SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 200, 227, 232, 239, 240 and 249
[RELEASE NOS. 33-9974; 34-76324; File No. S7-09-13] RIN 3235-AL37
AGENCY: Securities and Exchange Commission.
ACTION: Final rule.
SUMMARY: The Securities and Exchange Commission is adopting new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act. Regulation Crowdfunding prescribes rules governing the offer and sale of securities under new
Section 4(a)(6) of the Securities Act of 1933. Regulation Crowdfunding also provides a framework for the regulation of registered funding portals and broker-dealers that issuers are required to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6). In addition, Regulation Crowdfunding conditionally exempts securities sold pursuant to
Section 4(a)(6) from the registration requirements of Section 12(g) of the Securities Exchange Act of 1934.
DATES: The final rules and forms are effective [insert date 180 days after publication in the Federal Register], except § 227.400, Form Funding Portal and the amendments to Form ID are effective January 29, 2016.
FOR FURTHER INFORMATION CONTACT: With regard to requirements for issuers, Eduardo Aleman, Julie Davis, or Amy Reischauer, Division of Corporation Finance, at (202) 551- 3460, and with regard to requirements for intermediaries, Joseph Furey, Joanne Rutkowski,
Timothy White, Devin Ryan, or Erin Galipeau, Division of Trading and Markets, at (202) 551- 5550, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549.