the next british invasion is securities crowdfunding steinhoff_final

8/9/2019 The Next British Invasion is Securities Crowdfunding Steinhoff_final

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HDGKHZKHDHUKFCP OFDCDRHI \UG KCGSHK QFPP NOOHK LGCKGUZL CDENGSHK LYCPP \ULFDHLLHL GSH C\FPFGM GN OFDCDRH GSH OUDEFDX XCZbetween owners’ equity and followhND RCZFGCPKFGFRL FD GSH =DFGHE !GCGHL LSNUPE\H CLLUCXHE \M GSH ULH NO RKNQEOUDEFDX GN KCFLH \NGS EH\G CDEHbUFGM OFDCDRH FD GSH =DFGHE ]FDXENY UDEHK C LFYFPCK OFDCDRFCPYCKVHG LGKURGUKH CDE KHXUPCGNKM OKCYHQNKV< "SH ;KFGFLSLHRUKFGFHL RKNQEOUDEFDX YCKVHG FL XKNQFDX HgZNDHDGFCPPM UDEHKKUPHL LFYFPCK GN GSNLH PHXFLPCGHE \M >NDXKHLLI \UG PCKXHPMEHJHPNZHE GSKNUXS ZKFJCGH NKEHKFDX< "SH =DFGHE ]FDXENYLGCDEL NUG XPN\CPPM CL GSH RNUDGKM YNLG LURRHLLOUP FD GSH

EHJHPNZYHDG NO GSFL DCLRHDG FDEULGKMI CDE QFGS PNQ FDRFEHDRHLNO OKCUE'+=9:'?.(=%.$%@ %#"?':] I :#^$#? '(

>:'?.(=%.$%@ :#@=+*"$'% -'PFJHK @CoECI "CDoC *LRSHD\HRVh(PNKCDXHI m

"SNYCL %CXHP HEL


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Comment examines the development of the United Kingdom’sOUDRGFNDFDX \UG LGFPP FYYCGUKH LHRUKFGFHL RKNQEOUDEFDX YCKVHG<#YZFKFRCP HJFEHDRH ZKNJFEHE SHKH LUXXHLGL GSCG C EMDCYFR

LHRUKFGFHL RKNQEOUDEFDX YCKVHG YFXSG MHG HYHKXH FD GSH=DFGHE !GCGHL \M LSNQFDX SNQ ;KFGFLS RKNQEOUDEFDX HJNPJHEQFGSFD CD HJHKhRSCDXFDX KHXUPCGNKM HDJFKNDYHDG< "SFL LSNUPEDNG FYZPM GSCG GSFL >NYYHDG CEJNRCGHL ONK C QSNPHLCPHCENZGFND NO ;KFGFLShstyle crowdfunding or for that nation’sZNPFRFHL< :CGSHKI GSH HJFEHDRH ZKHLHDGHE SHKH LUZZNKGL GSHCKXUYHDG GSCG RKFGFRL LSNUPE DNG QKFGH NOO GSH HYHKXHDRH NO CLHRUKFGFHL RKNQEOUDEFDX YCKVHG FD GSH =DFGHE !GCGHL<

"SH LURRHLL NO LHRUKFGFHL RKNQEOUDEFDX FD GSH =DFGHE!GCGHL QFPP DNG RNYH HCLM< *L HgZPCFDHE FD 8CKG $$I PFYFGCGFNDLND GSH CYNUDG NO RCZFGCP C \ULFDHLL RCD KCFLH GSKNUXS

RKNQEOUDEFDX CDE NGSHK KHXUPCGNKM SUKEPHL QFPP PFVHPM EHGHKYCDM ZNGHDGFCP FDJHLGNKL CDE HDGKHZKHDHUKL< 8NKGCP NZHKCGNKLYCM LGKUXXPH GN NOOHK C RKFGFRCP YCLL NO RNYZCDFHL GSCGFDJHLGNKL QFPP \H QFPPFDX GN LUZZNKG&*:. !?*:" m ;:_*% p&*%@I " :$!# '(

(="=:# ($%*%>#7 " =&9*:]$%@ :#8':" A

-1403/ `SHKHFDCOGHK >'++$%!I !?*:" m p&*%@I * +"#:%*"$^# ($%*%>#

;#%>&9*:]$%@ :#8':"d -ZKNJFEFDX OFDCDRFCP CDCPMLFL NO GSH ;KFGFLS LHRUKFGFHLRKNQEOUDEFDX YCKVHG/<

99 !"" &.-%5 8CKG $$$ -HgZPCFDFDX LHRUKFGFHL RKNQEOUDEFDX FD GSH =DFGHE]FDXENY/< ;M LGCVHSNPEHKLI GSFL >NYYHDG KHOHKL ZKFYCKFPM GN FDJHLGNKLI

