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This page provides information and resources for crowdfunding intermediaries that, pursuant to Title III of the JOBS Act, the SEC's Regulation Crowdfunding and FINRA's rules for funding portals, register with the SEC as funding portals and become funding portal members of FINRA. Funding Portal members are subject to FINRA regulatory oversight and reporting requirements. 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aria-labelledby="E-Bill">E-Bill</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentabdfc859-e1e4-4071-9b99-9535c132ee72--2" class="sf-depth-1 header menuparent"><a href="/compliance-tools" class="sf-depth-1 menuparent" aria-labelledby="Compliance Tools">Compliance Tools</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content318c9740-343f-48dd-a32e-600f8c817211--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/compliance-tools" class="sf-depth-2 menuparent" aria-labelledby="Compliance Tools Section 1">Compliance Tools Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content2badcc82-a0ba-4813-a97b-5cde27a154a6--2" class="sf-depth-3 header sf-no-children"><a href="https://www.finra.org/compliance-tools/cybersecurity-checklist" class="sf-depth-3 sf-external" aria-labelledby="Cybersecurity 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header sf-no-children"><a href="/investors/alerts" class="sf-depth-4" aria-labelledby="Investor Alerts">Investor Alerts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbabb7a34-330b-432a-9c7a-3aed86cab6b3--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/ask-and-check" class="sf-depth-4" aria-labelledby="Ask and Check">Ask and Check</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content75981642-a29c-4c2f-a04a-268dd98fd524--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/avoid-fraud" class="sf-depth-4" aria-labelledby="Avoid Fraud">Avoid Fraud</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content773fb0c7-df7e-422b-a8f0-3689c3f58683--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/protect-your-identity" class="sf-depth-4" aria-labelledby="Protect Your Identity">Protect Your Identity</a></li></ol></li></ol></div></li><li 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class="main-content col" id="content" role="main"> <section class="section"> <a id="main-content" tabindex="-1"></a> <div id="block-finra-bootstrap-sass-system-main" data-block-plugin-id="system_main_block" class="block block-system block-system-main-block"> <div class="content"> <article class="node node--type-article node--view-mode-full clearfix node--promoted"> <div> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <div class="block-region-content"><div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle"> <div class="content"> <span class="field field--name-title field--type-string field--label-hidden"><h1>Funding Portals</h1></span> </div> </div> <div data-block-plugin-id="block_content:7611dbf3-53e0-41ac-ab90-4c361653ab54" class="block block-block-content block-block-content7611dbf3-53e0-41ac-ab90-4c361653ab54"> <div class="content"> <nav id="tab-links" class="nav nav-tabs" role="tablist"> <a href="#overview" role="tab" data-toggle="tab" class="nav-link nav-item">Overview</a> <a href="#rules" role="tab" data-toggle="tab" class="nav-link nav-item">Rules</a> <a href="#notices" role="tab" data-toggle="tab" class="nav-link nav-item">Notices</a> <a href="#guidance" role="tab" data-toggle="tab" class="nav-link nav-item">Guidance</a> <a href="#news-releases" role="tab" data-toggle="tab" class="nav-link nav-item">News Releases</a> <a href="#investor-education" role="tab" data-toggle="tab" class="nav-link nav-item">Investor Education</a> </nav> <div id="tabs" class="tab-content"> <div role="tabpanel" class="tab-pane fade" id="overview"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div id="block-body" data-block-plugin-id="entity_field:node:body" class="block block-ctools-block block-entity-fieldnodebody"> <div class="content"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Title III of the Jumpstart Our Business Startups (JOBS) Act, enacted in 2012, contains key provisions relating to securities offered or sold through crowdfunding.</p> <p>This page provides information and resources for crowdfunding intermediaries that, pursuant to Title III of the JOBS Act, the SEC's Regulation Crowdfunding and FINRA's rules for funding portals, register with the SEC as funding portals and become funding portal members of FINRA.</p> <p>Funding Portal members are subject to FINRA regulatory oversight and reporting requirements.</p> <p class="more-link"><a href="/node/11888">Learn more about FINRA's Oversight of Funding Portals</a></p> <h2>Registration Requirements</h2> <h3><a href="/industry/register-new-funding-portal">Register as a New Funding Portal</a></h3> <p>Learn the standards and guidelines for the funding portal membership application and registration process, including <a href="/industry/fp-how-to-apply">how to apply</a> and <a href="/industry/fp-after-you-apply">what to expect after you apply</a>.