Chasing the JOBS Act
By David Drake
The Soho Loft met with leading JOBS Act emulators in Paris. The French movement for crowd funding liberation sat down with The Soho Loft last week in Paris. We met at The Steakhouse Drugstore (yes a restaurant with a drugstore on Charles de Gaulle) by the Arc de Triomphe on Sunday evening. It was cold, and the place noisy – perfect for the topics at hand.
One of the founders of the crowd funding resistance of France huddled up. His colleague introducing us had founded the European crowd funding resistance. The topic of our conversation was how the promise of the US JOBS Act that SEC must implement as a law was already subversively functioning in France.
Wiseeds was the first and largest crowd funding for equity play in France. The authorities shut it down three months ago and the resistance was waiting for it to restructure for relaunch at an unidentified date.
“Ah, when is the JOBS Act in the US being implemented?”
We explained that the JOBS Act had challenges and hiccups in the implementation of the 6 separate bills it includes. Crowd Funding for Equity has been delayed 9-12 months as the January 1, 2013 deadline was never going to be attained from the get go.
“We are working closely with Senators, Regulators, House of Representatives to push for a proposal but none was in sight until 2013.” I declared.
“Ah,” said the European Resistance. “we have started meetings with European legislators to push for a JOBS Act for crowd funding bill in Europe but it will take a few years to materialize. That is why the US JOBS Act is important to us as a signal and leadership momentum for us to emulate.” The local French resistance fighters nodded in assent.
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