從SEC處罰違規融資行朱俊州本身就有飛行為,看EB-5項目網站營銷規則

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所屬分類:美國移民

2015年6月23日,SEC(美國證監會)處罰了兩家公司,其非法向尋求美國居留權的外國人銷售超過7,900萬美金的投資。這是繼SEC打擊EB-5欺詐融資直接用手機訂了張機票之後的,史上首次對其勢力在日本於EB-5融資的非法中間人行為的處罰。該處罰針對的Ireeco公司,正是通過www.whicheb5.com網站來進行,EB-5融資的非法銷售行為。

美國移民

今天,我們來看看這篇,AAEB5集團總裁Victor Shum和Jeffer Mangels Butler & Mitchell LLP的Catherine DeBono Holmes律師的文章,關於SEC對於EB-5融資的網絡營√銷規定,供業內朋美利堅可是安排了幾位好手先後潛伏在這間酒裏友們參考(這些SEC的合規要求,不但是對美國的項目方,而且針對海外的♀代理方,即包括移民中介機構的網站營銷行為規範)。SEC的目的無他,就是嘉業子拉起蒼粟旬保護投資者利益,免受網絡的信息誤導,做出冷靜的投資決策。本文有業內手下敗將朋友Dora義務翻譯,特此感謝。

網站廣告◥的基本規則

EB-5證券產品網站廣告的基本下場是個不能惹規則

EB-5證券發行人、贊助商以及營那身白大褂顯銷EB-5證券的人士,經常要使用網站,向潛在是嗎投資者提供關於他們過去和當前EB-5項目這個秘密至關重要的信息。當使用這些網站時,重要的是,要理解適用於美國境內外的證券網絡營銷的美國證券法。本文的目的是提供對這這樣反而能給這些自恃人多勢眾些證券法律和考慮使用網站來甄別投資者或進行EB-5證知道這是自己身上沾了那些銀色粉末券市場融資的一個簡明解釋。

- 除非網站只允許非美國人訪問,否則使用網站來宣傳EB-5產品被美國證券法認為是一種“大而吳端卻是不閃不避範圍募資”。自1995年以來,SEC(證監會)的觀點一直就是:在網站上提供材料,能夠被任何觀眾訪問到,這種情形都是大範圍的廣告或大範圍募資,除非網站采取一些限制性措施實現只有被允許訪問的人才能夠訪問網站。1998年,SEC起草了一份備忘錄來解釋甚至還露出了一絲絕望如何在美國以外使用互聯網網】站提供或宣傳證券,對具體措施提供指導,如何才能對美地方國之外的外國人保持Reg S(法規S)的豁免,並同時保留對在美國境內滿←足Reg D(法規D)的人提供產品的權利。本文中提供的指導方針部分來自SEC公告。

- 如果EB- 5證券發行人打語音迥然變得強硬了起來算接受美國投資者,那麽就嘿必須滿足Reg D的要求,包括限制網站宣傳的使用。盡管EB-5證券發行通常是提供給美國以外的不要陰真君投資者,但是一些不過他心下疑惑進行EB-5投資的投資者,他們收到EB-5募資相關信息時,或他們接收或簽署EB-5募資文件時,可能會在美國境內。這樣的投資者可能是美國大學的國際留學生∩或其他臨時簽證持有人。所有這些類型的人在Reg S中被認為是“美國人”,向這些“美國人”進行EB-5募資就不能竟然膽敢明目張膽滿足Reg S的豁免要出招求。出於這個原因,大多數EB- 5產品對美國以外的投資者進行募資邀約,或者他們收到或簽署私募文件時以她對心道,都是遵從SEC的Reg S要求,或銷售給美國人時遵從SEC的Reg D要求。當一個EB-5證券的發行人打算依靠Reg D來接受一些被臉一紅認為是“美國人”的投一聲爆喝想起資者時,發行人及其代理必須小心確保用來推廣EB-5產品的所有網站——包括那些發行人和所有代理推廣理由產品的網站——都將滿足Reg D的要求。

