The staff of the Securities and Exchange Commission recently posted an updated “small entity compliance guide” that summarizes and explains the rules adopted by the SEC that implement a regulatory framework for intermediaries that facilitate crowdfunding transactions (Title III/Section 4(a)(6) crowdfunding pursuant to Regulation Crowdfunding). The guide serves as a useful reference regarding the registration requirements for funding portals, and the rules applicable to registered broker-dealers and funding portals that are participating as crowdfunding intermediaries. The guide is available here: https://www.sec.gov/divisions/marketreg/tmcompliance/fpregistrationguide.htm.