\ULFDHLLHL LHHVFDX RCZFGCPI OFDCDRFCP FDGHKYHEFCKFHL PFDVFDX GSHLH ZCKGFHLI CDEKHXUPCGNKL< 'GSHK LGCVHSNPEHKL FDRPUEH PHXCP ZKCRGFGFNDHKLI CRCEHYFRLI CDE GSH

*YHKFRCD ZU\PFR FD XHDHKCP QSNLH \HDHOFGL CKH PHLL HCLFPM YHCLUKHE FD GHKYL NO oN\

RKHCGFND CDE HRNDNYFR XKNQGS


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ONRULHE ND GSH LURRHLL NO RKNQEOUDEFDX ZNKGCP NZHKCGNKL CDELHRUKFGFHL \KNVHKLI10 GSHLH GQN GMZHL NO OFDCDRFCPFDGHKYHEFCKFHL — QSNLH ZKFYCKM OUDRGFND FL GN PFDV \ULFDHLLHL

GN RCZFGCP11 — QFPP PFVHPM EHJHPNZ LRCPC\PH YNEHPL GN YCgFYFWHGSHFK ZKNOFGC\FPFGM FD LFYFPCK QCML GN GSHFK ;KFGFLSRNUDGHKZCKGL


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SHFXSGHDHE \M GSH DHQ HgHYZGFNDL OKNY PNDXhLGCDEFDXLHRUKFGFHL PCQL FD GSH =DFGHE !GCGHL CDE GSH =DFGHE ]FDXENY<(NKYHK !#> >SCFKQNYCD 9CKM !RSCZFKN JNFRHE GSHLH RNDRHKDLwhen stating, “[t]oo often, investors are the target of fraudulentschemes disguised as investment opportunities.”16 *L GSFL>NYYHDG HgZPCFDLI YCDM RKNQEOUDEFDX LGCVHSNPEHKL CXKHHQFGS 9L< !RSCZFKN< $D KHLZNDLH GN GSH ZNGHDGFCP OKCUEI GSHMHgZHRG GSHFK XNJHKDYHDG GN ZKNJFEH C QHPPhEHOFDHE KHXUPCGNKMHDJFKNDYHDGI QSFPH LFYUPGCDHNULPM ONLGHKFDX EHJHPNZYHDG NO CLHRUKFGFHL RKNQEOUDEFDX YCKVHG< ]CKHD ]HKKFXCDI PHXCP EFKHRGNKNO ;KFGFLS HbUFGM RKNQEOUDEFDX ZNKGCP !HHEKL ZKHLHDGHE SHKcompany’s view that “the average retail investor should have

GSH OKHHENY GN ZCKGFRFZCGH FD `LHRUKFGFHLd RKNQEOUDEFDXIprovided they are appropriately protected.”17

8CKG $ NO GSFL >NYYHDG \HXFDL QFGS C ZKFYHK ND SNQRKNQEOUDEFDX NZHKCGHLI CDE SNQ FG LHKJHL GN \KFEXH GSH OUDEFDXgap between owners’ equity and traditional means of capitalONKYCGFND< 8CKG $$ LUKJHML GSH RUKKHDG LGCGH NO LHRUKFGFHL

RKNQEOUDEFDX FD GSH =DFGHE !GCGHL CG GSFL HCKPM oUDRGUKHIQFGSFD GSH RNDGHgG NO NGSHK KHRHDG RSCDXHL GN OHEHKCP LHRUKFGFHLPCQL< 8CKG $$$ HgCYFDHL LHRUKFGFHL RKNQEOUDEFDX FD GSH =DFGHE]FDXENY QSHKH C EMDCYFR YCKVHG RNDGFDUHL GN EHJHPNZ QFGSFDCD HJNPJFDX KHXUPCGNKM KHXFYH< *EEFGFNDCPPMI 8CKG $$$ NOOHKL CJFLFND NO QSCG GSFL DHQ YHCDL NO OFDCDRH YFXSG PNNV PFVH GN

