Joining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part III - Intermediaries
Background
On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules in the form of Regulation Crowdfunding to implement the securities-based crowdfunding exemption in Section 4(a)(6) of the Securities Act of 1933, as amended (“1933 Act”), as mandated by Title III of the Jumpstart Our Business Startups Act (“JOBS Act”).[1] Regulation Crowdfunding will become effective on May 16, 2016. The full text of the adopting release can be found here.
Part I of this three-part client alert, (available here) provided a general overview and summary of Regulation Crowdfunding. Part II (available here) focused specifically on requirements imposed on issuers seeking to offer securities under the new rules. This Part III will focus on the requirements imposed on intermediaries.
Although Regulation Crowdfunding will not become effective until May, Form Funding Portal, described below, will be effective on January 29, 2016.
Click here to read the full alert.
Notes:[1] Pub. L. No. 112-106, 126 Stat. 306 (2012).
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer. Any views expressed herein are those of the author(s) and not necessarily those of the law firm's clients.
