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The SEC Hands Out a Halloween Treat to Crowdfunding Supporters
17 November 2015
View Client Update
The SEC adopted final Regulation Crowdfunding without too many significant changes from the proposal. The first offerings should occur sometime this coming summer based on the effective date.
Anyone may invest in a crowdfunding offering, but there are strict caps on the total amount they can invest. Generally, an investor can only invest up to around 10% of their annual income or net worth, whichever is lower.
Issuers, which can include most US companies but not non-US entities and funds, may only raise up to $1 million total in a twelve-month period.
Intermediaries include both registered broker-dealers and the newly-created “funding portals,” and may, under the final rules, receive an ownership interest in the issuer under limited circumstances.
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