A funding portal that is registered with the Commission pursuant to § 227.400 is exempt from the broker registration requirements of section 15(a)(1) of the Exchange Act (15 U.S.C. 78o(a)(1)) in connection with its activities as a funding portal.
authority: 15 U.S.C. 77d,
77d,
77s,
77z,
78c,
78o,
78q,
78w,
78mm,
and. L. 112-106, secs. 301-305, 126 Stat. 306 (2012)
source: 80 FR 71537, Nov. 16, 2015, unless otherwise noted.
cite as: 17 CFR 227.401