The staff of the Securities and Exchange Commission recently posted an updated "small entity compliance guide" that summarizes and explains the rules adopted by the SEC that implement a regulatory framework for intermediaries that facilitate crowdfunding transactions (Title III/Section 4(a)(6) crowdfunding pursuant to Regulation Crowdfunding). The guide serves as a useful reference regarding the registration requirements for funding portals, and the rules applicable to registered broker-dealers and funding portals that are participating as crowdfunding intermediaries. The guide is available here: https://www.sec.gov/divisions/marketreg/tmcompliance/fpregistrationguide.htm.
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.
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