The attorneys received their recognition and politicians their credit; the agency got your tax money. And the entrepreneurs? They can just wait until it’s convenient.
A final version was included within a jobs bill passed during special session, after which one legacy media reporter had the courage to call out the catch: there’s no actual requirement to act.
As a follow-up, here’s the Department’s own Ross Corson on the record, on some uncertain terms:
What steps will the Minnesota Department of Commerce take to make equity crowdfunding in Minnesota a reality now that it is law?
The Commerce Department expects to commence the required rulemaking process as quickly as possible once the new fiscal year begins on July 1.
Expectation is that the initial 60-day required public comment period will begin with the official publication of a “Request for Comments” in the State Register in early July.
When does the Minnesota Department of Commerce intend for issuers and portals to begin exercising their new right to equity crowdfund within Minnesota?
The legislation requires the Commerce Department to establish registration and record retention requirements for portal operators as well as procedures for issuers to provide notice to the agency of an offering.
Executive Branch agencies must engage in the rulemaking process to establish necessary requirements that are not set out in the statute.
While there are minimum 60-day and 30-day comment periods required as part of the process, it is too early to say what the overall timeline for the MNvest rulemaking will be.
Is there a maxmimum amount of time the Minnesota Department of Commerce could take for the rulemaking and implementation?
There is no maximum time period set by statute.
How will Minnesota’s Department of Commerce apply the $130k in taxpayer funding for MNvest rulemaking & how does the estimated 2,900 man hours needed break down?
The Legislature provided $129,749 in Fiscal Year 2016 for rulemaking.
The Commerce Department’s fiscal note on SF 138 indicated that the Department assumes that rulemaking to develop these procedures will be a medium rulemaking procedure as defined by the Minnesota Rulemaking Manual.
The Commerce Department’s fiscal note was based on discussions with securities regulators in other states that have established equity crowdfunding exemptions as well as the agency’s past rulemaking experience.