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SEC发布EB-5融资准则

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发表于 2014-9-29 08:39:46 | 显示全部楼层 |阅读模式

9月24日,SEC(证监会)在其网站上发布了一份题为:Investor Bulletin: Private Placements Under Regulation D的公告,事关1933年证券法案下Regulation D(D条例)发条下,未注册证券融资或者私募融资的。

EB-5投资是私募融资

基于证券法,EB-5被认作是豁免SEC注册的证券融资。这类证券融资被称为私募融资或者未注册的融资。基于联邦证券法律,一个公司不能提供或者销售证券,除非该融资已经在SEC注册,或者符合免于注册的条件。

通常来讲,私募融资无需,符合一些用来保护投资者的法律法规,例如:要求注册融资所必须满足的全面披露规定。

EB-5项目通过私募融资方式,从外国投资者处募集资金。他们提供或者销售,自称免于SEC的Regulation D注册要求的证券

EB-5融资和General Solicitation(大范围融资)

当审阅EB-5的PPM(私募备忘录)时,你可能会看到一个关于Regulation D的条款。Regulation D包括SEC的3条法规 - 504、505和506条款,发行方基于此销售未注册的证券。销售该证券的实体通常被视为发行方。每条法规都有着发行方必须满足的条件。504条款,允许特定的发行方能够,在12个月内,提供并且销售最多100万美元的证券。按照505条款,发行方在12个月内,能提供和销售最多500万美元的证券。

EB-5项目所最常用到的是,506条款,可以募集无限额的资金。EB-5项目基于的506条款,有两个选项。506 (b) 条的融资,不能使用General Solicitation,但是可以最多有35个非合格投资者参与,只要EB-5投资者能够获得关于发行方的广泛信息。

JOBS Act(The Jumpstart Our Business Startups Act)法案,协同506(c)条款,容许General Solicitation,但是该证券只能卖给合格投资人(Accredited Investor),发行方必须采取合理步骤来核实合格投资人的资质。

于是,EB-5项目方和区域中心能够就其项目在报纸、网站、社交媒体、电视、广播或播客上,对公众宣传,只要符合一定的证券规定。就此细节,请咨询合格的EB-5顾问。
EB-5投资者是否必须是合格投资人?

简短的回答是:看情况。投资者如果符合下列定义,则被认定为合格投资人:

* 过往两年每年收入超过20万美元(或者同配偶一起超过30万美元),并且合理预期今年也将同样如此;

* 或者,净资产超过100万美元,独自或者同配偶一起(不包括主要的住宅价值或者任何由住宅所担保的贷款价值 - 以住宅价值为上限)。

然而,发行方基于506 (b)条款的话,可以销售给无限制的合格投资人,但是不能超过35个非合格投资者。

在融资过程中的非合格投资人,必须“财务成熟”或者有足够的财务和经商经验和知识,以评估投资;换句话说,就是他们必须富有且聪明。“成熟”的要求,需要通过一个采购代理(purchaser representative)来实现,如:通过Broker/Dealer(券商/经纪人)来满足要求。通过采购代理的投资者,需要特别留意,该采购代理可能会有的利益冲突。

如果有非合格投资人参与投资的话,发行方必须要公布其特定的信息,报告其财务报告。如果只是销售给合格投资人的话,发行方自行决定,披露哪些信息给投资者。任何披露给合格投资人的信息都必须要提供给非合格投资人。

销售EB-5投资

EB-5投资的特别之处在于,这是一个投资签证。EB-5投资者最优先考虑的是,获得美国的永居身份。

对于投资者重要的是,获取所有信息,以做出信息充分的投资决策。事实上,依赖于505和506(b)法条获得豁免注册的发行方,必须提供给非合格投资人,就投资事宜,以提问并回答的机会。

注册的融资,需要披露特定的信息。于此不同的是,投资到私募融资的投资者,通常是自己获取信息,以做出信息充分的投资决策。建议投资者,在做出投资决策之前,寻求专业人士做尽职调查。

需要考虑的关键问题有:

* 财务报表,如果提供的话,关于业务,能告诉你什么?
* 声明和期望合理吗?
* 发行方声称所依赖于某特定的技术、客户、产品或者自然资源,合理吗?
* 发行方的竞争对手是谁?
* 管理团队的经验和背景怎样?
* 发行方的从业时间,以及是否有过往发行经历?
* 发行方如何使用融资?
* 如果你投资的证券有转款限制,何时并且怎样解除转款限制条件?

EB-5项目需要递交Form D(D表格)

所有依赖于Regulation D豁免的EB-5融资发行方,需要在第一笔证券销售的15天内递交Form D。如果发行方使用General Solicitation来融资的话,那么需要在着手general solicitation的15天前递交Form D。

Form D将包括发行方的简单信息、管理团队和销售商,以及融资交易本身。

非常重要的是,EB-5区域中心和项目方需要告诉投资者递交所递交的Form D的属性。这不等同于在SEC注册。

在之前一个SEC对阵Fleet Mutual Wealth的案例中,SEC获得了联邦法院的支持,以冻结投资者的资金。SEC声称,被告谎称他们的公司已经在SEC“注册”或者“合法登记”,并用递交的Form D来进行误导。

原文作者:Yi Song(宋一)律师,Mona Shah & Associates律所,英文原文:www.blog.mshahlaw.com。

SEC Guidelines on EB-5 Offerings

September 26, 2014

The Securities and Exchange Commission (SEC) issued an Investor Bulletin about investing in unregistered securities offerings, or private placements, under Regulation D of the Securities Act of 1933.

