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