It’s come to my attention that only approximately 40 funding portals have voluntarily filed the interim funding portal (registration) form (IFPF) with FINRA.
This form is confidential. The IFPF was meant to obtain information for the FINRA staff to assist them in drafting the proposed rules that were released last week.
Funding portals that wish to sell equity securities will have to register with the SEC and become members of FINRA. Applicants will have to use the proposed Form FP-NMA (as finalized) to actually file their application for membership when permitted to do so.
Massolutions has estimated that there are over 600 funding platforms worldwide. It’s expected that over 100 funding portals will apply for membership once the rules are finalized.