---
kind: "section"
citation: "17 C.F.R. § 227.401"
title: "17"
number: "227.401"
heading: "Exemption."
url: "https://uscodex.org/cfr/17/227.401"
---

# §227.401. Exemption.


A funding portal that is registered with the Commission pursuant to [§ 227.400](/cfr/17/227.400.md) is exempt from the broker registration requirements of section 15(a)(1) of the Exchange Act ([15 U.S.C. 78o(a)(1)](/usc/15/78o.md?p=a-1)) in connection with its activities as a funding portal.


## Notes

### Authority

Authority: 15 U.S.C. 77d, 77d-1, 77s, 77z-3, 78c, 78o, 78q, 78w, 78mm, and Pub. L. 112-106, secs. 301-305, 126 Stat. 306 (2012).

### Source

Source: 80 FR 71537, Nov. 16, 2015, unless otherwise noted.