Federal Legislation
Thanks in part to the Crowdfunding exemption movement, the JOBS Act was signed into law by President Obama on April 5, 2012. The U.S. Securities and Exchange Commission has been given approximately 270 days to set forth specific rules and guidelines that enact this legislation, while also ensuring the protection of investors.[58] Some rules have already been proposed by the SEC.[59][60]
The bill went through a number of amendments and on April 5, 2012 President Barack Obama signed the JOBS Act into law.[61] The legislation mandates that funding portals must register with the SEC as well as an applicable self-regulatory organization to operate.[62]
The JOBS Act places limits on the value of securities issuer may offer and individuals can invest through crowdfunding intermediaries. An issuer may sell up to $1,000,000 of its securities per 12 months, and, depending upon their net worth and income, investors will be permitted to invest up to $100,000 in crowdfunding issues per 12 months.[63] An independent financial statement review by a CPA firm is required for raises $100,000-500,000 and an independent financial statement audit by a CPA firm is required for raises over $500,000.[64]
The SEC is now drafting regulations to implement the equity and debt crowdfunding provisions of the bill. The original deadline for regulations is in January 2013.[60][65][dated info] In parallel to the SEC regulations, the Financial Industry Regulatory Authority (FINRA) is creating additional rules related to member firms engaged in crowdfunding.[62]
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