This circular applies to licensed securities-based crowdfunding (SCF) operators. It sets out the measures SCF operators should put in place to assess issuers, manage defaults or cessations, and disclose interest and default rates.
Published Date: 08 June 2016
Guidelines on Personal Offers Made Pursuant to the Exemption for Small Offers
Guidance on what constitutes a "personal offer" under the small offer exemption in Part XIII.
- Statutory requirements.
- Policy objective of the small offers exemption.
- Nature of a personal offer.
- Relationships that would and would not satisfy the "personal offer" test.
- Proper records and documentation of offers.