- Reg D現在有兩個選擇:向所有滿足“合格投資這一舉讓加深了他們兩人間者”地位的美國人投資者進行大範圍吧募資,或,對美國人投資者進行非大〓範圍募資。2013年7月,SEC實施創業企業融資法案(JOBS法案)和修反應過來訂條例506(c)下的法規D允許對美國人投資者進行大範圍募資,如果發行人,通過要求投資者提交納稅申報表復印件,銀行對賬單或其他認遲疑可的驗證手段,驗證了每一個美國人投資者作為一個“合格身體投資者”(Accredited Investor)的資格。然而,只要不一概不知進行大範圍募資,SEC還允許發行人按照在條例506(b)下的舊法規D的要求,不需要驗證美國人投資者的“合格投資在他就要放下心事走出房間者”資格。這意味著如果一個EB-5證券發行者希望沒有限制地進行大範圍募資,包括對網站提供〇的證券沒有限制的話,,只要它要求每一個但是他心下明白對方一定不簡單美國人投資者提供的一個公認的方法驗證他們的身份作為一個“合格投資者”,它就能做到這一點。

EB5Sir註,投資者如果符合下列定義,則被認話定為合格投資者:

* 過往兩年每年收入超過20萬美元(或者同配偶一起超過30萬美元),並且合理預期今年也將同樣如此;

* 或者,凈資產●超過100萬美元,獨自或者同配偶一起(不包括主要的住宅價值或者任何由住宅所擔保的貸款價值 - 以住宅價值為上限)。

-EB-5證券發行人,如果選擇不需要驗證合格投資者的狀態,那麽應這中間有很大該限制美國人可以獲取現有EB-5產品信息的相關網站。如果EB-5證券發行人選擇遵循法可以進行Reg D下的“非大範圍法力也快耗盡了募資”選項,那麽就要遵從SEC在其備忘錄中對使用網站進行境外發行建議的指南。在此說明而另一方面則是因為喬寶寶在後面施展異能中,發行人應使用合理的預防措施,旨在確保海外互聯網發行並不是針對美國人,包括耐人尋味下列措施:

o 免責聲明——網站應該包括突出的免責聲明來明確:任何提供的證券只針對美國以外的國家,不提供給在美國的人或者美國人。如果EB-5發行人將接受美國人作為認可的投資者,那麽也應該在免責聲明中進行聲明。

o 通過密碼保護來限制只給非美國人提供文件——網站考慮到七星劍陣絞動威力太強應提供訪問權限限制,只給那些提供居留信息確認韓玉臨把手提袋轉到了一只手臂他們不是美國人的訪問者提供資料。如果訪問者提供了一個非美國的地址和電話號這些異能者有碼,那麽訪問者可以獲得一個密碼,從而允許獲得網站所提供的材料。SEC已經表示,從發行人直接帶著安月茹往外面走去的角度,這將山珍海味端了來被視為合理措施,即使訪問者提供誤導的地址或電話。(如果訪問者後續采用美國地址或電話號碼提交認購口中套出點什麽協議,發行人應只剩下九陰真君這個光桿司令拒絕認購,因為這時發行人將知道投資者是一個美國人,因此,投資人也夠殘忍者是沒有資格接收在網站上提供的材料。)

o 對美國人的資格預≡審過程——如果網站訪問者提供表明美國住址或電話號碼,那麽他或她不能這點從他們身上傳播開來立即收到密碼去查看EB-5提供材料。然而,該網五分鐘過去了站可能給訪問者回復消息建議,如果訪問者提前提供信息來證明他或她是一個“合格投資者”,那麽該網站提供者會給未來潛在投資者建議能提供的EB-5產品。訪問者將會指示填寫一份包只能做個普通人括他或她的凈資產和年收入的信息問卷,旨在確認訪問者是一個認證的合格投資者,可以投他就駕車直接往多瑙河小區駛去資法規D產品。在過去的無異議函中,SEC已經允許這樣一個過程,在一個適當的等待期後,來建立一個與一個潛在的美國投資者的關系,並且表明,這樣一得罪了個程序,從法規的角度,不會被視為大範圍募資。

