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Funding Portal Rules
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100. General Standards
(a) Application of the By-Laws and the Funding Portal Rules
All funding portal members and persons associated with funding portal members shall be subject to the FINRA By-Laws and FINRA Regulation By-Laws, unless the context requires otherwise, and the Funding Portal Rules. Persons associated with a funding portal member shall have the same duties and obligations as a funding portal member under the Funding Portal Rules. For purposes of Section 1(a) of Article III of the FINRA By-Laws, a registered broker or dealer shall include a registered funding portal.
The terms used in the Funding Portal Rules, if defined in the FINRA By-Laws, shall have the meaning as defined in the FINRA By-Laws, unless a term is defined differently in a Funding Portal Rule, or unless the context of the term within a Funding Portal Rule requires a different meaning.
When used in the Funding Portal Rules, unless the context otherwise requires:
(1) "Associated person of a funding portal member" or "person associated with a funding portal member"
The term "associated person of a funding portal member" or "person associated with a funding portal member" means any sole proprietor, partner, officer, director or manager of a funding portal, or other natural person occupying a similar status or performing similar functions, or any natural person directly or indirectly controlling or controlled by a funding portal member, or any employee of a funding portal member, and, for purposes of FINRA Rule 8210, any other person listed in Schedule A of SEC Form Funding Portal.
The term "By-Laws" means the By-Laws of the Corporation or the FINRA By-Laws.
(3) "Exchange Act" or "SEA"
The term "Exchange Act" or "SEA" means the Securities Exchange Act of 1934, as amended.
The term "FINRA" means, collectively, FINRA, Inc. and FINRA Regulation, Inc.
(5) "Funding Portal"
The term "funding portal" shall be as defined pursuant to Rule 300(c)(2) of SEC Regulation Crowdfunding.
(6) "Funding Portal Member"
The term "funding portal member" means any funding portal admitted to membership in FINRA.
(7) "Funding Portal Rules"
The term "Funding Portal Rules" means Funding Portal Rules 100 through 1200.
The term "investor" does not include a broker, dealer or funding portal.
The term "person" includes any natural person, partnership, corporation, association, or other legal entity (provided, however, that for purposes of paragraph (b)(1) of this Rule the term "person" shall solely include a natural person).
The term "SEC" means the Securities and Exchange Commission.
(11) "Securities Act"
The term "Securities Act" means the Securities Act of 1933, as amended.
Amended by SR-FINRA-2016-026 eff. July 9, 2016.
Adopted by SR-FINRA-2015-040 eff. Jan. 29, 2016.
Selected Notice: 16-06.