SEC Regulations

This section contains useful information for the members of the securities bar, as well as for investors and entrepreneurs, concerning the various legal issues involved in using ACE-Net.

• ACE-Net and its Active Capital website operate under a "No-Action Letter" issued by the staff of the U.S. Securities and Exchange Commission. The entire SEC letter and the corresponding letter from the Office of Advocacy, U.S. Small Business Administration, are posted here.
• Under "Securities Law Issues," you will find information on what federal and state securities laws apply to listing small company securities offering on ACE-Net's Active Capital. Recent regulatory innovations, such as the recently adopted Model Accredited Investor Exemption of the North American Securities Administrators Association, are highlighted. You can read the exemption itself as well as a press release and other information regarding this new provision, and find out how it works with Active Capital.
• Under "Tax Law Issues," you will find the latest developments in tax laws that affect the investor community.

For your convenience, we have also included some sample "Model Terms and Conditions" for small company financing and the "Guide for Securities Attorneys - Overview", that were developed specifically for Active Capital by expert attorneys.