After lots of advocacy, and a few false starts, investment crowdfunding is coming to Texas. Regardless of what happens with JOBS Act Title III crowdfunding, Texas is poised to be the first state to begin equity crowdfunding en masse.
Because of the way Texas has structured its regulatory environment, rule changes can happen more quickly in Texas than in most states. It also means that the final rules should look very similar to the proposed rules, because major changes would require re-proposal and comment, which would delay implementation. Instead of tackling changes in a manner that would delay implementation, it is likely that the securities board will make corrections and minor alterations to the proposed rules, and adopt larger changes if and when the need arises post-release.
The Board will meet on August 28, 2014 to discuss and vote on adoption of the Texas securities regulations necessary to implement crowdfunding in Texas for 2014. If adopted, the rules would be published in the Texas Register and implentation would begin in September.
Learn more in my CapitalReady crowdfunding blog post at: http://capitalready.com/texas-investment-crowdfunding-to-go-live-august-28/