Funding Portals

FINRA Fingerprint Process Change

FINRA’s new fingerprint process for broker-dealer firms and funding portals became effective 7 a.m. ET on Dec. 6, 2021, consistent with the fingerprint plan filed with and declared effective by the SEC . Under the new process, broker-dealers and funding portals must route fingerprints to Sterling, FINRA’s designated fingerprint provider. Sterling processes and submits fingerprints to the Department of Justice (FBI) for broker-dealer firms and funding portals. Benefits of this process change include state-of-the-art technology, processing efficiencies and reduced pricing for firms.


Title III of the Jumpstart Our Business Startups (JOBS) Act, enacted in 2012, contains key provisions relating to securities offered or sold through crowdfunding.

This page provides information and resources for crowdfunding intermediaries that, pursuant to Title III of the JOBS Act, the SEC's Regulation Crowdfunding and FINRA's rules for funding portals, register with the SEC as funding portals and become funding portal members of FINRA.

Funding Portal members are subject to FINRA regulatory oversight and reporting requirements.

Learn more about FINRA's Oversight of Funding Portals

2022 Report on FINRA’s Examination and Risk Monitoring Program

The Funding Portals and Crowdfunding Offerings section of the 2022 Report on FINRA’s Risk Monitoring and Examination Activities (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) relevant regulatory obligations and related considerations, (2) exam findings and effective practices, and (3) additional resources.

Registration Requirements

Register as a New Funding Portal

Learn the standards and guidelines for the funding portal membership application and registration process, including how to apply and what to expect after you apply .

Update a Funding Portal's Registration

If your firm has a change of ownership or control as set forth in Funding Portal Rule 110(a)(4) , you must notify FINRA of those changes by filing a continuing membership application for funding portals, known as Form Funding Portal - Continuing Membership Application , located in the Funding Portal Gateway .

Withdraw a Funding Portal's Registration

To withdraw your funding portal's registration with FINRA, you must update your Form Funding Portal through the SEC's EDGAR system . On your Form Funding Portal, check the box that indicates this is “a withdrawal of the funding portal’s registration with the SEC.” Withdrawing your registration with the SEC will trigger a request of withdrawal of your firm’s registration with FINRA.

Annual Gross Income Assessment

Every year, funding portals must complete the Form Funding Portal - Statement of Revenue and pay Gross Income Assessment (GIA).

FINRA Funding Portal Registration Depository ™ (FPRD ® )

FINRA created and operates the FINRA Funding Portal Registration Depository TM online electronic filing system to track funding portal registrations and information.

Written Supervisory Procedures Checklist

FINRA is providing the Written Supervisory Procedures Checklist as an optional guide to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point and you must tailor this tool to reflect the size and needs of your firm. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for firms or other entities.

View the Written Supervisory Procedures Review Checklist

Funding Portals We Regulate

FINRA maintains a list of firms that are registered with the SEC as funding portals and are funding portal members of FINRA.

View the list of Funding Portals

Contact OGC

FINRA's Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.

OGC staff contact:
Adam Arkel
FINRA, OGC
1735 K Street, NW
Washington, DC 20006
(202) 728-6961

  • 2022 Report on FINRAs Examination and Risk Monitoring Program
    Funding Portals and Crowdfunding Offerings
    The Funding Portals and Crowdfunding Offerings section of the 2022 Report on FINRA’s Risk Monitoring and Examination Activities (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) relevant regulatory obligations and related considerations, (2) exam findings and effective practices, and (3) additional resources.
    February 09, 2022
  • Compliance Tools
    Funding Portal Checklist

    Overview – FINRA’s Funding Portal Rules (FP Rules) apply to firms that register with the U.S. Securities and Exchange Commission (SEC) as funding portals pursuant to the SEC’s Regulation Crowdfunding (Reg CF) and that become FINRA FP members.

  • Compliance Tools
    Written Supervisory Procedures Checklist for Funding Portals

    Overview

    This Written Supervisory Procedures Checklist (“WSP Checklist”) outlines selected key topics as a reference tool to assist funding portal members (“FP members”) in fulfilling their compliance obligations.

  • Investor Alert
    Crowdfunding and the JOBS Act: What Investors Should Know
    "Crowdfunding" generally refers to the use of the Internet by small businesses to raise capital through limited investments from a large number of investors. Under SEC rules, the general public can invest in capital raising by start-up companies. This advisory is designed to help the public understand the crowdfunding rules and processes so they can make informed decisions about the risks and rewards of investing in these early-stage businesses.