DreamFunded Marketplace LLC and Fernandez FINRA Extension Order
Summary
The SEC granted FINRA an extension of time to respond to DreamFunded Marketplace LLC and Manuel Fernandez's renewed motion to stay FINRA expulsions, adopting Applicants' alternative request. FINRA must file its response by April 29, 2026, with Applicants' reply due by May 1, 2026. The underlying disciplinary action involved three independent expulsions of DreamFunded as a FINRA funding portal and three independent bars on Fernandez for association, based on violations of Commission Regulation Crowdfunding Rules and FINRA Funding Portal Rules.
“Accordingly, it is ORDERED that FINRA shall file its response to Applicants' renewed motion to stay DreamFunded's expulsions by April 29, 2026.”
FINRA-registered funding portals and broker-dealers facilitating securities crowdfunding should monitor the outcome of this SEC review of DreamFunded's disciplinary action. The underlying violations involved Commission Regulation Crowdfunding Rules and FINRA Funding Portal Rules — firms with similar business models should ensure their supervisory and compliance procedures are aligned with these requirements. The SEC's ruling on the renewed stay motion may signal how the Commission will approach the merits of the underlying crowdfunding violations.
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GovPing monitors SEC: Commission Opinions & Adjudicatory Orders for new securities & markets regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 48 changes logged to date.
What changed
The SEC issued an order granting FINRA's motion to extend time to file a response to Applicants' renewed motion to stay DreamFunded's expulsions. The order adopts Applicants' alternative request and sets specific deadlines: FINRA's response is due April 29, 2026, with Applicants' reply due May 1, 2026. This is a procedural scheduling order in an ongoing SEC review of FINRA disciplinary sanctions.
Affected parties and market participants should note that the underlying FINRA disciplinary action involves three independent expulsions of DreamFunded as a FINRA funding portal and three independent bars on Fernandez, imposed for violations of Commission Regulation Crowdfunding Rules and FINRA Funding Portal Rules. Firms registered as funding portals or broker-dealers engaged in crowdfunding activities should monitor this proceeding as it progresses through SEC review.
Archived snapshot
Apr 25, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
UNITED STATES OF AMERICA before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 105306 / April 24, 2026 Admin. Proc. File No. 3-20639 In the Matter of the Application of DREAMFUNDED MARKETPLACE, LLC and MANUEL FERNANDEZ For Review of Disciplinary Action Taken by FINRA ORDER GRANTING EXTENSION OF TIME On October 28, 2021, DreamFunded Marketplace, LLC ("DreamFunded") and Manuel Fernandez (together, "Applicants") filed an application for review of FINRA disciplinary action that imposed three independent expulsions of DreamFunded from membership as a FINRA funding portal and three independent bars on Fernandez from associating with a FINRA funding portal member. FINRA imposed these sanctions based on its finding that Applicants had 1 violated certain Commission Regulation Crowdfunding Rules, FINRA Funding Portal Rules, and FINRA Rules. Along with their application for review, Applicants also filed a motion to stay the expulsions and bars pending the Commission's consideration of their appeal. On November 12, 2021, the Commission denied Applicants' motion to stay. 2 On April 17, 2026, Applicants filed a renewed motion to stay DreamFunded's expulsions pending the Commission's consideration of their appeal. Applicants do not ask to stay the bars FINRA imposed on Fernandez. On April 22, 2026, FINRA filed a motion to extend the time to file its response to Applicants' renewed motion until May 8, 2026. Applicants oppose FINRA's request for an extension of time. In the alternative, Applicants request that FINRA be ordered to
Dept. of Enf't v. DreamFunded Marketplace, LLC, Compl. No. 2017053428201, 2021 1 WL 4909882 (NAC Sept. 27, 2021). DreamFunded Marketplace, LLC, Exchange Act Release No. 93566, 2021 WL 5311630 2 (Nov. 12, 2021).
respond by April 29, 2026, with Applicants' reply due by May 1, 2026. It appears appropriate to adopt Applicants' alternative request for good cause shown. 3 Accordingly, it is ORDERED that FINRA shall file its response to Applicants' renewed motion to stay DreamFunded's expulsions by April 29, 2026. Applicants' reply, if any, shall be filed by May 1, 2026. For the Commission, by its Secretary, pursuant to delegated authority. 4 Vanessa A. Countryman Secretary
See Rule of Practice 161(a), 17 C.F.R. § 201.161(a); see also Pending Administrative 3 Proceedings, Exchange Act Release No. 88415, 2020 WL 1322001 (Mar. 18, 2020) (providing that, pending further order of the Commission, reasonable requests for extensions of time will not be disfavored as stated in Rule of Practice 161). 17 C.F.R. § 200.30-7(a)(4). 4
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