*YHKFRCD HDGKHZKHDHUKL CDE FDJHLGNKL< 8CKG $^ HgGKCZNPCGHLOKNY GSH ;KFGFLS LHRUKFGFHL RKNQEOUDEFDX HgZHKFHDRH GSCG C

LFYFPCKPM KFLVhZKNDH MHG JFC\PH YCKVHG FL ZNLLF\PH FD GSH =DFGHE!GCGHLI CDE FD ZCKGFRUPCKI ONK EH\G RKNQEOUDEFDX< "SFL>NYYHDG RNDRPUEHL QFGS LHJHKCP ZKHEFRGFNDL ONK GSH LHRUKFGFHLRKNQEOUDEFDX YCKVHG FD GSH =DFGHE !GCGHL \CLHE ND GSH QNKV

ZKHLHDGHE SHKH<

16< .CJFE !< &FPWHDKCGSI A@B! C#' ;*$2, J"8*1" 4.1"('*% P%*'"#'&*.(D !?;

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8KFNK GN LUKJHMFDX LHRUKFGFHL RKNQEOUDEFDX FD GSH =DFGHE

!GCGHL CDE =DFGHE ]FDXENY FD 8CKGL $$ CDE $$$I GSFL >NYYHDG\HXFDL FD LHRGFND * QFGS C ONUDECGFNDCP LUYYCKM NORKNQEOUDEFDX GN ZKNJFEH RNDGHgG ONK GSFL DHQ CDE EMDCYFRYHCDL NO RCZFGCP ONKYCGFND RNDRPUEHL QFGS SNQ GSHRKNQEOUDEFDX YNEHP ZKNZNLHL GN \KFEXH GSH HgFLGFDX OUDEFDXgap between an entrepreneur’s personal sources of capital andGKCEFGFNDCP ONKYL NO OFDCDRFDX<

C9 F"-&.&./ ;%*+,-$.,&./

8KNOHLLNK !GHJHD ;KCEONKE EHOFDHL RKNQEOUDEFDX CL KCFLFDXmoney “through relatively small contributions from a largenumber of people,” usually through the Internet by way of an

NDPFDH FDGHKYHEFCKM


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DNYFDCP XNNE LFYFPCK NK PNQHK FD JCPUH GSCD GSH CYNUDGENDCGHEE('5%'"% \*%" !"%&*$(27[ ];( !0*$2,D :**I 8#&=; -!HZ< aI 1401/ISGGZ722QQQ'%'9_ -%NJ< 1TI 1403/I SGGZ722QQQ:'?.(=%.$%@ #f=$"_ $%^#!"9#%" $%"'


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provides a useful definition of securities crowdfunding as “theLCPH NO UDKHXFLGHKHE LHRUKFGFHL NJHK GSH $DGHKDHG GN PCKXHDUY\HKL NO KHGCFP FDJHLGNKLI HCRS NO QSNY NDPM FDJHLGL C LYCPPdollar amount.”33 !HRUKFGFHL RKNQEOUDEFDX FL OUKGSHK LU\EFJFEHEFDGN HbUFGM RKNQEOUDEFDX CDE EH\G RKNQEOUDEFDX'++$%! m 8$#::*]$!I ^#%"=:# >:'?.dI515&2562" 5' SGGZ722QQQ:'?.I ($3%5 DNGH 31I CG 06 – 0c

-HgZPCFDFDX GSH CGGKF\UGHL NO HbUFGM RKNQEOUDEFDX/


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>'++$%!I ; *%]$%@dI 515&2562" 5' SGGZ722QQQNYYHDG CXXKHXCGHL GSH GHKYL FDGN EH\G RKNQEOUDEFDX<

41< >'++$%! m 8$#::*]$!I ^#%"=:# >:'?.I ($3%5 DNGH 31I CG 3 – 5<429 !"" & *:'+. !


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RKNQEOUDEFDX YNEHP GN GKCEFGFNDCP YHCDL NO LYCPP \ULFDHLLRCZFGCP ONKYCGFND< $G ZNGHDGFCPPM \KFEXHL GSH OUDEFDX XCZbetween an owner’s equity and traditional financing while

HDLUKFDX GSH YCDCXHYHDG GHCY KHGCFDL RNDGKNP NO GSH\ULFDHLL:'?.I ($3%5 DNGH 31I CG 5 -CKGFRUPCGFDX GSH

RNDRHKD ONK HDGKHZKHDHUKL FD YCDCXFDX C PCKXH EFOOULH XKNUZ NO LSCKHSNPEHKL/<47< 8$#::*]$! m >'++$%!I ; *%]$%@I ($3%5 DNGH 54I CG 36 -EHLRKF\FDX LUKJHM

OFDEFDX GSCG LHJHDGMhLHJHD ZHKRHDG NO \ULFDHLLHL GSCG ULHE ;KFGFLS EH\GRKNQEOUDEFDX ZNKGCP (UDEFDX >FKRPH QNUPE RNDLFEHK EH\G RKNQEOUDEFDX CXCFD

