Funding Portals Wait For Final Rules

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.

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
This entry was posted in Broker dealers, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, FINRA, Funding Portals, Investments, Jobs, Legislative Intent, SEC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

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