The exemption that is going to be available for crowdfunding is Section 4(6) of the Securities Act. It will be available for offers and sales made through a registered portal. This means that until portals are registered, an investor cannot make an investment in crowdfunding stock or bonds, and startups cannot legally make offers or sales of crowdfunding securities.
Other exemptions to registration include private placements under Section 4(2) of Reg D, which is mainly restricted to accredited investors; Rule 144A which is restricted to qualified institutional buyers, specific securities under Section 3, transactional exemptions under Section 4, international securities under Reg S, Private Investment in Public equity (a PIPE deal), etc.
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