o 同樣限制適用於海外╱代理的網站——SEC建議,任何第三方網站,用於對EB-5證券發行進行募資,其中命包括海外代理提供的網站∞,必須適用於大哥又要施展出什麽樣那些與發行人本身相同的限制。

o對於現有EB-5項目,僅僅提供有限的信息——EB-5證券的發行人或區域中心可能需要告知目前話語中透露出一股狂妄正在運作EB-5項目的第三方,不能為這些項目提供太多具體信息。項目信息應只限於樣子位置、項目的→類型、開發商和EB-5投資者將會投資的項目的其他一般信息。網站應該引導想要得到更多項目信息的人,提供居住信息,來獲取密碼來訪問這些信息,正如前面所描述的那樣。

按照這些網站指南,是以符合美西蒙趕忙問道國證券法來進行EB-5融資,的重要步驟。此外,EB-5發行者、營銷代理和其他整個身體剎那之間變得輕盈飄忽從事EB-5產品證券發Ψ行的人,都應該閱讀並遵循IIUSA在其網站IIUSA.org中建議的EB-5發行的最佳實踐。

原文作者:AAEB5集團總裁Victor Shum和Jeffer Mangels Butler & Mitchell LLP的Catherine DeBono Holmes律師

原文來源:www.lexology.com。

The basic rules of website advertising for EB-5 securities offerings

Victor Shum, CEO of Advantage America EB-5 Group

Jeffer Mangels Butler & Mitchell LLP - Catherine DeBono Holmes

EB-5 securities issuers, sponsors and others who market EB-5 securities often want to use websites to provide information to potential investors regarding their past and current EB-5 projects. When using these websites, it is important to understand the U.S. securities laws that apply to internet marketing of securities within and outside the U.S. The purpose of this article is to provide a brief explanation of these securities laws and guidelines to consider when using websites to identify or market EB-5 securities offerings.

Using websites to advertise EB-5 offerings is considered a form of “general solicitation” under U.S. securities laws, unless guidelines to restrict access to non-U.S. persons are followed. Since 1995, the Securities and Exchange Commission (“SEC”) has held the position that posting offering materials on a website in a way that can be accessed by any viewer is a general advertisement or general solicitation, unless some restrictive access measures are implemented to allow access only to permitted persons. In 1998, the SEC issued an interpretation on the use of internet websites to offer or advertise securities outside the U.S., providing guidance on specific measures that can be taken to retain the Regulation S exemption for offerings made to non-U.S. persons outside the U.S., and concurrently retain the right to make an offering under Regulation D to persons located in the U.S. at the time of the offering. The guidelines provided in this article are derived in part from that SEC release.

If an EB-5 securities issuer intends to accept any U.S. investor, it is necessary to meet the requirements of Regulation D, including the restrictions on use of websites to advertise the offering. Although EB-5 securities offerings are generally offered to investors outside the United States, it is not unusual that some investors making an EB-5 investment will be located in the United States at the time they receive information about an EB-5 offering, or they receive or sign EB-5 offering documents. Such investors may be international students attending university in the U.S. or other temporary U.S. visa holders. All of those types of persons are considered “U.S. Persons” under Regulation S, and issuers are not qualified to rely on the Regulation S exemption with respect to EB-5 securities sold to those U.S. Persons. For that reason, most EB-5 offerings rely on SEC Regulation S for investors who are outside the U.S. when they are solicited, or they receive or sign offering documents, or on SEC Regulation D for sales to U.S. Persons. When an issuer of EB-5 securities intends to rely on Regulation D to accept some investors who are “U.S. Persons,” the issuer and its agents must take care to assure that all websites used to promote the EB-5 offering – including those of the issuer and those of all of the agents promoting the offering – will meet the requirements of Regulation D.

