Law360, New York (November 19, 2013, 3:25 PM EST) -- On Oct. 23, 2013, the U.S. Securities and Exchange Commission proposed for comment amendments to the Securities Act of 1933, as amended (the “Securities Act”), to implement “Regulation Crowdfunding” in accordance with Title III of the Jumpstart our Business Startups Act.
The proposed amendments (i) create rules governing the offer and sale of securities through an Internet website, including individual investment limits and the aggregate offering size for a crowdfunding transaction and required disclosures that must be made by companies before commencing a transaction (see new Section 4(a)(6)), and (ii) provide a framework for the regulation of registered funding portals and...
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