{"id":42047,"date":"2026-09-27T21:05:15","date_gmt":"2026-09-27T21:05:15","guid":{"rendered":"https:\/\/najafi.capital\/video_post\/who-is-responsible-for-a-capital-raise-issuer-cfo-adviser-broker-dealer\/"},"modified":"2026-09-28T09:06:32","modified_gmt":"2026-09-28T09:06:32","slug":"who-is-responsible-for-a-capital-raise-issuer-cfo-adviser-broker-dealer","status":"publish","type":"video_post","link":"https:\/\/najafi.capital\/pl\/video_post\/who-is-responsible-for-a-capital-raise-issuer-cfo-adviser-broker-dealer\/","title":{"rendered":"Who Is Responsible for a Capital Raise? Issuer, CFO, Adviser &amp; Broker-Dealer"},"content":{"rendered":"<p>A capital raise is not owned by one adviser. It is a coordinated process in which the issuer, board, finance team, counsel, advisers, regulated intermediaries and investors each control different decisions. Confusing those roles can produce weak disclosure, uncontrolled outreach and activity that falls outside the intended mandate.<\/p>\n<p>This article explains how responsibility should be divided before investor contact begins. It uses the United States regulatory examples discussed in the video to illustrate why an offering exemption, such as Regulation D, does not by itself answer whether an intermediary may solicit investors, negotiate a securities transaction or receive transaction-based compensation.<\/p>\n<h2>Begin with the issuer, not the investor list<\/h2>\n<p>The issuer must first define the transaction. Management and the board should be able to explain why capital is needed, how much is required, what security or economic interest may be offered, how the proceeds will be used and which outcomes remain acceptable to existing owners.<\/p>\n<p>That work comes before broad outreach. Hiring an adviser does not transfer the issuer\u2019s commercial decisions or responsibility for its offering statements. The SEC states that even exempt securities transactions remain subject to federal antifraud provisions and that a company can be responsible for false or misleading statements made by it or on its behalf, whether those statements are oral or written.<\/p>\n<p>A useful transaction definition should cover:<\/p>\n<ul>\n<li>the issuing entity and the approvals required from directors and shareholders;<\/li>\n<li>the amount, instrument, valuation logic and proposed investor rights;<\/li>\n<li>the precise uses of funds and the timing of each use;<\/li>\n<li>the jurisdictions and investor categories involved;<\/li>\n<li>the proposed offering route and communication restrictions;<\/li>\n<li>the participants permitted to prepare, approve and deliver communications; and<\/li>\n<li>the evidence supporting every material financial and commercial claim.<\/li>\n<\/ul>\n<p>If these items are unresolved, \u201cfind investors\u201d is not yet an executable mandate. It is an instruction without a controlled transaction behind it.<\/p>\n<h2>The capital-raise responsibility map<\/h2>\n<p>The exact allocation depends on the transaction and applicable law, but the following matrix shows the practical distinction among the main participants.<\/p>\n<table>\n<thead>\n<tr>\n<th>Participant<\/th>\n<th>Primary responsibility<\/th>\n<th>Questions that should be controlled<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Issuer, board and CEO<\/strong><\/td>\n<td>Commercial authority and approval of the offering<\/td>\n<td>Why raise capital? What may be offered? Which terms are acceptable? Who can speak for the company?<\/td>\n<\/tr>\n<tr>\n<td><strong>CFO and finance team<\/strong><\/td>\n<td>Financial evidence and scenario integrity<\/td>\n<td>Do historical figures reconcile? Are forecasts supportable? What happens to liquidity, ownership and investor economics under downside cases?<\/td>\n<\/tr>\n<tr>\n<td><strong>Fundraising or financial adviser<\/strong><\/td>\n<td>Readiness, process design and work within a defined mandate<\/td>\n<td>Are materials complete? Is management prepared? What investor criteria and process stages have been approved?<\/td>\n<\/tr>\n<tr>\n<td><strong>Securities counsel<\/strong><\/td>\n<td>Legal structure, documents, disclosures, filings and legal risk advice<\/td>\n<td>Which offering route is available? What communications are permitted? Which jurisdictions, legends, filings and contractual protections apply?<\/td>\n<\/tr>\n<tr>\n<td><strong>Broker-dealer or placement agent<\/strong><\/td>\n<td>Regulated securities activity within the applicable registration and engagement structure<\/td>\n<td>Who may solicit, recommend, negotiate or effect the transaction? How is compensation structured? Which supervisory and recordkeeping requirements apply?<\/td>\n<\/tr>\n<tr>\n<td><strong>Investor relations and process operations<\/strong><\/td>\n<td>Approved communications, document flow, meeting coordination and records<\/td>\n<td>Which version was sent? Who received it? What was approved? Are questions, meetings and follow-ups recorded consistently?