Blockchain, Tokenization and Private Placements:
What Issuers and Sponsors Need to Know
TL;DR – Trust us, it’s a great read, but if you don’t have time right now, here is a quick summary. Tokenization doesn’t replace the private placement process. It sits on top of it. Your offering still needs the same exemption analysis, disclosure and diligence, and your broker-dealer now also has to vet the token, […]
Can You Advertise Your Private Offering?
The Truth About General Solicitation
Can you run a television ad for a private securities offering? Can you advertise it in a national magazine? Could you even tow a banner behind an airplane over the Meadowlands? FAQ TL;DR – Trust us, it’s a great read, but if you don’t have time right now, here is a quick summary. Under Reg […]
Comment on File No. S7-2026-17, Registered Offering Reform
TOBIN backed the SEC’s push to strip away state-by-state merit review for registered offerings. Her data point: non-traded REIT fundraising collapsed from $33.2 billion to $5.7 billion as issuers fled into private placements to escape the burden. Justine argued that removing duplicative state oversight keeps investor protections intact while bringing capital raises back into the registered, transparent market.
Engaging TOBIN as your Chaperoning Broker-Dealer for Private Market Securities
This article explains what SEC Rule 15a-6 chaperoning requires and helps foreign securities firms determine whether they are prepared to access U.S. institutional investors through TOBIN. Is Your Firm Prepared to Access U.S. Institutional Investors? The United States remains one of the most attractive capital markets in the world. It is also one of the […]
Comment on File No. S7-2026-15:
Proposed Semi-Annual Reporting
When the SEC floated letting companies report every six months instead of quarterly, TOBIN pushed back hard. Her argument: retail investors don’t have Bloomberg terminals, analyst calls, or management access. They depend on regular filings. Cutting reporting in half doesn’t reduce short-termism. It just reduces information for the people who need it most.
Contingency Offerings in Private Placements:
A Practical Guide for Sponsors, Issuers and Selling Group Members
The market often treats contingencies as benign drafting ornaments, when they are actually operational tripwires. TL;DR – Trust us, it’s a great read, but if you don’t have time right now, here is a quick summary. Contingency offerings in Reg D private placements sound simple: raise the minimum, break escrow and close. In private placements, […]
The Role of the MBD: Bringing Investors Closer to the Investment
The Managing Broker-Dealer as the Regulated Conduit In today’s regulatory environment, there is a growing tension between how investments are actually evaluated and how information is permitted to be shared. From the perspective of a Managing Broker-Dealer (MBD), that tension shows up in a very specific place: the conversation among investors, sponsors and the registered […]
Comment on File No. SR-FINRA-2026-004 – Financial Projections and Targeted Returns
FINRA proposed allowing brokers to share financial projections with investors but wrapped it in so many conditions that practically no firm could actually use it. TOBIN called it out: capital markets run on forward-looking analysis, and withholding models from investors isn’t protection, it’s information suppression. She pushed for a workable standard that lets investors see the assumptions behind what they’re being pitched.
Twenty-Five Years of TOBIN
In February of 2001, I picked up my first business cards from the printer. They were white cards with my brand-new firm’s name – “Tobin Advisors” – and a yellow sunburst for a logo. I stepped into a world that didn’t expect me, or frankly, didn’t especially want me. In the photograph taken among the […]
Selling a Family Business Is More than Just a Transaction
Most family business owners who come to Tobin & Company have essentially already made the decision to sell. They are not tentative about it. They are ready. They have gained enough from their experiences of managing people, carrying operational risk, navigating financial risk, being the person everyone turns to for every decision. They want liquidity, […]