StacksVerified U.S. regulatory reference

17 CFR §227.401

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
A funding portal that is registered with the Commission pursuant to § 227.400 is exempt from the broker registration requirements of section 15(a)(1) of the Exchange Act (15 U.S.C. 78o(a)(1)) in connection with its activities as a funding portal.