Rule 100: Crowdfunding exemption and requirements. The C&DI clarifies that, prior to filing a Form C, an issuer may disseminate any information that does not constitute an offer of securities, such as factual business information that does not condition the public mind or arouse public interest in a securities offering. It also confirms that non-natural persons that invest in Regulation Crowdfunding offerings are subject to the same investment limits as natural persons, but the limits are based on the entity's revenue and net assets (as of its most recent fiscal year end) instead of annual income and net worth.

Rule 201: Disclosure requirements. If a Regulation Crowdfunding offering is conducted between the issuer’s inception and 120 days after the issuer's first annual balance sheet date, the issuer may include a balance sheet as of its inception date instead of a balance sheet as of its first fiscal year end. For an offering conducted more than 120 days after the issuer’s first annual balance sheet date, the date of the most recent annual balance sheet determines the period for which statements of comprehensive income, cash flows and changes in stockholders’ equity must be provided. The C&DI included the following chart with an illustrative example for an issuer with a December 31 fiscal year end that starts a Regulation Crowdfunding offering in June 2016:

Rule 204: Advertising. Issuers may advertise the terms of a Regulation Crowdfunding offering through channels other than those provided by the crowdfunding intermediary on the intermediary’s platform, but solely in the form of "tombstone" advertisements (containing only the limited information described in Rule 204(b) of Regulation Crowdfunding). Issuers may also advertise the terms of the offering through a video that complies with Rule 204(b). Even a third-party publication (such as a media article) that includes any terms of the offering would be subject to Rule 204, if the issuer directly or indirectly participated in preparing the publication. The SEC included a distinction that, if the third-party publication did not advertise the terms of the offering, it would not be subject to Rule 204 but could still constitute an “offer” under the securities laws. Advertisements that do not include any terms of the offering are not subject to the Rule 204 limitations on advertising.

Rule 205: Promoter compensation. Third-party promoters that are compensated for promoting the issuer’s offering outside of the intermediary’s communication channels are still subject to the notice requirements of Rule 204(b) of Regulation Crowdfunding.