<\/td>\n<\/tr>\n<tr>\n<td><strong>Inwestor<\/strong><\/td>\n<td>Independent diligence and investment decision<\/td>\n<td>Are the risks, terms and evidence sufficient? Does the opportunity fit the investor\u2019s mandate and legal capacity?<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The table describes functions rather than universal legal conclusions. A title such as adviser, consultant or introducer does not decide how an activity is regulated. The facts, conduct, compensation, jurisdiction and surrounding transaction matter.<\/p>\n<h2>What the CFO should be able to substantiate<\/h2>\n<p>Finance is the evidence owner for the economic case. The CFO should be able to reconstruct the historical performance, explain the bridge to the forecast, reconcile the use of funds and show how the proposed financing changes the balance sheet, cash runway, cap table and investor returns.<\/p>\n<p>An investor-ready finance pack normally includes:<\/p>\n<ul>\n<li>historical financial statements reconciled to management reporting and tax records;<\/li>\n<li>a monthly forecast with explicit volume, price, margin, working-capital and capital-expenditure assumptions;<\/li>\n<li>a sources-and-uses schedule that reconciles to the amount being raised;<\/li>\n<li>the pre- and post-transaction capitalization table;<\/li>\n<li>a valuation bridge and the evidence supporting key inputs;<\/li>\n<li>base, downside and liquidity scenarios;<\/li>\n<li>the proposed distribution, conversion, repayment or exit economics; and<\/li>\n<li>an evidence register distinguishing historical facts, contracts, third-party evidence and management assumptions.<\/li>\n<\/ul>\n<p>This does not make the CFO securities counsel or a placement agent. It makes finance accountable for the figures other participants use.<\/p>\n<h2>Where an adviser\u2019s mandate should stop<\/h2>\n<p>A financial or fundraising adviser can add substantial value before and during a raise. The adviser may test readiness, organize diligence, coordinate the workstream, improve materials, develop investor criteria and prepare management for meetings. The mandate should state clearly which activities are included, who approves communications and when another licensed or regulated participant must take control.<\/p>\n<p>The boundary becomes more important when an intermediary finds prospective investors, actively solicits them, recommends the investment, negotiates transaction terms or receives compensation linked to the success or size of a securities transaction. The SEC\u2019s broker-dealer registration guide identifies solicitation, negotiation, execution and transaction-related compensation among the questions relevant to whether a person is acting as a broker.<\/p>\n<p>No single label solves the issue. A contract headed \u201cconsulting agreement\u201d does not change the underlying conduct. Companies should obtain transaction-specific legal advice before outreach and document the permitted scope of every intermediary.<\/p>\n<h2>The PMAC case: activity matters more than the label<\/h2>\n<p>In January 2025, the SEC announced that Paul McCabe and PMAC Consulting agreed to pay $3 million to resolve charges involving alleged unregistered broker activity in pre-IPO stock transactions, without admitting or denying the findings. According to the SEC, the conduct included negotiating transaction terms, working directly with issuers, providing advice or valuations to purchasers, acting as a principal intermediary and receiving more than $16 million in transaction-based compensation.<\/p>\n<p>The case does not establish that every adviser, introduction or success-based arrangement produces the same legal result. It illustrates why an issuer should examine the activities actually performed rather than rely on a business title.<\/p>\n<h2>An offering exemption and intermediary authority answer different questions<\/h2>\n<p>Regulation D provides exemptions that issuers may use when offering and selling securities, subject to their conditions. It does not create a general exemption from broker-dealer requirements for everyone helping with the transaction.<\/p>\n<table>\n<thead>\n<tr>\n<th>Route<\/th>\n<th>Investor communication<\/th>\n<th>Purchaser conditions<\/th>\n<th>Operational implication<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Rule 506(b)<\/strong><\/td>\n<td>General solicitation is prohibited<\/td>\n<td>Unlimited accredited investors and, subject to the rule\u2019s conditions, no more than 35 non-accredited investors in any 90-day period<\/td>\n<td>The issuer needs a controlled, supportable method for identifying and communicating with potential investors.<\/td>\n<\/tr>\n<tr>\n<td><strong>Rule 506(c)<\/strong><\/td>\n<td>General solicitation is permitted<\/td>\n<td>All purchasers must be accredited investors, and the issuer must take reasonable steps to verify that status<\/td>\n<td>Broader communication does not remove verification, disclosure, filing or intermediary questions.