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September 25 at 5:31pm

FILMONOMICS: How to Qualify for General Solicitation Fundraising

By Duncan Cork

The ban on General Solicitation in the US has been lifted!

Filmmakers are now able to advertise their fundraising publicly, so long as they make “reasonable efforts” to ensure that investors financing the film are accredited. This historic day comes with caveats though. So we advise all filmmakers seek out legal counsel before taking advantage of General Solicitation. Here’s what we know…

the american jobs acts full1  FILMONOMICS: How to Qualify for General Solicitation Fundraising

The SEC’s rules for Title II of the JOBS Act became law today. This post will address mostly what you can do now. However, the SEC has also suggested further proposed rules which will go into effect another 60 days after the SEC has taken into account comments from the public. These should be considered for the long fundraising periods associated with film financing.

As of today, filmmakers are able to market their fundraising publicly, which means Tweeting, Facebooking, shouting from the rooftops, and taking billboards out on Sunset Boulevard.

However, under Rule 506c (the rule allowing for General Solicitation),filmmakers must make “reasonable efforts” to verify that their investors are “accredited”. [...]

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