---
kind: "section"
citation: "17 C.F.R. § 227.403"
title: "17"
number: "227.403"
heading: "Compliance."
url: "https://uscodex.org/cfr/17/227.403"
---

# §227.403. Compliance.

- (a) **Policies and procedures.** A funding portal must implement written policies and procedures reasonably designed to achieve compliance with the federal securities laws and the rules and regulations thereunder relating to its business as a funding portal.
- (b) **Privacy.** A funding portal must comply with the requirements of [part 248](/cfr/17/part248.md) of this chapter as they apply to brokers.
- (c) **Inspections and examinations.** A funding portal shall permit the examination and inspection of all of its business and business operations that relate to its activities as a funding portal, such as its premises, systems, platforms, and records by representatives of the Commission and of the registered national securities association of which it is a member.

## 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.