The entertainment equity crowd-funding company IndieCrowdFunder.com has filed with the United States Securities and Exchange Commission to register as a Funding Portal under Title III of the Jumpstart Our Business Startups Act of 2012. The new rules, approved October 2015, will allow filmmakers to raise up to one million every twelve months via equity platforms from accredited and unaccredited investors.
“Title III is the next evolution in film finance, another step forward for independent film and another door opening that doesn’t involve an industry gatekeeper,” said Denise Smith, co-founder and chief content officer. “This is very encouraging for women and minority filmmakers.”
Each platform is subject to multiple steps, background checks and must apply to become a member of the Financial Industry Regulatory Authority or FINRA.
“Our business model and partners already support Title IV (Reg. A+) and our staff members are currently members of FINRA, so we anticipate a timely approval,” said Gregory Parker, co-founder, chief executive officer and FINRA member.
“Title III will be a great addition to our Equity Concierge service,” said Christopher Parker, co-founder and chief technology officer. “We look forward to auto-generating the Form C for our filmmaker clients along with Form 1-A, Private Placement Memorandum and Subscription Agreement.”