Crowdfunding: The SEC Finally Acts on the Proposed Rules

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Sturm College of Law


Securities and Exchange Commission (SEC), Jumpstart Our Business Startups Act of 2012 (JOBS Act), Commissioner Piwowar, Financial statements, Crowdfunding


On October 23, 2013 the Securities and Exchange Commission (“SEC”) unanimously voted to propose a set of crowdfunding rules under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The SEC held an open meeting on October 30, 2015 to consider whether to adopt the proposed rules and voted 3 to 1 to approve the rules. The original rules required an issuer to provide audited financial statements by an independent public accountant if the offering was going to exceed $500,000. Some individuals, including SEC Commissioner Piwowar who voted against the proposed rules adoption, believe that the regulations are too burdensome for many small businesses to comply with. The new rules and forms will become effective 180 days after publication in the Federal Register.

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Stacey L. Bowers


English (eng)

Publication Title

The Race to the Bottom