FINRA Crowdfunding Portal Rules

SEC Securities and Exchange CommissionThe Financial Industry Regulatory Authority (FINRA) published its proposed portal rules for crowdfunding platforms under Title III of the JOBS Act of 2012.  The guidelines from FINRA have been expected for some time and with the SEC ready to announce final rules for retail crowdfunding in the coming days the release is no coincidence.

With Reg A+ equity crowdfunding and (Title II) accredited crowdfunding already actionable, Title III is the final step in the investment crowdfunding ladder.

FINRA states it has “streamlined” the proposed rules to “reflect the limited scope of activity permitted by funding portals”. The 346 page document of “proposed” FINRA rule 4518 change is embedded below. If the SEC approves the  rule change (which is expected), FINRA will announce the effective date within 90 days.


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