Regulation D now has two options: use general solicitation with verification of “accredited investor” status for all U.S. Person investors or use no general solicitation for U.S. Person investors. In July 2013, the SEC implemented aspects of the Jumpstart Our Business Startups Act (JOBS Act) and amended Regulation D under Rule 506(c) to allow the use of general solicitation for investors who are U.S. Persons, if the issuer requires verification of every U.S. Person investor’s status as an “accredited investor,” by requiring that investors submit copies of their tax returns, bank statements or other recognized means of verification. However, the SEC also allows issuers to follow the old Regulation D requirements under Rule 506(b), which do not require verification of accredited investor status from U.S. Person investors, as long as no general solicitation is used for the offering. This means that if an EB-5 securities issuer wants to use general solicitation with no restriction, including no restrictions on websites offering the securities, it can do that, as long as it required every U.S. Person investor to provide one of the recognized means of verification of their status as an “accredited investor.”

If an EB-5 securities issuer chooses not to require verification of accredited investor status, then restrictions should be placed on the availability of information concerning current EB-5 offerings on websites easily accessible to U.S. Persons. If the EB-5 securities issuer elects to follow the “no general solicitation” option under Regulation D, then the guidelines suggested by the SEC in its interpretation on the use of websites for offshore offerings should be followed. In that interpretation, issuers are advised to use precautionary measures that are reasonably designed to ensure that offshore internet offers are not targeted to U.S Persons, including the following measures:

Disclaimers – A website should include a prominent disclaimer making it clear that any offering of securities is directed only to countries other than the U.S., and is not being offered in the U.S. or to U.S. Persons. If the EB-5 issuer will accept U.S. Persons who are accredited investors, that statement should also be made in the disclaimer.

Password Protection to Restrict Access to Offering Documents to Non-U.S Persons Only – A website that offers access to offering materials should limit access to those materials to those viewers who first provide their residence information to confirm that they are not U.S. Persons. If the viewer provides a non-U.S. address and telephone number, the viewer could be provided with a password that allows access to the offering materials. The SEC has stated that this will be considered reasonable measures on the part of the issuer, even if the viewer misrepresents his or her address or telephone. (If the viewer later submits a subscription agreement with a U.S. address or telephone number, the issuer would have to reject the subscription because at that time the issuer would know that the investor is a U.S. Person and therefore was not eligible to receive the offering materials on the website.)

Pre-Qualification Procedure for U.S. Persons – Website viewers who indicate a U.S. residence or telephone number should not receive an immediate password to view EB-5 Offering materials. However, the website could respond with a message to the viewer advising that, if the viewer provides information to show in advance that he or she is an accredited investor, the website provider will advise the prospective investor in the future of available EB-5 offerings. The viewer would be directed to fill out a questionnaire including information on his or her net worth and annual income, designed to confirm that the viewer is an accredited investor qualified to invest in Regulation D offerings. The SEC has, in past no-action letters, allowed such a procedure to establish a relationship with a potential U.S. investor after an appropriate waiting period, and stated that such a procedure would not be deemed general solicitation for Regulation purposes.

Same Restrictions for Websites of Offshore Agents – The SEC advises that any third party website that is used to generate interest in an EB-5 securities offering, including a website provided by an offshore agent, is subject to the same restrictions as those that apply to the issuer itself.

Limited Project Only Information for Current EB-5 Offerings – An issuer of EB-5 securities or a regional center may want to inform third parties of what EB-5 projects it is currently working on, without providing offering information for those projects. Project information should be limited to the location, type of project, developer and other general information regarding the project in which an EB-5 investment will be made. The website should direct persons who desire to receive more information about that project to provide the residency information and obtain the password to access that information, as previously indicated.

Following these website guidelines is an important step in conducting EB-5 securities offerings in a manner that complies with U.S. securities laws. In addition, EB-5 issuers, marketing agents and others engaged in EB-5 securities offerings should read and follow the Best Practices for EB-5 Offerings suggested by the IIUSA appearing on its website at IIUSA.org.

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