The Securities and Exchange Commission (SEC) is asking for comments on the information they collect under certain crowdfunding rules. These rules require funding portals to submit various forms and documents for transparency, including registration forms, amendments, and records maintenance. The SEC estimates this process costs the industry about $618,293 yearly and takes around 36,315 hours. This request for public comments is part of an effort to renew approval for these procedures from the Office of Management and Budget.
Simple Explanation
The SEC is asking people to share their thoughts about rules for online sites that help people raise money. They want to make sure the rules are fair and not too hard to follow, and they want ideas on how to make things better.