Tagged: finra

May 4, 2022 @ 3:18 pm By JD Alois  |  

Two of the most successful investment crowdfunding platforms, Wefunder and StartEngine, have been hit with penalties by FINRA. According to a statement by FINRA, Wefunder has been assessed with a $1.4 million fine and StartEngine must pay $350,000 in regards to failing to comply with… Read More

April 18, 2022 @ 5:52 pm By JD Alois  |  

Crowdfund Insider last reported on the growth of FINRA-regulated Funding Portals at the beginning of 2022. A Funding Portal is a new entity created by the JOBS Act of 2021 designed to issue securities under the Reg CF (Regulation Crowdfunding) – a securities exemption created… Read More

January 3, 2022 @ 2:54 pm By JD Alois  |  

Periodically, CI takes a tally of the Reg CF (Regulation Crowdfunding) sector to capture a measure of both platforms and activity. The last time we reviewed FINRA regulated funding portals was mid-2021 and as you can understand things have changed since then. At that time,… Read More

July 18, 2021 @ 5:22 pm By JD Alois  |  

  The number of FINRA regulated funding portals has plateaued in the past few months. Periodically Crowdfund Insider reviews the roster of funding portals, a new type of financial entity created by the JOBS Act of 2012. Under the Act, approved platforms may raise capital… Read More

June 30, 2021 @ 11:40 am By JD Alois  |  

FINRA has ordered Robinhood to pay a record-breaking $70 million penalty for “systemic supervisory failures and significant harm suffered by millions of customers.” In settling with FINRA, Robinhood neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. FINRA said in… Read More

May 10, 2021 @ 11:07 pm By Omar Faridi  |  

Forge Global, a multinational private securities marketplace, has revealed that it has acquired the Financial Industry Regulatory Authority’s (FINRA) approval to offer services as a single broker dealer with SharesPost after a merger last year. Forge Global has also finalized an oversubscribed investment round of… Read More

May 6, 2021 @ 6:30 pm By JD Alois  |  

Today was the 3rd, and perhaps final, hearing held by the House Committee on Financial Services regarding the GameStop (NYSE:GME) sage regarding short selling by traders chatting on Reddit. As most people are aware, investors on subreddits like Wallstreetbets, combined to drive the value of… Read More

May 4, 2021 @ 11:58 am By JD Alois  |  

Periodically, Crowdfund Insider reviews the number of FINRA regulated funding portals operating in the Regulation Crowdfunding (Reg CF) funding sector. A funding portal is a new entity created by the JOBS Act of 2012 designed specifically to issue securities under Reg CF. The last time… Read More

February 28, 2021 @ 9:44 pm By Omar Faridi  |  

Robinhood Markets Inc, the leading zero-fee stock trading app provider, stated on Friday (February 26, 2021) that US regulatory authorities were investigating the firm’s temporary trading restrictions on these so-called “meme stocks” earlier in 2021. These activities have come under increased scrutiny as the shares… Read More

February 27, 2021 @ 8:08 am By Omar Faridi  |  

Robinhood Markets Inc., the digital investment and trading platform that’s largely behind or at least part of the trading frenzy in GameStop Corp.’s company shares, is reportedly planning to file confidentially for an IPO at some point next month or later, according to Bloomberg which… Read More

January 8, 2021 @ 8:14 am By Samantha Hurst  |  

Netshares Financial Services, a U.S.-based digital investment bank and regulation crowdfunding (Reg CF) platform, announced earlier this week that the Financial Industry Regulatory Authority (FINRA) has approved its New Membership Application to commence operations as a registered broker-dealer. Netshares revealed that it will bring offering… Read More

December 22, 2020 @ 12:09 pm By JD Alois  |  

To issue securities under Reg CF (Regulation Crowdfunding), a platform must either be a FINRA regulated funding portal or a broker-dealer. In this sector of online capital formation, both types of regulated entities issue securities under this rule. Periodically, we re-visit the number of FINRA… Read More

October 23, 2020 @ 2:50 pm By Samantha Hurst  |  

Openfinance Securities, LLC, the Broker-Dealer and ATS behind the Openfinance digital securities trading platform, announced on Friday it has received approval for digital securities trading enhancements to its membership agreement with FINRA, relying upon the SEC’s recent Staff no-action letter clearing Openfinance’s digital ATS business… Read More

September 26, 2020 @ 9:24 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Division of Trading and Markets, issued a no-action letter to FINRA yesterday afternoon that impacts certain trading platforms that serve as markets for digital assets that are securities. FINRA is a self-regulatory entity that coordinates with the SEC regarding… Read More

September 10, 2020 @ 9:35 am By JD Alois  |  

tZERO, a subsidiary of Overstock (NASDAQ:OSTK), has received approval from the Financial Industry Regulatory Authority (FINRA) to offer retail brokerage services for digital securities and provide issuers with investment banking and placement agent services in connection with capital raising activities. tZERO CEO Saum Noursalehi called… Read More

September 1, 2020 @ 11:19 pm By JD Alois  |  

  The number of FINRA regulated funding portals continues to increase. Created by the JOBS Act of 2012, a “funding portal” is a bit like a broker-dealer light and may offer securities under Reg CF (Regulation Crowdfunding). While an approved broker-dealer may sell securities under… Read More

July 29, 2020 @ 10:59 am By Samantha Hurst  |  

Canadian regtech company iComply Investor Services announced on Wednesday its listing in the Financial Industry Regulatory Authority (FINRA) Compliance Vendor Director, which notably features vendors that offer products, solutions, and services to firms overseen by the U.S. regulator. Founded in 2017, iComply claims to be the… Read More

June 25, 2020 @ 7:00 am By JD Alois  |  

Word on the street is there has been a recent increase in applications to become a FINRA regulated Funding Portal. A funding portal is a relatively new entity created under the JOBS Act of 2012. Funding portals may raise capital under Regulation Crowdfunding, commonly referenced… Read More

June 11, 2020 @ 4:46 pm By JD Alois  |  

FINRA’s Office of Financial Innovation has posted a report on Artificial Intelligence (AI) and the securities industry. Financial services firms are incorporating AI into a growing number of services. FINRA is seeking to engage with this sector of Fintech to better understand the impact on… Read More

May 21, 2020 @ 1:43 pm By JD Alois  |  

This past week, Reg CF (or Regulation Crowdfunding) celebrated its 4th birthday. Reg CF is one of three securities crowdfunding exemptions that were created by the JOBS Act of 2012. While Reg CF became law back in 2012, it took the Securities and Exchange Commission… Read More