SEC Amends Rules To Support Crowdfunding Portals

The Securities and Exchange Commission (SEC) has included registered funding portals as authorized registrars of qualified buyers of securities in the rules governing crowdfunding.

The amendment is part of the corporate regulator’s efforts to offer more options to stakeholders.

SEC Memorandum Circular No. 12, posted on the agency’s website, has amended Section 39.1.4.1 of the implementing rules and regulations of the Securities Regulation Code (SRC) to incorporate funding portals registered under the SEC Crowdfunding Rules into the list of authorized registrars for qualified institutional buyers and individual buyers of securities.

SEC Commissioner Kelvin Lester K. Lee stated that this amendment is part of the corporate regulator’s efforts to offer more options to stakeholders.

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