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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
202-669-1220shuman@igc.org
www.michaelhshuman.com
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