FINRA Enters Crowdfunding Mix


While the crowds are waiting for the SEC to act, FINRA is taking steps to prepare. It recently issued a voluntary Interim Form for Funding Portals designed for prospective “funding portals” under the JOBS Act. The JOBS Act provides that an intermediary involved in a crowdfunding transaction must be registered with the SEC as either a broker-dealer or a “funding portal.” Funding portals, like broker-dealers, must become members of a national securities association (i.e. FINRA).

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