Thursday, January 10, 2013

First Regulatory Paperwork Related to Crowdfunding Released

Today, FINRA issued the first official regulatory paperwork related to Crowdfunding: a voluntary, interim form that Cowdfunding portals can use to register with FINRA. If you are a portal helping people raise equity capital online, you must register with FINRA, so this gets the process started. An important move.

According to FINRA, "Filing of this interim form will not entitle you to FINRA membership. We will make membership available to funding portals after the SEC adopts funding portal rules and approves FINRA's funding portal rules.

Once funding portal rules are in place, FINRA will issue a final funding portal application that will be necessary for you to file to become a FINRA member. In applying for membership, you will not be bound by the responses you provided on this interim funding portal form." 

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