Sec. 105. Crowdfunding
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/bill/118/s/5139/is/section-105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other provision of law or regulation, with respect to a transaction described in section 4(a)(6) of the Securities Act of 1933 ( 15 U.S.C. 77d(a)(6) ), the following shall apply: If the transaction involves an offer or sale of securities by an issuer that is not more than $500,000, the issuer— shall not be required to submit a review report of a public accountant that is independent of the issuer; and may provide financial statements and certain other information that is based on information reported on the Federal income tax return of the issuer for the most recently completed year (if any), if— reviewed or audited financial statements are not available; and those financial statements, and that other information, is certified by the principal executive officer of the issuer to be true and complete in all material respects.
A person described in subsection
(b)or
(c)of section 3 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3 ) may purchase the securities that are offered or sold in that transaction.
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- 15 USC 80a–3
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