The Wisdom of Crowds: A Review of the Proposed Crowdfunding Regulatory Framework

PLI Webcast

15 Nov 2013 01:00 p.m. - 02:00 p.m. EST

For presentation materials, click here.

In October, the Securities & Exchange Commission approved proposed rules implementing the JOBS Act mandate to create an exemption from registration for certain crowdfunded offerings. The proposal, which was long-awaited, outlines a very detailed framework for issuers that intend to take advantage of these offerings and includes initial and ongoing reporting requirements. Offerings are required to be made through an intermediary, which is either a registered broker-dealer or a funding portal, and the proposed rules also set out detailed requirements for these entities. Funding portals, the activities of which will be limited, are to be regulated by the SEC and by FINRA. On the same day, FINRA released proposed regulations for funding portals. 

Topics Will Include:

  • The proposed requirements for issuers;
  • Disclosure requirements for issuers;
  • Bad actor disqualification provisions;
  • The role, responsibility and liability of intermediaries; and
  • The regulatory structure applicable to funding portals.


PLI will offer CLE credit.




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