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ABOUT
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AccountingandFinancial
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Complianceand
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DIVISIONS
ENFORCEMENT
REGULATION
EDUCATION
FILINGS
NEWS
Table of Contents
Thiscomplianceguideisdividedintothefollowingparts:
1.Introduction
2.RequirementsofRegulationCrowdfunding
3.IssuerDisclosure
4.LimitsonAdvertisingandPromoters
5.RestrictionsonResales
6.ExemptionfromSection12(g)
7.BadActorDisqualification
8.OtherResources
9.ContactingtheSECStaff
1. Introduction
UndertheSecuritiesActof1933,theofferandsaleofsecuritiesmustberegistered
unlessanexemptionfromregistrationisavailable.TitleIIIoftheJumpstartOur
BusinessStartups(JOBS)Actof2012addedSecuritiesActSection4(a)(6)thatprovides
anexemptionfromregistrationforcertaincrowdfundingtransactions.[2]In2015,the
CommissionadoptedRegulationCrowdfundingtoimplementtherequirementsofTitle
III.[3]Undertherules,eligiblecompanieswillbeallowedtoraisecapitalusing
RegulationCrowdfundingstartingMay16,2016.
https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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Investor
NetWorth
Calculation
$30,000
$105,000
Greaterof$2,000or5%of$30,000
($1,500)
$2,000
$150,000
$80,000
Greaterof$2,000or5%of$80,000
($4,000)
$4,000
$150,000
$100,000
10%of$100,000($10,000)
$10,000
$200,000
$900,000
10%of$200,000($20,000)
$20,000
$1,200,000
$2,000,000
10%of$1,200,000($120,000),subject
to$100,000cap
Investment
Limit[4]
$100,000
c.TransactionsConductedThroughanIntermediary
EachRegulationCrowdfundingofferingmustbeexclusivelyconductedthroughone
onlineplatform.Theintermediaryoperatingtheplatformmustbeabrokerdealerora
fundingportalthatisregisteredwiththeSECandFINRA.
Issuersmayrelyontheeffortsoftheintermediarytodeterminethattheaggregate
amountofsecuritiespurchasedbyaninvestordoesnotcausetheinvestortoexceedthe
investmentlimits,solongastheissuerdoesnothaveknowledgethattheinvestorwould
exceedtheinvestmentlimitsasaresultofpurchasingsecuritiesintheissuersoffering.
d.Eligibility
CertaincompaniesarenoteligibletousetheRegulationCrowdfundingexemption.These
include:
nonU.S.companies
companiesthatalreadyareExchangeActreportingcompanies
certaininvestmentcompanies
companiesthataredisqualifiedunderRegulationCrowdfundingsdisqualification
rules
companiesthathavefailedtocomplywiththeannualreportingrequirementsunder
RegulationCrowdfundingduringthetwoyearsimmediatelyprecedingthefilingofthe
offeringstatementand
companiesthathavenospecificbusinessplanorhaveindicatedtheirbusinessplanis
toengageinamergeroracquisitionwithanunidentifiedcompanyorcompanies.
3. Disclosure by Issuers
a.FormC
AnyissuerconductingaRegulationCrowdfundingofferingmustelectronicallyfileits
offeringstatementonFormCthroughtheCommissionsElectronicDataGathering,
AnalysisandRetrieval(EDGAR)systemandwiththeintermediaryfacilitatingthe
crowdfundingoffering.AFormCcoverpagewillbegeneratedwhentheissuerprovides
informationinXMLbasedfillabletextboxesontheEDGARsystem.Otherrequired
disclosurethatisnotrequestedintheXMLtextboxesmustbefiledasattachmentsto
FormC.ThereisnotaspecificpresentationformatrequiredfortheattachmentstoForm
https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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5. Restrictions on Resale
Securitiespurchasedinacrowdfundingtransactiongenerallycannotberesoldfora
periodofoneyear,unlessthesecuritiesaretransferred:
(1)totheissuerofthesecurities
(2)toanaccreditedinvestor
(3)aspartofanofferingregisteredwiththeCommissionor
(4)toamemberofthefamilyofthepurchaserortheequivalent,toatrustcontrolled
bythepurchaser,toatrustcreatedforthebenefitofamemberofthefamilyofthe
purchaserortheequivalent,orinconnectionwiththedeathordivorceofthe
purchaserorothersimilarcircumstance.
https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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8. Other Resources
TheadoptingreleaseRegulationCrowdfundingcanbefoundontheSECswebsiteat
http://www.sec.gov/rules/final/2015/339974.pdf.
RegulationCrowdfunding(17CFR227.100etseq.)canbeaccessedthroughthe
CorporationFinancesectionoftheSECswebsiteat
http://www.sec.gov/divisions/corpfin/ecfrlinks.shtml.
Youcanalsosubmitcomplaintsortipsaboutpossiblesecuritieslawsviolationsonthe
SECsquestionsandcomplaintspageathttp://www.sec.gov/complaint.shtml.
[1]ThisguidewaspreparedbythestaffoftheU.S.SecuritiesandExchange
Commission(theCommission)asasmallentitycomplianceguideunderSection212
oftheSmallBusinessRegulatoryEnforcementFairnessActof1996,asamended.The
guidesummarizesandexplainstherulesadoptedbytheSEC,butisnotasubstitutefor
anyruleitself.Onlytheruleitselfcanprovidecompleteanddefinitiveinformation
regardingitsrequirements.
[2]CrowdfundingisarelativelynewandevolvingmethodofusingtheInternettoraise
capitaltosupportawiderangeofideasandventures.Anentityorindividualraising
fundsthroughcrowdfundingtypicallyseekssmallindividualcontributionsfromalarge
numberofpeople.Individualsinterestedinthecrowdfundingcampaignmembersof
thecrowdmayshareinformationabouttheproject,cause,ideaorbusinesswith
eachotherandusetheinformationtodecidewhethertofundthecampaignbasedon
thecollectivewisdomofthecrowd.
[3]TheRegulationCrowdfundingadoptingreleaseisavailableat
http://www.sec.gov/rules/final/2015/339974.pdf.Thestaffhasalsoissuedasmall
entitycomplianceguideconcerningregistrationoffundingportals,whichisavailableat
https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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Modified:May17,2016
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https://www.sec.gov/info/smallbus/secg/rccomplianceguide-051316.htm
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