(a) Generally. A funding portal shall make and preserve the following records for five years, the first two years in an easily accessible place:

1. (1) All records related to an investor who purchases or attempts to purchase securities through the funding portal;
2. (2) All records related to issuers who offer and sell or attempt to offer and sell securities through the funding portal and the control persons of such issuers;
3. (3) Records of all communications that occur on or through its platform;
4. (4) All records related to persons that use communication channels provided by a funding portal to promote an issuer's securities or communicate with potential investors;
5. (5) All records required to demonstrate compliance with the requirements of subparts C (§§ 227.300 through 227.305) and D (§§ 227.400 through 227.404) of this part;
6. (6) All notices provided by such funding portal to issuers and investors generally through the funding portal's platform or otherwise, including, but not limited to, notices addressing hours of funding portal operations (if any), funding portal malfunctions, changes to funding portal procedures, maintenance of hardware and software, instructions pertaining to access to the funding portal and denials of, or limitations on, access to the funding portal;
7. (7) All written agreements (or copies thereof) entered into by such funding portal relating to its business as such;

8. (8) All daily, monthly and quarterly summaries of transactions effected through the funding portal, including:

   1. (i) Issuers for which the target offering amount has been reached and funds distributed; and

   2. (ii) Transaction volume, expressed in:

      1. (A) Number of transactions;
      2. (B) Number of securities involved in a transaction;
      3. (C) Total amounts raised by, and distributed to, issuers; and
      4. (D) Total dollar amounts raised across all issuers, expressed in U.S. dollars; and
9. (9) A log reflecting the progress of each issuer who offers or sells securities through the funding portal toward meeting the target offering amount.

(d) Third parties. The records required to be made and preserved pursuant to this section may be prepared or maintained by a third party on behalf of a funding portal. An agreement with a third party shall not relieve a funding portal from the responsibility to prepare and maintain records as specified in this rule. A funding portal must file with the registered national securities association of which it is a member, a written undertaking in a form acceptable to the registered national securities association, signed by a duly authorized person of the third party, stating in effect that such records are the property of the funding portal and will be surrendered promptly on request of the funding portal. The undertaking shall include the following provision:

With respect to any books and records maintained or preserved on behalf of [name of funding portal], the undersigned hereby acknowledges that the books and records are the property of [name of funding portal], and hereby undertakes to permit examination of such books and records at any time, or from time to time, during business hours by representatives of the Securities and Exchange Commission and the registered national securities association of which the funding portal is a member, and to promptly furnish to the Commission, its representatives, and the registered national securities association of which the funding portal is a member, a true, correct, complete and current hard copy of any, all, or any part of, such books and records.