FMA approves equity crowdfunding licence to PledgeMe and Snowball Effect

Wed, 30 Jul 2014

By Suze Metherell July 31 (BusinessDesk) - The Financial Markets Authority has awarded its first equity crowd funding licences to two platforms, nearly five months after the process first began. Wellington-based PledgeMe and Auckland-based Snowball Effect gained licences under the new Financial Markets Conduct Act, which came into effect on April 1, providing a regime where projects can raise a maximum of $2 million offering equity through crowd sourcing platforms. The platforms have the potential to build a secondary market, where invest...

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