Funding Portal Checklist
Overview – FINRA’s Funding Portal Rules (FP Rules) apply to firms that register with the U.S. Securities and Exchange Commission (SEC) as funding portals pursuant to the SEC’s Regulation Crowdfunding (Reg CF) and that become FINRA FP members. Prospective FPs should review, in addition to the rules under the SEC’s Reg CF, Regulatory Notice 16-06 (SEC Approval of FINRA Funding Portal Rules and Related Forms), which provides a brief overview of the FP Rules and provides information for membership as FPs. In addition, FPs should review the Funding Portals page describing, among other topics, registration, fingerprinting and continuing education requirements for FPs.
The following is a guide to assist applicants as they prepare and submit information in connection with their Form FP-NMA (Funding Portal – New Member Application) or Form FP-CMA (Funding Portal – Continuing Member Application). This checklist summarizes basic information that may be required in order for staff to begin a meaningful review.
This checklist is intended as a basic reference tool. FINRA reminds applicants that staff may determine that further specific information or documentation is required based on facts and circumstances presented in the application. Applicants should review FP Rule 110 (Funding Portal Application) and Form FP-NMA for guidance and information regarding FINRA’s membership requirements.
FINRA Compliance Tools Disclaimer – This optional tool is provided to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point, and you must tailor this tool to reflect the size and needs of your firm. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for firms or other entities.
Updates – This tool was last updated on April 3, 2022. This tool does not reflect any regulatory changes since that date. FINRA periodically reviews and updates these tools. FINRA reminds member firms to stay apprised of new or amended laws, rules and regulations, and update their WSPs and compliance programs on an ongoing basis. Member firms seeking additional guidance on certain regulatory obligations should review the Funding Portal Topic Page and other relevant FINRA Topic Pages.
Staff Contact(s) – FINRA’s Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.
OGC staff contacts:
1735 K Street, NW
Washington, DC 20006
MAP staff contacts:
(212) 858-4000 (Option 5 – Membership Applications)