Crowdfunding Requirements for Intermediaries
The following requirements apply to both broker-dealers and funding portals acting as an intermediary in a transaction involving the sales of securities pursuant to Regulation Crowdfunding (“Regulation CF”):
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- Register with the SEC as a broker or as a funding portal.
- Register with a self-regulatory organization (“SRO”); the only eligible SRO at present being FINRA.
In addition, intermediaries must also take reasonable steps to prevent fraud and ensure that issuers and investors comply with Regulation CF. Intermediaries may rely on representations from issuers and investors, but at a minimum, intermediaries are required to conduct background checks and securities enforcement regulatory history checks on each officer, director, and 20% owner Read More…