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Regulation Crowdfunding

Regulation Crowdfunding header

Regulation Crowdfunding enables eligible companies to offer and sell securities through crowdfunding. The rules:

  • require all transactions under Regulation Crowdfunding to take place online through an SEC-registered intermediary, either a broker-dealer or a funding portal
  • permit a company to raise a maximum aggregate amount of $1,070,000 through crowdfunding offerings in a 12-month period
  • limit the amount individual investors can invest across all crowdfunding offerings in a 12-month period and
  • require disclosure of information in filings with the Commission and to investors and the intermediary facilitating the offering

Securities purchased in a crowdfunding transaction generally cannot be resold for one year. Regulation Crowdfunding offerings are subject to "bad actor" disqualification provisions.

Additional Information and Resources

  • Compliance Guide for Crowdfunding Issuers
  • Compliance Guide for Funding Portal Registration
  • Compliance Guide for Crowdfunding Intermediaries
  • Press Release: SEC Adopts Rules to Permit Crowdfunding
  • Staff Report: Regulation Crowdfunding June 2019
  • Staff Guidance: Regulation Crowdfunding Compliance and Disclosure Interpretations
  • Investor Bulletin: Crowdfunding for Investors
  • Investor Bulletin: Crowdfunding Investment Limits Increase
  • Investor Bulletin: Be Cautious of SAFEs in Crowdfunding
  • U.S. Securities-based Crowdfunding Under Title III of the JOBS Act ​

Relevant FAQs

  • Do the anti-fraud provisions apply?
  • Do state law requirements apply?
  • What is the process for requesting a waiver of “bad actor” disqualification?

Additional Information and Resources

 
  • Temporary Amendments to Regulation Crowdfunding; Extension
  • Press Release: SEC Provides Temporary, Conditional Relief to Allow Small Businesses to Pursue Expedited Crowdfunding Offerings
  • Press Release: SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19
  • Press Release: SEC Proposes Rule Changes to Harmonize, Simplify and Improve the Exempt Offering Framework
  • Press Release: SEC Seeks Public Comment on Ways to Harmonize Private Securities Offering Exemptions
  • Compliance Guide for Crowdfunding Issuers
  • Compliance Guide for Funding Portal Registration
  • Compliance Guide for Crowdfunding Intermediaries
  • Press Release: SEC Adopts Rules to Permit Crowdfunding
  • Staff Report: Regulation Crowdfunding June 2019
  • Staff Guidance: Regulation Crowdfunding Compliance and Disclosure Interpretations
  • Frequently Asked Questions Regarding Regulation Crowdfunding and Intermediary Requirements
  • Investor Bulletin: Crowdfunding for Investors
  • Investor Bulletin: Crowdfunding Investment Limits Increase
  • Investor Bulletin: Be Cautious of SAFEs in Crowdfunding
  • U.S. Securities-based Crowdfunding Under Title III of the JOBS Act ​

Modified: Sept. 4, 2020

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