Notice Filing Requirements in Connection with Federal Crowdfunding Rules

Industry: 
Securities
Rulemaking Status: 
Adopted

The Securities Division is considering proposing rules to require notice filings of crowdfunding offerings made under new federal rules.
 
Title III of the Jumpstart Our Business Startups (JOBS) Act amended Section 4 of the Securities Act of 1933 to create a new federal exemption for offerings of securities in crowdfunding campaigns.  On October 30, 2015, the Securities and Exchange Commission adopted final rules that will implement this new exemption.  See Regulation Crowdfunding, Release Nos. 33-9974; 34-76324.
 
Under the JOBS Act, states retain the authority to require notice filings of crowdfunding offerings if a state is the principal place of business of the issuer or if a state is home to purchasers of 50% or more of the offering.

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If you have questions, please contact the Nathan Quigley by telephone at (360) 902-8797 or by email at Nathan.Quigley@dfi.wa.gov.