翻译版美国证监会SEC正式通过股权众筹规则文档格式.docx

翻译版美国证监会SEC正式通过股权众筹规则文档格式.docx

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beusedtoofferandsellsecurities.

ofenthusiasminthemarketplaceforcrowdfunding,andIbelievetheserulesandproposedamendmentsprovide

”saidSECChair

smallercompanieswithinnovativewaystoraisecapitalandgiveinvestorstheprotectionstheyneed,

MaryJoWhite.“Withtheserules,theCommissionhascompletedallofthemajorrulemakingmandatedundertheJOBSAct.”Thefinalrules,RegulationCrowdfunding,permitindividualstoinvestinsecurities-basedcrowdfundingtransactionssubjecttocertaininvestmentlimits.Therulesalsolimittheamountofmoneyanissuercanraiseusingthecrowdfundingexemption,imposedisclosurerequirementsonissuersforcertaininformationabouttheirbusinessandsecuritiesoffering,andcreatearegulatoryframeworkforthebroker-dealersandfundingportalsthatfacilitatethecrowdfundingtransactions.Thenewcrowdfundingrulesandformswillbeeffective180daysaftertheyarepublishedinthe

FederalRegister.TheformsenablingfundingportalstoregisterwiththeCommissionwillbeeffectiveJan.29,2016.TheCommissionalsoproposedamendmentstoexistingSecuritiesActRule147tomodernizetheruleforintrastateofferingstofurtherfacilitatecapitalformation,includingthroughintrastatecrowdfundingprovisions.TheproposalalsowouldamendSecuritiesActRule504toincreasetheaggregateamountofmoneythatmaybeofferedandsoldpursuanttotherulefrom$1millionto$5millionandapplybadactordisqualificationstoRule504offeringstoprovideadditionalinvestorprotection.The

SECisseekingpubliccommentontheproposedruleamendmentsfora60-dayperiodfollowingtheirpublicationintheFederalRegister.###

FACTSHEETRegulationCrowdfundingSECOpen

Meeting

Oct.30,2015ActionTheSecuritiesandExchange

Commissionwillconsiderwhethertoadoptfinalrulesthatwouldallowtheofferandsaleofsecuritiesthroughcrowdfunding.Therecommendedruleswouldgivesmallbusinessesanadditionalavenuetoraisecapitalandprovideinvestorswithimportantprotections.Ifadopted,this

wouldcompletetheCommission'

smajorrulemakingmandatedundertheJOBSAct.Highlightsofthe

RecommendedFinalRulesTherecommendedruleswould,amongotherthings,enableindividualstopurchasesecuritiesincrowdfundingofferingssubjecttocertainlimits,requirecompaniestodisclosecertaininformationabouttheirbusinessandsecuritiesoffering,andcreatearegulatoryframeworkfortheintermediariesfacilitatingcrowdfundingtransactions.Morespecifically,

Permitacompanytoraise

therecommendedruleswould:

amaximumaggregateamountof$1millionthrough

crowdfundingofferingsina12-monthperiod;

-Permitindividualinvestors,overa12-monthperiod,toinvestintheaggregateacrossallcrowdfundingofferingsupto:

oIfeithertheirannualincomeornetworthislessthan$100,000,thanthegreaterof:

§

$2,000or§

5percentofthelesseroftheirannualincomeornetworth.oIfboththeirannualincomeandnetworthareequaltoormorethan$100,000,10percentofthelesseroftheirannualincomeornet

worth;

and-Duringthe1~2nonthperiod,theaggregateamountofsecuritiessoldtoaninvestorthroughallcrowdfundingofferingsmaynotexceed$100,000.Undertherecommendedrules,certaincompanieswouldnotbeeligibletousetheexemption.Ineligiblecompanieswouldincludenon-U.S.companies,ExchangeActreportingcompanies,certaininvestmentcompanies,companiesthataresubjecttodisqualificationunderRegulation

Crowdfunding,companiesthathavefailedtocomplywiththeannualreportingrequirementsunder

RegulationCrowdfundingduringthetwoyearsimmediatelyprecedingthefilingoftheofferingstatement,andcompaniesthathavenospecificbusinessplanorhaveindicatedthattheirbusinessplanistoengageinamergeroracquisitionwithanunidentifiedcompanyorcompanies.Securitiespurchasedinacrowdfundingtransactiongenerallycouldnotberesoldforoneyear.

HoldersofthesesecuritieswouldnotcounttowardthethresholdthatrequiresacompanytoregisteritssecuritiesunderExchangeActSection12（g）ifthecompanyiscurrentinitsannualreportingobligations,retainstheservicesofaregisteredtransferagentandhaslessthan$25millionintotalassetsasoftheendofitsmostrecentlycompletedfiscalyear.Inaddition,alltransactionsrelyingonthenewruleswouldberequiredtotakeplacethroughanSEC-registeredintermediary,eitherabroker-dealerorafundingportal.

