3.0.0 2190 2019-02-20T23:26:16Z 2019-02-24T04:17:39Z Senate S S 2012-03-13 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2012-03-13T16:56:20Z CROWDFUND Act 112 1970 S 2012-03-06 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-482. Related bill CRS 2012-03-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2012-03-13 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2012-03-13 True B001268 Sen. Brown, Scott P. [R-MA] Scott Brown R MA P. 2012-03-13 True L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2012-03-13 True H.R.3606 https://www.congress.gov/bill/112th-congress/house-bill/3606 Finance and Financial Sector Administrative law and regulatory procedures Business investment and capital Congressional oversight Financial services and investments Fraud offenses and financial crimes Securities Securities and Exchange Commission (SEC) Small business State and local government operations Finance and Financial Sector 00 2012-03-13 Introduced in Senate 2012-05-04T19:52:46Z Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act of 2011 or CROWDFUND Act - Amends the Securities Act of 1933 (SA) to prescribe conditions under which transactions of $1 million or less involving the offer or sale of securities by an issuer through a broker or funding portal are exempt from certain registration requirements and prohibitions relating to interstate commerce and the mails (crowdfunding exemption).

(Crowdfunding is a method of capital formation by which groups of people pool money, typically composed of very small individual contributions, and often via Internet platforms, to invest in a company or otherwise support an effort by others to accomplish a specific goal.)

Amends the Securities Exchange Act of 1934 (SEA) to define "funding portal" as any person engaged in the business of effecting securities transactions for the account of others, solely pursuant to the crowdfunding exemption under this Act, that does not: (1) offer investment advice or recommendations; (2) solicit purchases, sales, or offers to buy the securities offered or displayed on its website or portal; (3) compensate employees, agents, or other persons for such solicitation or based on the sale of securities displayed or references on its website or portal; (4) hold, manage, possess, or otherwise handle investor funds or securities; or (5) engage in other activities determined by the Securities and Exchange Commission (SEC).

Amends the SA to set forth qualification requirements for such crowdfunding exemption, including those for intermediaries and issuers.

Sets forth restrictions on sales of such exempt securities.

Amends the SEA to authorize the SEC to exempt crowdfunding investors from certain shareholder caps under the Securities Act of 1933.

Requires the SEC to exempt funding portals from certain registration requirements, provided that they remain subject to examination by the SEC and a national securities association.

Prohibits a state or its political subdivision from enforcing any law or administrative action against a registered funding portal with respect to its business as such. Exempts from such prohibition the examination and enforcement of any law or administrative action of a state in which the principal place of business of a registered funding portal is located, if the law or administrative action is not in addition to or different from SEC requirements for registered funding portals.

]]> CROWDFUND Act Short Titles as Introduced CROWDFUND Act Short Titles as Introduced Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act of 2012 Display Title CROWDFUND Act Official Title as Introduced A bill to amend the securities laws to provide for registration exemptions for certain crowdfunded securities, and for other purposes. Introduced in Senate 2012-03-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2190is/xml/BILLS-112s2190is.xml 2012-03-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.