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The choice changes the communication plan, but neither route should be treated as a blanket authorization for an unregistered person to perform placement activity. The offering route, intermediary status and approved communication process should be reviewed as separate workstreams that must fit together.<\/p>\n<h2>Cross-border outreach requires its own route<\/h2>\n<p>Cross-border capital raising adds the laws and participant requirements of each relevant jurisdiction. In the United States, Exchange Act Rule 15a-6 provides conditional exemptions for foreign broker-dealers conducting certain specified activities involving U.S. investors. It is not a general U.S. licence for a foreign consultant or adviser.<\/p>\n<p>One route under Rule 15a-6 involves solicitation and transactions with qualifying U.S. institutional investors through a U.S.-registered chaperoning broker-dealer. SEC staff guidance explains that the chaperoning broker-dealer retains responsibilities relating to transactions, confirmations, statements, books and records, and applicable U.S. requirements. The staff FAQ also states that it represents staff views rather than a rule or statement of the Commission.<\/p>\n<p>A relationship with a U.S. broker-dealer therefore needs an operating model, not merely a name in a presentation. The parties should define permitted investors, communication roles, approval steps, records, transaction handling and supervision before outreach.<\/p>\n<h2>How an uncontrolled raise fails<\/h2>\n<p>Consider a consultant who receives an investor deck and emails it to a large contact list without a documented communication route. The consultant takes calls, tells recipients why the deal is attractive, negotiates economics and expects three percent of the capital raised. Meanwhile, the issuer has not recorded who approved the messages, which exemption is being used, who can discuss investment merits or who is authorized to perform regulated placement work.<\/p>\n<p>The immediate response may be to improve the pitch deck. That misses the central problem. The responsibility map and control process have failed.<\/p>\n<p>The resulting exposure can extend beyond intermediary status. Different recipients may receive inconsistent claims; finance may be unable to support a forecast; counsel may discover that communications do not match the intended offering route; and management may lose control of confidential information, negotiation authority and the audit trail.<\/p>\n<h2>A controlled capital-raise operating model<\/h2>\n<p>A stronger process assigns every important action to an owner and an approver.<\/p>\n<ol>\n<li><strong>Define the transaction.<\/strong> Record the issuing entity, instrument, amount, uses, investor rights, jurisdictions and decision authority.<\/li>\n<li><strong>Select the legal and communication route.<\/strong> Counsel should advise on the exemption, filings, investor eligibility and communication restrictions.<\/li>\n<li><strong>Build the evidence pack.<\/strong> Finance should reconcile the historical figures, forecast, valuation, sources and uses, cap table and downside scenarios.<\/li>\n<li><strong>Document participant mandates.<\/strong> State what advisers, counsel, broker-dealers and investor-relations personnel may and may not do.<\/li>\n<li><strong>Approve a single source of truth.<\/strong> Control the data room, deck, financial model, term summary, Q&amp;A and version history.<\/li>\n<li><strong>Gate investor outreach.<\/strong> Confirm the target criteria, approved channel, responsible participant and required records before contact.<\/li>\n<li><strong>Control meetings and follow-up.<\/strong> Record attendees, materials, questions, commitments and escalation to finance, counsel or the regulated intermediary.<\/li>\n<li><strong>Keep negotiation authority explicit.<\/strong> Define who may discuss or approve valuation, allocation, governance and transaction terms.<\/li>\n<li><strong>Maintain the compliance record.<\/strong> Preserve approvals, communications, investor-status evidence, filings and executed documents.<\/li>\n<li><strong>Reassess when facts change.<\/strong> A new jurisdiction, investor type, communication method or compensation arrangement may require a different route.<\/li>\n<\/ol>\n<h2>Questions to answer before contacting investors<\/h2>\n<ol>\n<li>Which legal entity is issuing what instrument, and who has approved it?<\/li>\n<li>What precise business uses justify the amount being raised?<\/li>\n<li>Which financial claims can be traced to records, contracts or identified assumptions?<\/li>\n<li>Which offering route and jurisdictions govern the proposed outreach?<\/li>\n<li>Who may identify, contact, solicit and discuss the opportunity with potential investors?<\/li>\n<li>Who may recommend the investment or negotiate terms?<\/li>\n<li>How is each participant paid, and has transaction-linked compensation been reviewed?<\/li>\n<li>Which communications require issuer, finance or legal approval?<\/li>\n<li>How will investor eligibility, meetings, document versions and questions be recorded?