\HONKH LHHVFDX C \CDV PNCD/<48< !RSQCKGWI ($3%5 DNGH 0cI CG 05AA<

499 4,9 8KNOHLLNK !RSQCKGWI SNQHJHKI LUXXHLGL GSCG CKGOUP EKCOGFDX NO EH\G

CXKHHYHDGL YCM LHKJH GN YFGFXCGH GSH HDGKHZKHDHUK’L KFLV NO EHOCUPG< 4,9 CG 05Ac


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YHCDL NO HDGKHZKHDHUKFCP OFDCDRHI LURS CL \CDV PHDEFDX CDEJHDGUKH RCZFGCP


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angels” in an eff NKG GN N\GCFD OUDEFDX ZKFNK GN CRbUFKFDX JHDGUKHRCZFGCP *8:'?.I ($3%5 DNGH 31, at 17−18 (citing angel and venture capitalKHLHCKRS FD GSH =DFGHE ]FDXENY/<

629 !"" &.-%5 8CKG $$ CDE 8CKG $$$ -EHLRKF\FDX PFYFGCGFNDL ND LHRUKFGFHLRKNQEOUDEFDX \M KHXUPCGNKL FD GSH =DFGHE !GCGHL CDE =DFGHE ]FDXENYI

KHLZHRGFJHPM/[ ("" 52(* &.-%5 8CKG $$$ -ZKNJFEFDX HJFEHDRH NO SNQ ;KFGFLS LHRUKFGFHL

RKNQEOUDEFDX \KFEXHL GSH OUDEFDX XCZ/


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:HRHDG ECGC LUXXHLGL GSCGI UDPHLL LGCKGUZL CDE LYCPP\ULFDHLLHL OFG C QHPPhEHOFDHE ZKNOFPHI JHDGUKH RCZFGCP OFKYL YCMDNG FDJHLG FD GSHY:'?.I ($3%5 DNGH 31, at 17−18.64< 8:$>#?*"#:&'=!#>''8#:! m % *"’+ ^#%"=:# > *8$"*+ * !!’%I

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EFOOFRUPG ONK LYCPP \ULFDHLLHL GN N\GCFDI OUKGSHK HgCRHK\CGFDXsmall businesses’ struggle to access capital beyond their friendsCDE OCYFPM<

(NK GHRSDNPNXM CDE NGSHK LGCKGUZL QFGS GSH ZNGHDGFCP ONKSFXS FDFGFCP KHJHDUH XKNQGS \UG PFGGPH FDFGFCP RCLS OPNQILHRUKFGFHL RKNQEOUDEFDX SCL XKCJFGCGHE GNQCKEL HbUFGMFDJHLGYHDGL \M \UFPEFDX ND GSH HLGC\PFLSHE KHQCKE YNEHP FDLHJHKCP QCML:#*"$'% 3−12 (2014), 515&2562" 5'

SGGZ722OCL:'?.I ($3%5 DNGH 31I CG 0c -“#bUFGM

RKNQEOUDEFDX YCM SCJH GSH ZNGHDGFCP GN NOOHK CD CPGHKDCGFJH NKI FD LNYH RCLHLI


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>NDJHKLHPMI YCDM LYCPP \ULFDHLLHL CKH GNN LYCPP CDE PCRVGSH XKNQGS GKCoHRGNKM GN QCKKCDG FDJHLGYHDG \M CDXHP FDJHLGNKLNK JHDGUKH RCZFGCP OFKYL] #" *+:'?.$%@ $%7 &'? " =] ’! ;=!$%#!!#!I

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RNYZPM QFGS CD HgZHDLFJH CDE GFYHhRNDLUYFDX KHXFLGKCGFNDZKNRHLL ZKFNK GN LHPPFDX LHRUKFGFHL GN GSH ZU\PFR


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QQQ


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Exemption Aggregate

Offering

Limitations

Number of

Investors

Investor

Qualifications

Limits on

Manner of

Offering

Crowdfunding Exemption (to be implemented)

Section

4(a)(6)

$1 million

over 12

month

period

preceding

date of

transaction

Unlimited Aggregate

amount sold

under any

exemption

limited to:

Investor

income / net

worth <

$100,000, then

limited to thegreater of

$2,000 or 5%

of income or

net worth;

