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GAO-16-255R 1 (2015-11-25)

handle is hein.gao/gaobadrrm0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327559 November 25, 2015 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Crowdfunding Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (the Commission) entitled Crowdfunding (RIN: 3235-AL37). We received the rule on November 2, 2015. It was published in the Federal Register as a final rule on November 16, 2015. 80 Fed. Reg. 71,388. The final rule implements title III of the Jumpstart Our Business Startups Act (JOBS Act).1 Specifically, this final rule governs the offer and sale of securities under section 4(a)(6) of the Securities Act of 1933.2 This rule also provides a framework for the regulation of registered funding portals and broker-dealers that issuers are required to use as intermediaries in the offer and sale of securities in reliance on section 4(a)(6). In addition, this rule, according to the Commission, conditionally exempts securities sold pursuant to section 4(a)(6) from certain registration requirements. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. 1 Pub. L. No. 112-106, §§ 301-305, 306, 315-323 (2012). 2 15 U.S.C. § 77d(a)(6). GAO-16-255R

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