About This Tool

What is the RegCF Compliance Tracker?

This tool monitors whether issuers who raised capital under Regulation Crowdfunding (Reg CF) are meeting their ongoing SEC reporting obligations. It analyzes data from SEC EDGAR filings and proprietary data from CCLEAR to determine each issuer's compliance status.

Reporting Obligations Under Reg CF

After a successful Reg CF offering, issuers must file annual reports (Form C-AR) with the SEC within 120 days of their fiscal year end. This obligation continues annually until the issuer is eligible to terminate reporting by filing Form C-TR.

To terminate, issuers must have filed at least one annual report and have fewer than 300 holders of record, OR have filed at least three annual reports and have less than $10 million in total assets.

Compliance Statuses

Compliant

All expected annual reports have been filed with no gaps.

Partially Compliant

Some annual reports filed, but one or more years are missing.

Non-Compliant

Expected annual reports are missing, or a termination filing was invalid (didn't meet requirements).

Terminated

Issuer validly terminated reporting obligations via Form C-TR after meeting all requirements.

Unverified

Issuer is filing annual reports, but we cannot confirm the underlying offering was actually funded.

Likely No Obligation

Offering appears to have not reached its target or was withdrawn before completion.

Too Early

Not enough time has passed since the offering to evaluate compliance.

Data Sources

SEC EDGAR: All Form C, C/A, C-U, C-AR, C-TR, and C-W filings since Reg CF began in May 2016.

CCLEAR: Proprietary data including actual close dates, final amounts raised, and investor counts not available through EDGAR alone.

C-AR XML Parsing: Each annual report's fiscal year period is extracted directly from the filing's XML document for accurate year assignment.

Methodology Notes

• Multiple offerings per issuer are tracked separately, with obligation periods for each.
• Investor counts are aggregated across all offerings for the 300-holder threshold check.
• C-TR validity is checked: issuers must have been continuously compliant before terminating.
• Withdrawn offerings with evidence of prior funding are flagged rather than dismissed.
• Form C-U amounts are lower bounds; final amounts come from CCLEAR proprietary data when available.