Archive for the ‘regulation’ Category
LendingClub has filed a revised S-1 with the SEC. This suggests progress, and will be as a result of comments on the original S-1. Comments from the SEC are not public until final approvals.
As filed with the Securities and Exchange Commission on August 1, 2008UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Amendment No. 1toForm S-1REGISTRATION STATEMENTUNDERTHE SECURITIES ACT OF 1933LendingClub Corporation
Very clear quotes from a lawyer quoted on Techcrunch. They also ask the question, as to how these SEC regulations will apply to others in US. No doubt we will hear more over the next while.
… … its borrowing practices could be interpreted as the sale of securities, which requires a license Lending Club doesn’t appear to have.This suspicion has been reinforced by Veronica McGregor, an attorney with the law firm Perkins Coie. She says that “it looks like they are getting themselves a license to buy and sell securities.”
For our readers here in Canada, CommunityLend is working closely with the applicable Canadian regulators, and has been for over 9 months now. This was highlighted in this recent piece from the Toronto Star.