On May 16th, real crowdfunding can begin.
Investors must hold their shares for 1 year and there will be no liquid secondary market to trade them.
Academics are now suggesting that independent analysts provide coverage for crowdfunded companies to provide some protection for buyers in the secondary market. (Companies will have to file annual, but not quarterly, reports). These analysts would be employed and paid by the portals which would be covered by listing fees paid by the companies which need the money for their operations.
No comment from the SEC.