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FINRA Issues Voluntary Interim Form for Crowdfunding Portals

FINRA Issues Voluntary Interim Form for Crowdfunding Portals

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Published by: Crowdsourcing.org on Jan 10, 2013
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02/03/2013

 
January 10, 2013
FINRA Issues Voluntary Interim Form forCrowdfunding Portals
WASHINGTON--(BUSINESS WIRE)--The Financial IndustryRegulatory Authority (FINRA) today issued a voluntary
 Interim Form for Funding Portals
designed for prospective crowdfunding portalsunder the JOBS Act. Those intending to become a funding portal mayvoluntarily submit information regarding their business on the interimform. The information received will help FINRA develop rules specificto crowdfunding portals.FINRA and the SEC are engaging inan open dialogue about the rules thatshould apply to funding portals. Oncethe SEC and FINRA have adoptedfunding portal rules, FINRA will issuea final funding portal application forFINRA regulation. In applying formembership, crowdfunding portalswill not be bound by the responsesprovided on the Interim Form.
 
“FINRA is committed to ensuring that the capital
-raising objectives of the JOBS Act are advanced in a manner consistent with Congressionalintent and investor protection. Crowdfunding portals that file this formwill provide FINRA with important information regarding portal
 business models, which will inform our rulemaking,” said Thomas
Selman, Executive Vice President, Regulatory Policy.The Interim Form asks prospective funding portals to provideinformation including:
 
ownership;
 
funding;
 
management; and
 
business model and relationships.FINRA is also asking prospective funding portals to supplement theinformation in the interim form with any additional information ordocuments that they believe would be helpful. FINRA will treatinformation that prospective portals file on the interim form asconfidential.Last year, FINRA solicitedcomments on the specific rules it should adopt for registered funding portals that become FINRA members.FINRA has also asked for comment on the application of existing rulesto broker-dealers engaging in crowdfunding activities.FINRA is the largest non-governmental regulator for all securities firmsdoing business in the United States. FINRA is dedicated to investorprotection and market integrity through effective and efficient regulationand complementary compliance and technology-based services.

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