On Oct. 30, 2015, the Securities and Exchange Commission (the “SEC”) adopted new rules to provide a registration exemption for issuers to offer and sell securities through crowdfunding. In order to implement the final requirements of Title III of the Jumpstart Our Business Startups Act (the “JOBS Act”), the SEC adopted rules to implement Regulation Crowdfunding under federal securities laws. The crowdfunding provisions of the JOBS Act are intended to help small businesses and startups by reducing the costs and burdens of raising new capital. An issuer using Regulation Crowdfunding will typically raise funds through a larger number of small individual investments, instead of from a smaller number of large investments. In order to protect crowdfunding investors, Congress established a number of protections, discussed below, including offering limits, investor limits, required offering and continuing disclosures, and intermediary requirements.