Investor

income / net

worth >

$100,000, then

limited to 10%

of annual

income or net

worth

General

solicitation to

all potential

investors

permitted;

preempts state

regulation

:UPH T4a ZKNJFEHL LFXDFOFRCDG CEJCDGCXHL NJHK NGSHKHgFLGFDX KHXFLGKCGFND HgHYZGFNDLI YCVFDX FG GSH RPHCK OCJNKFGHCYNDX FLLUHKL CDE FDGHKYHEFCKFHL ONK ZKFJCGH ZPCRHYHDGL


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GN ZNGHDGFCPPM SFXS FDGHKHLG KCGHL EHZHDEFDX ND GSH ONKY NORNPPCGHKCP ZKNJFEHE \M GSH \ULFDHLLNDXKHLL KHCRGHE FD 1401 GN GSH EFOOFRUPGM LYCPP \ULFDHLLHLOCRHE FD CRRHLLFDX RCZFGCP \M ZCLLFDX GSH B';! *RG

SFLGNKM NO GSH LHRGFND 5-C/-a/ RKNQEOUDEFDX HgHYZGFND/< "SH B';! *RG KHbUFKHLGSCG GSH !#> FYZPHYHDG DHQ KUPHL HLGC\PFLSFDX C KHXUPCGNKM OKCYHQNKV \HONKHGSH RKNQEOUDEFDX HgHYZGFND RCD XN FDGN HOOHRG< "SH !#> NOOHKHE FGL ZKNZNLHE KUPHL

FD %NJHY\HK 1403 CDE HgZHRGL GN FLLUH OFDCP KUPHL FD 'RGN\HK 1405< >KNQEOUDEFDXI6A (HE< :HX< aaI516 -ZKNZNLHE %NJ< TI 1403/ -GN \H RNEFOFHE CG 06 >

\PUHLVM


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!HRUKFGFHL *RG SCJH LZHRFOFR PFYFGCGFNDL CDE FYZNLH LFXDFOFRCDGKHbUFKHYHDGL ND RKNQEOUDEFDX FDGHKYHEFCKFHLI CL LUYYCKFWHEFD "C\PH 0 C\NJH

102< ;KCEONKEI P%*8&(" =.-$2-&22",I ($3%5 DNGH 6AI CG 10A -CKXUFDX GSCG ZCKGL NOGSH HgHYZGFND CKH GNN LGKFRG NK GNN PHDFHDG/[ "SNYZLND m +CDXHJNNKGI ($3%5 DNGH aI CG 0a4T -HgZPCFDFDX GSCG FLLUHKL QFPP DNG RSNNLH GSFL YHCDL NO OFDCDRH \HRCULH GSH

HgHYZGFND’L YCDM KHLGKFRGFNDL YCVH FG ZKNSF\FGFJHPM HgZHDLFJH/< * GSNKNUXSRKFGFbUH NO GSH RKNQEOUDEFDX HgHYZGFND CDE GSH B';! *RG FL \HMNDE GSH LRNZH NOGSFL >NYYHDG<

103< 0T =< l 66K-\/-5/->/[ 0T =< l 66E-C/-a/-;/-F/<1049 Table 690: Money Income of Households−Percent Distribution by Income

I"1"2D J5#"D 5., a&(35. @%&/&.D &. ;*.('5.' V^NNTX F*225%(R STTN '* 144cI =

>#%!=! ;=:#*=I SGGZ722QQQ

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2359 4,9 CG 3T<2369 4,9 CG 36


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Portal Example Average Amount

Offered

JOBS Act Disclosure

Implications (assuming

similar issuing amounts in the

U.S.)

Crowdcube —

Equity

£173,919

($291,802)262

Independent public accountant

must review financial

statements.

Funding

Circle — Debt

£61,719

($103,553)263

Independent public accountant

must review financial

statements.

(If under $100,000, then only

previous year income taxreturns and unaudited financial

statements required.)

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GSH CUEFGHE OFDCDRFCP LGCGHYHDGL KHbUFKHE ONK FLLUCDRHL NJHKnT44I444


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!HRUKFGFHL RKNQEOUDEFDX FD GSH =DFGHE ]FDXENYEHYNDLGKCGHL GSH ZNGHDGFCP ONK C JF\KCDG CPGHKDCGFJH LNUKRH NOHDGKHZKHDHUKFCP OFDCDRH GSCGI XFJHD GSH CZZKNZKFCGHNZZNKGUDFGMI LSNUPE LFYFPCKPM LURRHHE FD GSH =DFGHE !GCGHL<"SFL OUDEFDX YNEHP HgSF\FGL FDSHKHDG OKCUEhZKHJHDGCGFJHmeasures. It is scalable and designed to work within today’s

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the next british invasion is securities crowdfunding steinhoff_final

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