Debevoise & Plimpton

JOBS Act Title III crowdfunding moves closer to reality

On 23 October 2013, the Securities and Exchange Commission (SEC) voted unanimously to propose Regulation Crowdfunding, the rules related to the offer and sale of securities through crowd-funded private offerings, as set forth in Title III of the Jumpstart Our Business Startups (JOBS) Act. FINRA then published its proposed rules governing the licensing and regulation of so-called ‘funding portals’, a new type of limited-purpose regulated intermediary solely for these offerings. Crowdfunding itself is not new. Websites such as Kickstarter and IndieGoGo help all sorts of businesses, organisations and people raise money through small individual contributions for an identifiable idea or business.

Until the JOBS Act, however, crowdfunding could not be used to offer or sell securities to the general public. Issuers and intermediaries relying on Regulation Crowdfunding expect to further democratise investing in start-ups, because any investor, whether or not accredited, may invest in these securities…

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