Monday, January 14, 2013

FINRA Takes Steps Towards Implementing Crowdfunding Portals

On January 10, 2013, FINRA issued a call to all prospective crowdfunding portals asking them to voluntarily submit information regarding their business. This information will help FINRA develop rules relating to crowdfunding portals. The information provided is not bounding on the portals. Once the SEC and FINRA issue final rules regarding the portals, all applicants will be asked to apply for FINRA membership and complete the final funding portal application form.

The interim form asks the portals about their ownership, funding, management, business models and relationships, and any other information that may be useful to FINRA in its rule-making. The final question asks the tough questions mandated by the JOBS Act: how the portals intend to address investor education, take measures to reduce the risk of fraud, ensure adherence to the aggregate selling limits and protect the privacy of information collected from the investors. The submitted information will be kept confidential.

It looks like it will be a while before we see any final rules on crowdfunding from the SEC or FINRA. For an opinion, check out Compliance Building's blog post on the same subject.

This article is not a legal advice, and was written for general informational purposes only. If you have questions or comments about the article or are interested in learning more about this topic, feel free to contact its author, Arina Shulga. Ms. Shulga is the founder of Shulga Law Firm, P.C.

10 comments:

  1. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.

    ReplyDelete
  2. I was finding this type of information from long time. I think you should going on to make this type of blog.
    Avengers Captain America Jacket For Sale

    ReplyDelete
  3. Really appreciate you sharing this article post.Much thanks again. Much obliged.

    Best Web Design

    ReplyDelete
  4. I think I am quite anxious about this technical meeting and I want to know the feedback of this meeting.I am sure it will be an extremely informative one and all those will attend it will be quite beneficial.

    ReplyDelete
    Replies
    1. There is no definition of beauty, but when you can see someone's spirit coming through, something unexplainable, that's beautiful to me.
      SEO Liverpool

      Delete
  5. The pursuit of truth and beauty is a sphere of activity in which we are permitted to remain children all our lives.

    ReplyDelete
  6. Zest is the secret of all beauty. There is no beauty that is attractive without zest.

    ReplyDelete
  7. Each associated with MY OWN front door essay matches ones needed Demands to be able to earn you admission to help just about any college near your vicinity or maybe over the world. in which will probably assist you a good deal relating to any kind of writing goods AND services.

    ReplyDelete
  8. The types of disabilities a special education teacher might encounter are difficult to predict. For one, the qualifications for special education services vary greatly from mild disabilities to extreme cases of mental retardation or autism. essaydragons.com is really very high quality writing service providers with on time delivery.

    ReplyDelete