 (3)](https://resources.jackolg.com/archive/2015/01) - [February 2015 (3)](https://resources.jackolg.com/archive/2015/02) - [March 2015 (3)](https://resources.jackolg.com/archive/2015/03) - [July 2015 (3)](https://resources.jackolg.com/archive/2015/07) - [August 2015 (3)](https://resources.jackolg.com/archive/2015/08) - [November 2015 (3)](https://resources.jackolg.com/archive/2015/11) - [February 2016 (3)](https://resources.jackolg.com/archive/2016/02) - [March 2012 (2)](https://resources.jackolg.com/archive/2012/03) - [February 2013 (2)](https://resources.jackolg.com/archive/2013/02) - [October 2014 (2)](https://resources.jackolg.com/archive/2014/10) - [November 2014 (2)](https://resources.jackolg.com/archive/2014/11) - [April 2015 (2)](https://resources.jackolg.com/archive/2015/04) - [May 2015 (2)](https://resources.jackolg.com/archive/2015/05) - [June 2015 (2)](https://resources.jackolg.com/archive/2015/06) - [October 2015 (2)](https://resources.jackolg.com/archive/2015/10) - [December 2015 (2)](https://resources.jackolg.com/archive/2015/12) - [July 2011 (1)](https://resources.jackolg.com/archive/2011/07) - [September 2014 (1)](https://resources.jackolg.com/archive/2014/09) see all #### News - [Legal Tips](http://www.jackolg.com/News-Room/) - [Publications](http://www.jackolg.com/News-Room/Publications.shtml) - [Blog](http://www.jackolg.com/blog/) [Email Us For A Response](http://www.jackolg.com/Contact.shtml) #### How Can We Help? 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