EB-5 Investment is a Private Placement

Under the securities laws, EB-5 investment is considered a securities offering exempt from registration with the SEC. This kind of securities offering is referred to as a private placement or an unregistered offering.  Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available.

Generally speaking, private placements are not subject to some of the laws and regulations that are designed to protect investors, such as the comprehensive disclosure requirements that apply to registered offerings.

The EB-5 projects conduct private placements to raise capital from foreign investors. They offer or sell securities claiming Regulation D exemptions from registration with the SEC.

EB-5 Offerings and General Solicitation

When reviewing EB-5 Private Placement Memorandum, you may see a reference to Regulation D.  Regulation D includes three SEC rules—Rules 504, 505 and 506—that issuers often rely on to sell securities in unregistered offerings.  The entity selling the securities is commonly referred to as the issuer.  Each rule has specific requirements that the issuer must meet. Rule 504 permits certain issuers to offer and sell up to $1 million of securities in any 12-month period.  Under Rule 505, issuers may offer and sell up to $5 million of their securities in any 12-month period.

The most commonly used Regulation D exemption for EB-5 projects is Rule 506 where an unlimited amount of money may be raised. There are two options under Rule 506 for EB-5 projects. Rule 506 (b) offerings cannot use general solicitation but can have up to 35 non-accredited investors participate as long as EB-5 investors are provided extensive information about the issuer.

The Jumpstart Our Business Startups Act (JOBS Act) enacted Rule 506(c), which allows general solicitation, but the securities must be sold to accredited investors only and the issuer shall take reasonable steps to verify the accredited investor’s status.

Thus, EB-5 projects and regional centers can advertise their projects in the newspaper, on the website, through social media, on TV, radio or podcast, or to the general public as long as certain securities requirements are met. Please consult experienced EB-5 counsel for details.

Does an EB-5 Investor have to be an Accredited Investor?

The short answer is it depends. An individual will be considered an accredited investor if he or she:

earned income that exceeded $200,000 (or $300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year,
OR has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence and any loans secured by the residence (up to the value of the residence).
However, an issuer relying on Rule 506(b) may sell to an unlimited number of accredited investors, but to no more than 35 non-accredited investors.

The non-accredited investors in the offering must be financially sophisticated or sufficient knowledge and experience in financial and business matters to evaluate the investment; in other words, they must be rich and smart.  This sophistication requirement may be satisfied by having a purchaser representative, such as a broker/dealer for the investor who satisfies the criteria.  An investor engaging a purchaser representative should pay particular attention to any conflicts of interest the representative may have.

If non-accredited investors are involved, the issuer must disclose certain information about itself, including its financial statements.  If selling only to accredited investors, the issuer has discretion as to what to disclose to investors.  Any information provided to accredited investors must be provided to non-accredited investors.

Selling EB-5 Investment

The unique aspect of EB-5 investment is that it is an immigrant visa. The top priority of EB-5 investors is obtaining US permanent residence.

It is important for investors to obtain all the information to make an informed investment decision.  In fact, issuers relying on the Rule 505 and 506(b) exemptions from registration must provide non-accredited investors an opportunity to ask questions and receive answers regarding the investment.

Unlike registered offerings in which certain information is required to be disclosed, investors in private placements are generally on their own in obtaining the information they need to make an informed investment decision.  It is advised that investors engage professionals to conduct due diligence before making the investment decision.

Key Questions to Consider:

What do the financial statements, if provided, tell you about the business?
Are the claims and expectations reasonable?
How reasonable is the issuer’s reliance on a particular technology, customer, product or natural resources claim?
Who are the issuer’s competitors?
What is the experience and background of management?
How long has the issuer been in business and has the issuer conducted prior offerings?
How does the issuer plan to use the money raised?
If the securities you are investing in have transfer restrictions, when will and how may the restrictions be lifted?
EB-5 Projects Need to File the Form D

All EB-5 offering issuers relying on a Regulation D exemption are required to file Form D no later than 15 days after the first sale of securities in the offering. If the issuers use general solicitation to raise capital, Form D needs to be filed 15 days before commencing the general solicitation.

The Form D will include brief information about the issuer, its management and promoters, and the offering itself.

It is very important that the EB-5 regional centers and projects inform investors of the nature of the Form D filing. It is not a SEC registration.

A cautionary tale in SEC v. Fleet Mutual Wealth, the SEC obtained a federal court order freezing stolen investors’ funds.  The SEC alleged that the defendants falsely claimed that their firm was “registered” or “duly registered” with the SEC and pointing to the firm’s Form D filings to support this misrepresentation.

This article is a general summary of complex securities law issues. No legal advice is provided in this article.  Please consult an attorney or investment adviser for specific advice applicable to your circumstances.

Mona Shah & Associates reserve and hold for their own use, all rights provided by the copyright law, including but not limited to distribution, producing copies or reproducing, sales of this document. This article is a general summary of complex securities law issues. No legal advice is provided in this article.  Please consult the securities attorney for advice applicable to your particular circumstances.

All rights reserved by Mona Shah & Associates ©

文章翻译:EB5 sir

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