SEC Adopts Rules to Permit Equity Crowdfunding for Non-Accredited Investors

On April 5, 2012, President Obama signed Jumpstart Our Business Startups Act (JOBS Act) into law with the intent of helping small businesses and startups raise capital through several changes to long-standing securities regulations, including a change that would allow companies to raise equity from both accredited and non-accredited investors through a publicly solicited crowdfunding campaign (Title III of the Jobs Act). However, it took over three years for the Securities Exchange Commission (SEC) to finally adopt the rules that will permit companies to offer and sell securities through crowdfunding. The new rules also include amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings. Final rules include:

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