Boston University School of Law Sumner Redstone Building
765 Commonwealth Avenue, Boston, MA 02215
Friday, February 27, 2015
8:30 AM – 9:00 AM…………. Breakfast for Panelists and Attendees, 1st Floor Atrium
9:00 AM – 9:05 AM…………. Welcome, Room 414
Christopher Mercurio, Editor in Chief, Review of Banking & Financial Law
James E. Scott, Director of the Graduate Program in Banking and Financial Law & Lecturer in Law, Boston University School of Law
9:05 AM – 9:15 AM…………. Opening Remarks, Room 414
Conway Dodge, Assistant Director, U.S. Securities and Exchange Commission Division of Enforcement
9:15 AM – 10:50 AM ………..Current Events in Startup Financing , Room 414
This panel will examine many topics facing startups seeking to receive financing such as regulatory paternalism, the risks of equity crowdfunding, peer-to-peer lending, SAFEs as a financing method, and the impact of intellectual property on receiving financing.
J. Scott Colesanti, Professor of Legal Writing, Hofstra University Maurice A. Deane School of Law
Adam Ghander, Partner, Nutter McClennen & Fish LLP
Tom C. W. Lin, Associate Professor of Law, Temple University Beasley School of Law
Michael Meurer, Abraham and Lillian Benton Scholar Professor of Law, Boston University School of Law
Moderator Paul R. Gugliuzza, Associate Professor of Law, Boston University School of Law
10:55 AM – 12:20 PM………. Platform Compliance With Securities Laws, Room 414
Kristen Young, Counsel at Sullivan & Worcester LLP, will present a paper examining crowdfunding platform compliance with securities laws. Specifically, Young argues that with the concern of protecting investors, the need to protect and educate entrepreneurs is often overlooked. Just as it is risky for a potential investor to invest in a startup through an online platform, it is also risky for the startup to conduct its offering through crowdfunding.
Carl Barnes, Member, Morse, Barnes-Brown & Pendleton PC
Conway Dodge, Assistant Director, Division of Enforcement, U.S. Securities and Exchange Commission
Jill Gross, James D. Hopkins Professor of Law & Director of Legal Skills, Pace Law School
James Jalil, Partner, Thompson Hine LLP
Rafael Porrata-Doria, Professor of Law, Temple University Beasley School of Law
Moderator H. Norman Knickle, Lecturer in Law, Boston University School of Law & Special Counsel for the Division of Enforcement, U.S. Securities and Exchange Commission
12:20 PM – 1:00 PM ………. Lunch for Panelists and Attendees
Lunches available in the 1st Floor Atrium
Free seating with space reserved in Room 214
1:00 PM – 1:30 PM…………. Keynote Address: The Rise of Angel Capital to Fund 21st Century Entrepreneurship, Room 414
Jeremy Halpern, Partner, Nutter McClennen & Fish LLP
1:30 PM – 2:45 PM………… State Crowdfunding and the Intrastate Exemption Under Federal Securities Laws – Less Than Meets the Eye?, Room 414
Thomas Halket, Partner at Halket Weitz LLP and Adjunct Professor at Fordham Law School, and Theodore Weitz, Partner at Halket Weitz LLP and Adjunct Professor at Fordham Law School, will present a paper regarding states’ responses to the JOBS Act Title II regarding crowdfunding. In this article the authors discuss the result of the SEC’s delay to publish finalized rules on the “CROWDFUND Act.” In the interim, a number of states have enacted intrastate versions of crowdfunding or are considering such action. Weitz and Halket’s article examines the degree to which state crowdfunding initiatives are likely to prove meaningful supplements to or substitutes for the federal regime.
Miriam Albert, Professor of Skills & Faculty Advisor for the J.D./M.B.A. Program, Hofstra University Maurice A. Deane School of Law
Dori Bailey, Adjunct Professor of Law, Syracuse University College of Law
Gregory Fryer, Partner, Verrill Dana LLP
Moderator Jack M. Beermann, Professor, Boston University School of Law
2:45 PM – 3:00 PM ………. Coffee Break Sponsored by the Banking and Financial Law L.L.M. Program
1st Floor Atrium
3:00 PM – 4:15 PM ………. The Nonpecuniary Benefits of Securities Crowdfunding, Room 414
Andrew Schwartz, Associate Professor of Law at the University of Colorado Law School will present a paper discussing the nonpecuniary benefits of crowdfunding. Schwartz argues that although investors may technically lose money when investing through crowdfunding, the pecuniary loss should not be viewed as lost money. Rather, at least some of the seemingly “lost” money is better thought of as spent on nonfinancial benefits, including entertainment, political expression and community building. In other words, a crowdfunding investment can “pay off” even if it never returns a dime.
Luba Greenwood, Lecturer in Law, Boston University School of Law
Jeremy McClane, Associate Professor of Law, University of Connecticut School of Law
Jeff Ward, Lecturing Fellow & Start-Up Ventures Clinic Director, Duke University School of Law
Moderator Eric Roiter, Professor, Boston University School of Law
4:15 PM – 4:30PM…………. Closing Remarks, Room 414
James E. Scott, Professor, Boston University School of Law
The Review of Banking & Financial Law would like to thank the Banking and Financial Law L.L.M. program and their fantastic staff, especially James Scott, Lorraine Kaplan and Nina Hrebenko. We would also like to thank the Student Affairs Office, Professor Frederick Tung, and Erin Lee from the Office of Communications & Marketing for their support in planning and executing this symposium.
On February 27, 2015, the Boston University Review of Banking & Financial Law will hold its symposium, Innovation Today: The Legal Challenges of Funding Startups. We look forward to hearing from all of our wonderful speakers and panelists!
RBFL would like to congratulate Ronald S. Borod, who won a Burton Award for Distinguished Legal Writing in 2013 for his article, “Belling the Cat: Taming the Securitization Beast Without Killing It.” Mr. Borod, who is a structured finance and securitization lawyer at the international law firm, DLA Piper LLP (US) and who also is an Adjunct Professor at the BU Law School Graduate Program in Banking and Financial Law, where he teaches a course on Securitization and Structured Finance, wrote the article in connection with his participation as a panelist at the RBFL Shadow Banking Symposium in 2012. The article was selected by DLA Piper LLP (US) as its entrant in the Burton Awards Distinguished Legal Writing Competition, and it was ultimately selected as a Burton Award winner. The award was formally presented at a ceremony held in June 2013 at the Library of Congress in Washington, D.C.
Mr. Borod was invited to be a panelist at the RBFL Shadow Banking Symposium to speak on how the use of securitization technology as a liquidity creation and risk transfer vehicle was converted to an arbitrage delivery machine, with disastrous consequences for the financial markets and the broader economy. His winning article, “Belling the Cat: Taming the Securitization Beast Without Killing It,” was published in RBFL’s spring 2012 symposium issue. The article develops his thesis at the Symposium into a detailed analysis of how securitization was used in the run-up to the 2008 financial collapse and how the legislative and regulatory responses need to strike the proper balance between ending all securitization—a result which would be damaging to the economy—and allowing the corruption of securitization to cause another financial meltdown—another result which is equally intolerable.
Thank you to Mr. Borod for taking the time to attend our 2012 symposium and publish your article in our journal. RBFL is proud to have published your winning article.
On Friday, February 7, 2014, the Review of Banking & Financial Law held its Distressed Municipal Finance Symposium. Thank you to all the of our wonderful speakers for sharing their time and intellect to make the conference a success!
Professor Clayton Gillette’s keynote address was hit and one of the event’s highlights. View it here: “Can Municipal Political Structure Improve Fiscal Performance?“