</p> <h3>Update a Funding Portal's Registration</h3> <p>If your firm has a change of ownership or control as set forth in <a href="/rules-guidance/rulebooks/funding-portal-rules/110">Funding Portal Rule 110(a)(4)</a>, you must notify FINRA of those changes by filing a continuing membership application for funding portals, known as <a href="/sites/default/files/Form%20FP-CMA%20Web%20Content.pdf" type="application/pdf; length=248882">Form Funding Portal - Continuing Membership Application</a>, located in the <a href="https://firms.finra.org/">Funding Portal Gateway</a>.</p> <h3>Withdraw a Funding Portal's Registration</h3> <p>To withdraw your funding portal's registration with FINRA, you must update your Form Funding Portal through the SEC's <a href="https://www.sec.gov/info/edgar.shtml">EDGAR system</a>. On your Form Funding Portal, check the box that indicates this is “a withdrawal of the funding portal’s registration with the SEC.” Withdrawing your registration with the SEC will trigger a request of withdrawal of your firm’s registration with FINRA.</p> <hr /><h2>Annual Gross Income Assessment</h2> <p>Every year, funding portals must complete the <a href="/sites/default/files/Form%20FP%20Statement%20of%20Revenue%20Web%20Content.pdf" type="application/pdf; length=227115">Form Funding Portal - Statement of Revenue</a> and pay Gross Income Assessment (GIA).</p> <hr /><h2>FINRA Funding Portal Registration Depository<sup>™</sup> (FPRD<sup>®</sup>)</h2> <p>FINRA created and operates the FINRA Funding Portal Registration Depository<sup>TM</sup> online electronic filing system to track funding portal registrations and information.</p> <hr /><h2>Written Supervisory Procedures Checklist</h2> <p>FINRA is providing the Written Supervisory Procedures Checklist as an optional guide to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point and you must tailor this tool to reflect the size and needs of your firm. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for firms or other entities.</p> <p class="more-link"><a href="/compliance-tools/written-supervisory-procedures-for-funding-portals">View the Written Supervisory Procedures Review Checklist</a></p> <hr /><h2>Funding Portals We Regulate</h2> <p>FINRA maintains a list of firms that are registered with the SEC as funding portals and are funding portal members of FINRA. </p> <p class="more-link"><a href="/about/firms-we-regulate/funding-portals-we-regulate">View the list of Funding Portals</a></p> <hr /><p> </p> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2>Contact OGC</h2> <p>FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see <a href="/rules-guidance">Interpreting the Rules</a> for more information.</p> <p><strong>OGC staff contact:</strong><br /><a href="javascript:email(1683,'Adam Arkel');">Adam Arkel</a><br /> FINRA, OGC<br /> 1735 K Street, NW<br /> Washington, DC 20006<br /> (202) 728-6961</p> </div> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <article class="embedded-entity"> </article><p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="rules"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-2" id="block-views-block-topic-pages-by-industry-issue-block-2" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_2"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_2 js-view-dom-id-7efa184e0c879433d1050cd19bf252e773cc4efa2d1f453b14bc061ec918a94c"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/100" hreflang="en">100. General Standards</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/110" hreflang="en">110. Funding Portal Application</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/1200" hreflang="en">1200. Arbitration and Mediation</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/200" hreflang="en">200. Funding Portal Conduct</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/300" hreflang="en">300. Funding Portal Compliance</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/800" hreflang="en">800. Investigations and Sanctions</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Funding Portal Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/funding-portal-rules/900" hreflang="en">900. Code of Procedure</a></span></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="notices"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-1" id="block-views-block-topic-pages-by-industry-issue-block-1" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_1"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_1 js-view-dom-id-2dc4e99d46193e7736dafafb3babe73a6ce03e956761c90166022793011d7875"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/17-14" hreflang="und">Regulatory Notice 17-14</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on FINRA Rules Impacting Capital Formation</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">04/12/2017</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/16-06" hreflang="und">Regulatory Notice 16-06</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">SEC Approval of FINRA Funding Portal Rules and Related Forms</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">01/29/2016</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/16-07" hreflang="und">Regulatory Notice 16-07</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS Act)</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">01/29/2016</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/13-34" hreflang="und">Regulatory Notice 13-34</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on Proposed Funding Portal Rules and Related