As a result of this week's live chat, the SRO working group learned that there is some confusion around whether and when platforms can charge a fee for facilitating crowdfunding. We invite you to join members of CFIRA's leadership group and our securities attorney's for next week's live chat to clarify this issue.
Specifically, platforms have the following abilities:
• Until July 4, 2012, platforms may not facilitate any form of "solicitation" or advertising of raises;
• From July 4, 2012 until January, 2013, platforms may only facilitate "Regulation D" offerings, must limit all offerings to accredited investors, and cannot charge a fee for that facilitation;
• After January, 2013, platforms may offer crowdfunding offerings (not Regulation D offerings), and may charge a fee to facilitate those offerings.
We will discuss this in more detail to answer questions you may have, and welcome you to our next Live Chat at 9am PDT / 12pm EDT / 5pm BST on 16 April 2012.