Regulation Crowdfunding Reporter (English Edition)

The JOBS Act requires the Commission to adopt a number of rules implementing crowdfunding,
including the following:

1. Rules to carry out Section 4(6) and Section 4A of the Securities Act, pursuant to Section
302(c) of the JOBS Act;

2. Rules to provide for disqualifications of issuers, brokers or funding portals pursuant to
Section 302(d) of the JOBS Act;

3. Rules to exempt, conditionally or unconditionally, the requirement for a registered
funding portal to register as a broker or dealer under Section 15(a)(1) of the Exchange
Act, pursuant to Section 304(a) of the JOBS Act; andU.S. Securities and Exchange Commission;

4. Rules to exempt, conditionally or unconditionally, securities acquired in crowdfunding
transactions from the scope of Section 12(g) of the Exchange Act, pursuant to Section
303 (b) of the JOBS Act.

In addition, Title III authorizes the Commission to adopt such additional rules as may be
appropriate to implement the crowdfunding provisions under Title III.

This is the first issue of a monthly chronicle summarizing and commenting on Regulation
Crowdfunding; we are initially relying heavily on comments submitted to date by the .Federal
Regulation of Securities Committee of the Business Law Section of the American Bar
Association.