On October 30, 2015, the Securities and Exchange Commission (the “SEC”) voted to adopt Regulation Crowdfunding (“Regulation CF”) under the provisions of Title III of the JOBS Act of 2012 (the “JOBS Act”). The final rules adopted under Regulation CF became effective on May 16, 2016, with entities wishing to act as broker-dealers or “crowdfunding portals” for such offerings starting the application process with the Financial Industry Regulatory Authority, Inc. (“FINRA”) as early as the end of January.
Crowdfunding Requirements for Investors
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Via the creation of Regulation CF, the JOBS Act added a new exemption to the Securities Act of 1933, Section 4(a)(6), to permit securities crowdfunding without registration. The exemption is subject to statutory conditions, however: The aggregate amount that may be sold to “all investors” may not exceed $1 million in any 12-month period. The caveat of “all investors” allows Regulation CF offerings to be available to both accredited and non-accredited investors. That said, there are restrictions that have been imposed on how much money may be invested by each investor in such an offering. Read More…