; or (ii) section 4A(b) or any regulation issued under that section; . (b) Liability for material misstatements and omissions Section 4A(c) of the Securities Act of 1933 ( 15 U.S.C. 77d–1(c) ) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: (3) Liability of funding portals For the purposes of this subsection, a funding portal, as that term is defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ), shall not be considered to be an issuer unless, in connection with the offer or sale of a security, the funding portal knowingly— (A) makes any untrue statement of a material fact or omits to state a material fact in order to make the statements made, in light of the circumstances under which they are made, not misleading; or (B) engages in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. . (c) Applicability of Bank Secrecy Act requirements (1) Securities Act of 1933 Section 4A(a) of the Securities Act of 1933 ( 15 U.S.C. 77d–1(a) ) is amended— (A) in paragraph (11), by striking and at the end; (B) in paragraph (12), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (13) not be subject to the recordkeeping and reporting requirements relating to monetary instruments under subchapter II of chapter 53 of title 31, United States Code. . (2) Title 31, United States Code Section 5312 of title 31, United States Code, is amended by striking subsection (c) and inserting the following: (c) Additional clarification The term financial institution (as defined in subsection (a))— (1) includes any futures commission merchant, commodity trading advisor, or commodity pool operator registered, or required to register, under the Commodity Exchange Act ( 7 U.S.C. 1 et seq. )