Regulation Crowdfunding enables eligible companies to offer and sell securities through crowdfunding.

The rules:

• require all transactions under Regulation Crowdfunding to take place online through an SEC-registered intermediary, either a broker-dealer or a funding portal

• permit a company to raise a maximum aggregate amount of $5 million through crowdfunding offerings in a 12-month period

• limit the amount individual non-accredited investors can invest across all crowdfunding offerings in a 12-month period and

• require disclosure of information in filings with the Commission and to investors and the intermediary facilitating the offering

Securities purchased in a crowdfunding transaction generally cannot be resold for one year.

Regulation Crowdfunding offerings are subject to "bad actor" disqualification provisions.