As previously reported, FINRA held a board of Governors meeting today and addressed several important issues. One of their agenda items was Title III of the Jobs Act which covers crowdfunding.
In posting on the FINRA site signed by CEO and Chairman Richard Ketchum, FINRA was authorized by the board to publish a regulatory notice to solicit comments on rules and forms for governing crowdfunding portals:
Funding Portal Rules
The Board authorized FINRA to publish a Regulatory Notice to solicit comment on proposed rules and related forms governing funding portals pursuant to Title III of the JOBS Act. The proposed rules address among other things the membership application process for funding portals, fraud and manipulation, just and equitable principles of trade, communications with the public, supervision and anti-money laundering. FINRA expects to publish the Notice when the SEC releases its proposed rules pursuant to Title III of the JOBS Act for comment.
FINRA also released a video summary of the meeting held by the FINRA Board of Governors. Both Messrs. Ketchum and Lead Governor Jack Brennan discuss the meeting held today, July 11th. They expect these videos to become a regular occurrence. The next board meeting is currently scheduled for September 19th later this year.