17 CFR § 227.403 - Compliance.

---
identifier: "/us/cfr/t17/s227.403"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 227.403 - Compliance."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "227.403"
section_name: "Compliance."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "227"
part_name: "REGULATION CROWDFUNDING, GENERAL RULES AND REGULATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
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)."
regulatory_source: "80 FR 71537, Nov. 16, 2015, unless otherwise noted."
cfr_part: "227"
---


# 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 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.