By Colin Brown
For 15 months now the independent film world has been eagerly awaiting the regulatory fine print on the JOBS Act that many believe will both broaden and quicken their fundraising efforts across the U.S. Now that the SEC has finally published those first rules that allow filmmakers and film startups to advertise their investment proposals to the public, some will have been intrigued by a new amendment that specifically disqualifies bad actors.
Before film critics all rise up in celebration, let’s be clear that America’s financial watchdog is not about to outlaw scenery-chewers, hams, stilted amateurs and all those glorious Raspberry Award winners from being pitched to millionaires. There would be too little film industry left to regulate. But the “bad actors” referred to here will be just as familiar to anyone who has done enough time in the film market trenches: financial miscreants.
