Last year President Obama unveiled an initiative to increase American jobs and economic
growth by providing more small businesses with the ability to raise capital. In April 2012, the
President signed the Jumpstart Our Business Startups Act ("JOBS Act") into law which is geared
to help startups have access to a larger pool of potential investors and make it easier for
businesses to become publicly traded companies. This month FINRA released Regulatory Notice
12-34, which requests comments on the proposed regulation of Crowdfunding Activities
pursuant to the JOBS Act.1 The comment period, which ends on August 31, 2012, allows the
industry an opportunity to provide feedback on the appropriate scope of FINRA rules that should
apply to member firms engaging in crowdfunding activities.
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