<\/li>\n<li>Who owns the final commercial, legal and investment decisions?<\/li>\n<\/ol>\n<h2>Frequently asked questions<\/h2>\n<h3>Is the fundraising adviser responsible for the whole capital raise?<\/h3>\n<p>No single participant normally owns every function. The issuer retains commercial authority and responsibility for its statements; finance supports the evidence; counsel advises on the legal route; regulated intermediaries perform activities within their authorized scope; and investors make their own decisions.<\/p>\n<h3>Does using Rule 506 mean a placement agent does not need broker-dealer registration?<\/h3>\n<p>No. Rule 506 concerns an issuer\u2019s exemption from Securities Act registration when its conditions are met. Whether an intermediary must be registered or associated with a registered broker-dealer is a separate, fact-specific question.<\/p>\n<h3>Can a consultant introduce potential investors?<\/h3>\n<p>The answer depends on the conduct, compensation, frequency, jurisdiction and transaction. Solicitation, recommendations, negotiation and transaction-based compensation are among the factors that require careful review. A company should obtain advice for its specific arrangement before outreach.<\/p>\n<h3>Can a foreign adviser contact U.S. investors under Rule 15a-6?<\/h3>\n<p>Rule 15a-6 provides conditional exemptions for foreign broker-dealers in specified circumstances. It should not be treated as a general licence for foreign advisers or consultants. The applicable route and the role of any U.S.-registered broker-dealer need transaction-specific analysis.<\/p>\n<h3>What should be completed before investor outreach?<\/h3>\n<p>At minimum, the issuer should define the transaction, select the legal and communication route, validate the financial evidence, approve the materials, document participant mandates and establish records for outreach, meetings and document delivery.<\/p>\n<h2>Related Najafi Capital analysis<\/h2>\n<ul>\n<li><a href=\"https:\/\/najafi.capital\/pl\/video_post\/need-an-investor-diagnose-the-problem-first\/\">Need an Investor? Diagnose the Problem First<\/a><\/li>\n<li><a href=\"https:\/\/najafi.capital\/pl\/video_post\/how-to-raise-capital-for-my-company-without-giving-away-ownership\/\">How to Raise Capital Without Giving Away Ownership<\/a><\/li>\n<\/ul>\n<h2>Official sources referenced<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.sec.gov\/resources-small-businesses\/exempt-offerings\/frequently-asked-questions-about-exempt-offerings\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Frequently Asked Questions About Exempt Offerings<\/a><\/li>\n<li><a href=\"https:\/\/www.sec.gov\/resources-small-businesses\/exempt-offerings\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Exempt Offerings overview<\/a><\/li>\n<li><a href=\"https:\/\/www.sec.gov\/about\/divisions-offices\/division-trading-markets\/division-trading-markets-compliance-guides\/guide-broker-dealer-registration\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Guide to Broker-Dealer Registration<\/a><\/li>\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2025-19\" rel=\"nofollow noopener\" target=\"_blank\">SEC: Paul McCabe and PMAC Consulting press release, January 17, 2025<\/a><\/li>\n<li><a href=\"https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/trading-markets-frequently-asked-questions\/divisionsmarketregfaq-2\" rel=\"nofollow noopener\" target=\"_blank\">SEC staff FAQ: Rule 15a-6 and Foreign Broker-Dealers<\/a><\/li>\n<\/ul>\n<h2>Define the route before outreach<\/h2>\n<p>Finding investors is only one part of a capital raise. A credible process must also withstand financial diligence, legal review and scrutiny of how the opportunity was communicated. The practical question is therefore not simply \u201cWho can find the capital?\u201d It is \u201cWho owns each decision, claim, communication and regulated activity?\u201d<\/p>\n<p><em>This article and video provide general educational information only. They do not constitute investment, legal, tax, financing, securities-placement or other professional advice. The appropriate structure depends on the transaction, participants, jurisdictions and applicable rules. Obtain advice from qualified professionals before acting.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Understand who owns each decision in a capital raise, from issuer and CFO responsibilities to adviser, counsel and broker-dealer boundaries.<\/p>","protected":false},"author":0,"featured_media":0,"template":"","categories":[],"class_list":["post-42047","video_post","type-video_post","status-publish","hentry","pmpro-has-access"],"acf":{"video_url":"https:\/\/www.youtube.com\/watch?v=xQzkh1KyC2I","youtube_video_id":"xQzkh1KyC2I","video_published_at":"2026-09-27 21:05:15","featured_video":false,"video_thumbnail_url":"https:\/\/i.ytimg.com\/vi\/xQzkh1KyC2I\/hqdefault.jpg","video_source":"youtube","video_auto_sync":true},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Who Owns a Capital Raise? 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