Crowdfunding - Rules 400-404 (Funding Portals)

Forms and Documents

Document	Type	Status	Availability
Form Form Funding Porta IC1 - Form Funding Portal: Application for Funding Portal Registration	Form and Instruction	Modified	Repair queued
2025 05 09_90 FR 19771_3235-0727_30-Day Submission Notice.pdf.pdf	Supplementary Document	Uploaded 2025-05-09	Repair queued
Supporting Statement_Crowdfunding Rules 400-404 (Funding Portals) 2025 Extension.pdf	Supporting Statement A	Uploaded 2025-05-02	Repair queued
PIA (EDGAR 2025).pdf	Supplementary Document	Uploaded 2025-05-02	Repair queued
2025 03 04_90 FR 11201_3235-0727_60-Day Collection Notice.pdf	Supplementary Document	Uploaded 2025-03-04	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
234060	IC12 - Regulation S-ID - Ongoing Burden		Modified
234059	IC10 - Regulation S-AM - Ongoing Burden		Modified
234058	IC7 - Rule 403: Compliance Policies and Procedures - Ongoing Burden		Modified
234057	IC5 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Ongoing Burden		Modified
216561	IC11 - Regulation S-ID - Initial Burden		Modified
216560	IC9 - Regulation S-AM - Initial Burden		Modified
216559	IC8 - Regulation S-P		Modified
216558	IC6 - Rule 403: Compliance Policies and Procedures - Initial Burden		Modified
216557	IC13 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Initial Burden		Modified
216556	IC4 - Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident		Modified
216555	IC3 - Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal		Modified
216554	IC2 - Form Funding Portal/A: Amendment to Registration		Modified
216552	IC1 - Form Funding Portal: Application for Funding Portal Registration	Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0727	ICR Reference No: 202412-3235-002
Status: Received in OIRA	Previous ICR Reference No: 202203-3235-007
Agency/Subagency: SEC	Agency Tracking No: TM
Title: Crowdfunding - Rules 400-404 (Funding Portals)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/09/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2025
Responses	754	822
Time Burden (Hours)	36,315	36,775
Cost Burden (Dollars)	618,293	671,793

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Abstract: The Rule 400 series of Regulation Crowdfunding (17 CFR Part 227) contains rules specifically applicable to funding portals (17 CFR 227.400-404). Funding portals register with the Commission by filing an application on Form Funding Portal, which requires information from the funding portal applicant, including information about the funding portal’s business, principals, control relationships, and employees. The Rule 400 series also requires, among other things, that funding portals make and keep records of compliance policies and procedures and make third party disclosures to become members of a national securities association. These requirements help ensure that the Commission has information to oversee funding portals and their activities in the crowdfunding securities market effectively.

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Authorizing Statute(s): US Code: 15 USC 78a et seq. Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 77a et seq. Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: PL: Pub.L. 112 - 106 301-305 Name of Law: Jumpstart Our Business Startups Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 11201	03/04/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 19771	05/09/2025
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 13

IC Title	Form No.	Form Name
IC1 - Form Funding Portal: Application for Funding Portal Registration	Form Funding Portal	Form Funding Portal
IC10 - Regulation S-AM - Ongoing Burden
IC11 - Regulation S-ID - Initial Burden
IC12 - Regulation S-ID - Ongoing Burden
IC13 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Initial Burden
IC2 - Form Funding Portal/A: Amendment to Registration
IC3 - Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal
IC4 - Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident
IC5 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Ongoing Burden
IC6 - Rule 403: Compliance Policies and Procedures - Initial Burden
IC7 - Rule 403: Compliance Policies and Procedures - Ongoing Burden
IC8 - Regulation S-P
IC9 - Regulation S-AM - Initial Burden

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	754	822	0	0	-68	0
Annual Time Burden (Hours)	36,315	36,775	0	0	-460	0
Annual Cost Burden (Dollars)	618,293	671,793	0	0	-53,500	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The total estimated annual time burden decreased from 36,775 hours to 36,315 hours and the total estimated annual cost burden decreased from $671,793 to $618,293. This is primarily due to the fact that the estimated number of successful new funding portal registrations expected in each of the next three years decreased from 25 per year to 13 per year.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/09/2025

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