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Securities and Exchange Commission

The U.S. Securities and Exchange Commissioners on Wednesday unanimously voted to propose a set of rules on crowdfunding that would allow smaller investors to buy equity stakes in startups.

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It’s a significant move after much delay, but only an intermediate one, given that this is just a proposal. The next step is a 90-day public comment period.

The SEC indicated that it would be looking for hefty disclosures from companies looking to raise funds from the crowd. But it hasn’t posted the full proposal online, and a spokesperson said that was unlikely to happen until tomorrow. (When it arrives, it will be here.) Until then, the folks at crowdfunding portal CircleUp helpfully provided a fact sheet that the SEC distributed about today’s hearing:

SEC crowdfunding fact sheet

Update 10:30 am PT: Well, that was quicker than forecast. Here’s the full proposal:

Www.sec.Gov Rules Proposed 2013-33-9470

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