and the coming local capital revolution the end of wall street
TRANSCRIPT
And the Coming Local Capital
Revolution
The End of Wall Street
The Competitiveness of Small
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Self-Employees<100 Employees100-499 Employees500+ Employees
Our Current Investment Strategy
Investment Apartheid
The Impact of $15 Trillion Shift
How Can We End Wall Street’s Free Ride?
The Revolution Evolution
Local
Securities
Local Exchanges
Local Funds
Pensions
The JOBS Act5 April 2012
• <$1 million
• <$100k $2k/5%
• >$100k 10%
• Portal Required
• State Preemption
Community PortalProposed Regulations
• BD or Portal Operator
• Success Fee
• License from SEC & FINRA
• Annual Cost– SEC: $417k– Mission Markets: $100k
Status Report
Tasks for Community Portal
• Entrepreneurship Ecosystem
• Facilitate Information
• Mobilize Investors
• Mobilize Businesses
• Transactions (Pending)
What’s Next?
Next State Reforms
(1) Municipal Markets
List Self-Directed IRA Agents
(2) The $100 Exemption
(3) Local Stock Exchange
(4) Community Investment Funds
The Nova Scotia Model
(5) Tax Credit
One Simple Federal Ask (That the SEC Can’t Refuse)
“Hey…what stays intra-state…ain’t none of your damn business….”
For More Information:
Michael Shuman
www.michaelhshuman.com