FundersClub said it received a no-action letter from the Securities and Exchange Commission. The letter suggests that the SEC will not take action against venture capital advisers who are not registered as broker dealers, the company said.
FundersClub operates a site that aggregates money from accredited investors for investments in startups. The firm recently announced a $1.1 million fund to invest in Y Combinator startups.
Here is a link to the no-action letter.
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