DisclosurebyCompaniesCompaniesthatrelyontherecommendedrulestoconductacrowdfundingofferingmustfilecertaininformationwiththeCommissionandprovidethisinformationtoinvestorsandtheintermediaryfacilitatingtheoffering,includingamongotherthings,to

disclose:

-Thepricetothepublicofthesecuritiesorthemethodfordeterminingtheprice,thetargetofferingamount,thedeadlinetoreachthetargetofferingamount,andwhetherthecompanywillacceptinvestmentsinexcessof

thetargetofferingamount;

Adiscussionofthecompany

financialcondition;

Financialstatementsofthecompany

that,dependingontheamountofferedandsoldduringa

12-monthperiod,areaccompaniedbyinformationfromthe

company'

staxreturns,reviewedbyanindependentpublic

accountant,orauditedbyanindependentauditor.A

companyofferingmorethan$500,000butnotmorethan$1

millionofsecuritiesrelyingontheserulesforthefirsttime

wouldbepermittedtoprovidereviewedratherthanaudited

financialstatements,unlessfinancialstatementsofthe

companyareavailablethathavebeenauditedbyan

independentauditor;

Adescriptionofthebusinessandhte

useofproceedsfromtheoffering;

Information

aboutofficersanddirectorsaswellasownersof20percent

ormoreofthecompany;

and

Certainrelat-epdarty

transactions.Inaddition,companiesrelyingonthe

crowdfundingexemptionwouldberequiredtofileanannual

reportwiththeCommissionandprovideit

toinvestors.CrowdfundingPlatformsAfundingportalwould

berequiredtoregisterwiththeCommissiononnewForm

FundingPortal,andbecomeamemberofanational

securitiesassociation（currently,FINRA）.Acompany

relyingontheruleswouldberequiredtoconductitsoffering

exclusivelythroughoneintermediaryplatformatatime.

Therecommendedruleswouldrequireintermediariesto,

amongotherthings:

-Provideinvestorswitheducational

materialsthatexplain,amongotherthings,theprocess

forinvestingontheplatform,thetypesofsecuritiesbeing

offeredandinformationacompanymustprovideto

investors,resalerestrictions,andinvestmentlimits;

Take

certainmeasurestoreducetheriskoffraud,including

havingareasonablebasisforbelievingthatacompany

complieswithRegulationCrowdfundingandthat

thecompanyhasestablishedmeanstokeepaccurate

recordsofsecuritiesholders;

Makeinformationthata

companyisrequiredtodiscloseavailabletothepublicon

itsplatformthroughouttheofferingperiodandfora

minimumof21daysbeforeanysecuritymaybesoldinthe

offering;

-Providecommunicationchannelstopermit

discussionsaboutofferingsontheplatform;

Provide

disclosuretoinvestorsaboutthecompensationthe

intermediaryreceives;

Acceptaninvestmentcommitment

fromaninvestoronlyafterthatinvestorhasopened

anaccount;

-Haveareasonablebasisforbelievinganinvestorcomplieswiththeinvestmentlimitations;

investorsnoticesoncetheyhavemadeinvestmentcommitmentsandconfirmationsatorbeforecompletionof

atransaction;

-Complywithmaintenanceandtransmission

cancellationandreconfirmationofofferingsrequirements.Therulesalsowouldprohibitintermediaries

Providing

fromengagingincertainactivities,suchas:

accesstotheirplatformstocompaniesthattheyhaveareasonablebasisforbelievinghavethepotentialforfraudorotherinvestorprotectionconcerns;

-Havingafinancialinterestinacompanythatisofferingorsellingsecuritiesonitsplatformunlesstheintermediaryreceivesthefinancialinterestascompensationfortheservices,

Compensating

subjecttocertainconditions;

andanypersonforprovidingtheintermediarywithpersonallyidentifiableinformationofanyinvestororpotentialinvestor.RegulationCrowdfundingwouldcontaincertainrulesthatarespecifictoregisteredfundingportalsconsistentwiththeirmorelimitedactivitiesthanthatofaregisteredbroker-dealer.Theruleswouldprohibitfundingportalsfrom,amongotherthings:

offeringinvestmentadviceormakingrecommendations;

solicitingpurchases,salesorofferstobuysecurities;

compensatingpromotersandotherpersonsforsolicitationsorbasedonthesaleofsecurities;

andholding,possessing,orhandlinginvestorfundsorsecurities.Theruleswouldprovideasafeharborunderwhichfundingportalscouldengageincertainactivitiesconsis