FINRA Authorized To Use Interim Form For Funding Portals

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In a recent update regarding the last meeting of the FINRA Board of Governors FINRA noted that the Board had authorized FINRA to issue an interim form to seek essential information from prospective funding portals intending to apply for membership with FINRA pursuant to the JOBS Act.

United States Finance and Banking

In a recent update regarding the last meeting of the FINRA Board of Governors (see http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P197425), FINRA noted that the Board had authorized FINRA to issue an interim form to seek essential information from prospective funding portals intending to apply for membership with FINRA pursuant to the JOBS Act. Funding portals would file the interim form with FINRA voluntarily until final SEC and FINRA rules governing funding portals are in place.

Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.