SEC proposes rules for crowd-funding registration exemption

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The US Securities and Exchange Commission (SEC) has released long-awaited proposed rules under the crowd-funding provisions of the Jumpstart Our Business Startups Act of 2012 (JOBS Act). The JOBS Act crowd-funding provisions provide an exemption from registration for securities offerings under certain conditions. The recent proposed rules are not final, and the SEC is accepting comments on the proposed rules until 3 February 2014.

Issuers that are organised outside of the US or that are already subject to periodic SEC reporting requirements may not rely on the crowd-funding registration exemption…

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