Regulation
Regulatory Notice 12-34
FINRA Requests Comment on Proposed Regulation of Crowdfunding Activities
Comment Period Expired: August 31, 2012
Executive Summary
The Jumpstart Our Business Startups Act (JOBS Act)—a new law aimed at increasing American job creation and economic growth—contains key provisions relating to securities offered or sold through “crowdfunding.” Under the new law, intermediaries performing crowdfunding on behalf of issuers must register with the Securities and Exchange Commission (SEC) as a “funding portal” or broker and must register with an applicable self-regulatory organization (SRO). FINRA is soliciting public comment on the appropriate scope of FINRA rules that should apply to member firms engaging in crowdfunding activities, either as funding portals or as brokers.
Questions regarding this Notice should be directed to:
- Gary L. Goldsholle, Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8104; or
- Adam H. Arkel, Associate General Counsel, OGC, at (202) 728-6961.
| View Full Notice | PDF 135 KB |
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.
| Comments By | Date Received |
|---|---|
| Spaulding Group Inc. (PDF 66 KB) | 7/15/2012 |
| HamiltonClark Securities Co. (PDF 47 KB) | 7/25/2012 |
| Consulting for Compliance, LLC (PDF 34 KB) | 7/29/2012 |
| Kennedy Films & Entertainment (PDF 32 KB) | 8/12/2012 |
| EarlyShares (PDF 296 KB) | 8/16/2012 |
| CommunityLeader, Inc. (PDF 210 KB) | 8/16/2012 |
| Taylor English Duma LLP (PDF 979 KB) | 8/17/2012 |
| T.W. Kennedy (PDF 27 KB) | 8/18/2012 |
| Mike Liles, Jr. (PDF 172 KB) | 8/21/2012 |
| Integrated Management Solutions USA LLC (PDF 429 KB) | 8/23/2012 |
| Dole Capital, LLC (PDF 11 KB) | 8/28/2012 |
| NSBA (PDF 241 KB) | 8/30/2012 |
| Rockethub (PDF 228 KB) | 8/30/2012 |
| CFIRA (PDF 168 KB) | 8/30/2012 |
| Aidikoff, Uhl & Bakhtiari (PDF 751 KB) | 8/30/2012 |
| IIB (PDF 244 KB) | 8/31/2012 |
| Gate Technologies, LLC (PDF 79 KB) | 8/31/2012 |
| Whitley LLP Attorneys at Law (PDF 181 KB) | 8/31/2012 |
| NASAA (PDF 1,652 KB) | 8/31/2012 |
| Ellenoff Grossman & Schole LLP (PDF 68 KB) | 8/31/2012 |
| The LeGaye Law Firm P.C. (PDF 1,420 KB) | 8/31/2012 |
| Thurston, Springer, Miller, Herd & Titak, Inc. (PDF 59 KB) | 8/31/2012 |
| Andrews Securities, LLC (PDF 80 KB) | 8/31/2012 |
| National CrowdFunding Association (PDF 317 KB) | 8/31/2012 |
| North Capital (PDF 103 KB) | 9/1/2012 |
| CFA Institute (PDF 112 KB) | 9/4/2012 |