On January 21st, FINRA an amendment (see text here: http://www.finra.org/sites/default/files/rule_filing_file/SR-FINRA-2015-040-ammendment-1.pdf) to its proposed rule changes relating to the registration, supervision and oversight of crowdfunding funding portals. The Securities and Exchange Commission published a notice and order on January 22nd seeking comment on FINRA’s proposed rule changes on an accelerated basis. In the notice and order, FINRA’s responses to public comments are explained (see response to comments: http://www.finra.org/sites/default/files/rule_filing_file/SR-FINRA-2015-040-response-to-comments.pdf). The amendment generally is limited to technical changes to various rules. FINRA also clarifies that it will not require member firms that engage in crowdfunding to make filings pursuant to Rule 5123, which requires certain filings in connection with private placement transactions.