On November 16, 2015, the Securities and Exchange Commission (SEC) adopted new rules and forms to permit companies to sell securities through crowdfunding. These new rules implement the requirements of Title III of the Jumpstart Our Business Startup (“JOBS”) Act of 2012, adding sections to the Securities Act of 1933 (“Securities Act”) and to the Securities Exchange Act of 1934 (“Exchange Act”). The rules adopted by the SEC implement a regulatory framework for intermediaries that facilitate crowdfunding transactions, including requirements for a new type of intermediary called a Funding Portal, and rules that impose obligations on all crowdfunding intermediaries—both broker-dealers and Funding Portals.