FCA publishes final rules on crowdfunding
By Sam Robinson
The Financial Conduct Authority (FCA) has published its policy statement on the regulation of crowdfunding. This follows its consultation paper in October last year.
In short, the FCA has stated that respondents to the consultation paper generally agreed with the FCA’s approach and as such the rules in the consultation paper will, broadly speaking, be implemented as set out in the consultation paper. However, the FCA has noted that lower capital requirements than those envisaged in the consultation paper will be implemented.
Crucially, and as suggested in the consultation paper, crowdfunding platforms may be promoted to retail clients (as either self-certified sophisticated investors, high-net-worth individuals or retail clients who confirm that they will not invest more than 10 per cent of their net investible assets in crowdfunding products)…
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