Crowd-funding for investment, not refinancing loans, say draft regulations

Thu, 31 Oct 2013

Oct. 31 (BusinessDesk) – Draft regulations governing the practice of crowd-funding suggest such offers should be limited by a “principal purpose” test to ensure crowd-funding services match issues with investors who have small amounts to invest. The proposal is one of hundreds of draft regulations released for consultation and submissions by Dec. 5 to give effect to the new Financial Markets Conduct Act. The Act represents a total rewrite of financial market conduct rules, simultaneously seeking to tighten investor protections while removing...

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