Crowdfunding inches forward with FINRA set to accept portal applications

Last week I pointed out that despite all of the hype around crowd funding for startups, it’s still illegal to crowdfund in exchange for equity. Well, it still is, but there has been a small development in the saga of the JOBS Act since then.

In a conversation with Candace Klein, founder of debt-based crowdfunding company SoMoLend and one of the people who worked on the JOBS Act, she mentioned that the Financial Industry Regulatory Authority (FINRA), the largest independent regulator for all securities firms doing business in the United States, last week decided to “issue an interim form to seek essential information from prospective funding portals intending to apply for membership with FINRA pursuant to the JOBS Act.”

Read More at St. Louis Business Journal

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