Crowdfunding Rules Stay Put: Transparency Continues Unchanged
Published Date: 5/9/2025
Notice
Summary
The SEC is asking to keep the rules for crowdfunding websites that help people invest in new businesses. These rules make sure funding portals share important info so investors and the public can trust them. This extension won’t change costs but keeps the system running smoothly for everyone involved.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Funding Portals: Registration and Rules
If you run a funding portal, Rules 400–404 require you to register with the SEC using Form Funding Portal, join a national securities association, file amendments and withdrawals on Form Funding Portal, implement written compliance and privacy policies, and keep books and records for at least five years (the first two years in an easily accessible place). Nonresident portals must provide a U.S. agent for service of process and additional certifications. The SEC estimates the industry-wide burden is about 36,315 hours and $618,293 per year to comply.
More Public Info About Portals
The rules and Form Funding Portal make more information about funding portals publicly available, including disciplinary history, so issuers, investors, and the public can become more fully informed about portals in a more efficient way. This increases transparency about who runs crowdfunding sites and their histories.
OMB Extension Keeps Rules Unchanged
The SEC asked OMB to extend approval of the information collection for Rules 400–404 so the same Form Funding Portal and requirements stay in place. The extension is presented as not changing costs and is intended to keep the system running smoothly; the public may comment by June 9, 2025.
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