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Hello Tucker,
I'm passing your note on to the club discussion group since I
think it's an interesting and appropriate question applicable to us
also. Please watch for any discussions here that might be
helpful to you and feel free to respond as appropriate.
I don't have a specific answer, but our bylaws etc were organized
in accordance with NAIC (long before I became involved) so their
policies and templates might be a good starting point for you.
- Paul
At 12:26 PM -0800 2/11/03, Tucker Gilman wrote:
Dear G.O.L.D moderator,
I am the president of a rather new and geographically dispersed investment club. We recently published our web site at www.geocities.com/rainfrog_japan.
A friend just pointed out that our web site might be construed as an offer to invest made to an unlimited number of people. In some states (Texas for example) an offer to invest made to more than a definite number of people is regulated by the securities and exchange commission. We are organized in Minnesota, so we are okay under state law. However, I am now concerned about federal securities regulations.
G.O.L.D. has a long history as an Internet-based investment club. Is there someone at G.O.L.D. who might be able to offer some advice on how Internet-based clubs can comply with securities and exchange regulations?
Tucker Gilman
president, RainFrog Ethical Investment Partnership
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