SAN FRANCISCO The Securities and Exchange Commission said this week that it won’t pursue enforcement action against FundersClub, the operator of a website facilitating online venture capital investments.
Before the no-action letter, there was concern that FundersClub would run afoul of regulators for not being registered as a broker-dealer, said the company’s attorney, Bingham McCutchen partner W. Hardy Callcott. FundersClub first asked the SEC for the no-action letter back in October, Callcott said.