Forms</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">10/23/2013</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/12-34" hreflang="und">Regulatory Notice 12-34</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on Proposed Regulation of Crowdfunding Activities</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">07/05/2012</em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="guidance"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-3" id="block-views-block-topic-pages-by-industry-issue-block-3" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_3"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_3 js-view-dom-id-5b9fdde9a51d6a1b163910d8f3f3661f084b1c8d47bf9eb5a938ae20b4a918ce"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Guidance</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/guidance/reports/2024-finra-annual-regulatory-oversight-report/crowdfunding-offerings" hreflang="en">Crowdfunding Offerings: Broker-Dealer and Funding Portals</a></span></div><div class="views-field views-field-body"><div class="field-content">The Crowdfunding Offerings: Broker-Dealers and Funding Portals topic of the 2024 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations and related considerations, (2) findings and effective practices, and (3) additional resources.</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">January 09, 2024</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">FAQ</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/registration-exams-ce/funding-portals/faq-regulation-crowdfunding" hreflang="en">Frequently Asked Questions (FAQs) on Regulation Crowdfunding</a></span></div><div class="views-field views-field-body"><div class="field-content">Q1. Who can offer or sell securities under Regulation Crowdfunding? A1. Regulation Crowdfunding allows eligible issuers1 to offer and sell securities through the platform of a broker-dealer or funding portal that is both registered with the SEC and a FINRA member (an “intermediary”). This activity must be conducted exclusively through the platform of a single intermediary. A firm cannot act as an intermediary if it is not a registered broker-dealer or a registered funding portal, and is not a member of FINRA.</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">December 20, 2023</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Compliance Tools</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/compliance-tools/funding-portal-checklist" hreflang="en">Guidance for Funding Portals </a></span></div><div class="views-field views-field-body"><div class="field-content"><p><strong>Overview </strong>– FINRA’s <a href="https://www.finra.org/rules-guidance/rulebooks/funding-portal-rules">Funding Portal Rules</a> (FP Rules) apply to firms that register with the U.S. Securities and Exchange Commission (SEC) as funding portals pursuant to the SEC’s Regulation Crowdfunding (Reg CF) and that become FINRA FP members.</p></div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content"></em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Compliance Tools</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/compliance-tools/written-supervisory-procedures-for-funding-portals" hreflang="en">Written Supervisory Procedures Checklist for Funding Portals</a></span></div><div class="views-field views-field-body"><div class="field-content">This Written Supervisory Procedures Checklist (“WSP Checklist”) outlines selected key topics as a reference tool to assist funding portal members (“FP members”) in fulfilling their compliance obligations.</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content"></em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="news-releases"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-4" id="block-views-block-topic-pages-by-industry-issue-block-4" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_4"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_4 js-view-dom-id-20c0342e0efcfbc0394f8dd8c912f065781d6ba3352f5a7322f188ea5e40d333"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-title"><span class="field-content"><a href="/media-center/news-releases/2016/finra-offers-what-investors-should-know-about-crowdfunding" hreflang="und">FINRA Offers What Investors Should Know about Crowdfunding</a></span></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">May 13, 2016</em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="investor-education"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-5" id="block-views-block-topic-pages-by-industry-issue-block-5" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_5"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_5 js-view-dom-id-f63079eb0641adfcc83c60029f80d33079830c6fc7ed5daf467741018b9bcf75"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Education</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/crowdfunding/investors-should-know" hreflang="und">Crowdfunding: What Investors Should Know</a></span></div><div class="views-field views-field-body"><div class="field-content">Among the many opportunities available to investors are those involving “crowdfunding.” Crowdfunding generally refers to the use of the internet by small businesses to raise capital through limited investments from a large number of investors. 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