Authorized replace: Assessment and public session on crowdfunding in 2022

On this snapshot authorized replace, we report that on 25 Could 2022, in a written reply by Mr. Christopher Hui, the Secretary for Monetary Companies and the Treasury, to Legislative Council questions on crowdfunding, Mr. Hui confirmed that the Hong Kong Authorities is reviewing the regulation of crowdfunding in Hong Kong.

The target of the overview is to supply clearer regulatory necessities, and to strengthen the transparency and accountability of crowdfunding actions. The overview may also concentrate on strategies to forestall fraudulent crowdfunding actions for probably unlawful functions. The overview will embody a public session to be accomplished inside 2022 to hunt suggestions on the particular contents of the long run regulatory framework, together with:

  • the scope of crowdfunding actions to be regulated;
  • regulatory necessities for various kinds of crowdfunding actions;
  • utility, registration, disclosure and account auditing necessities;
  • the function of regulatory businesses; and
  • enforcement preparations.

The overview will tackle all 4 frequent sorts of on-line crowdfunding actions, being:

Fairness crowdfunding: Fairness crowdfunding is the net providing of shares in a personal firm to a gaggle of individuals for funding.

Peer-to-peer lending: People get hold of loans straight from different people underneath a platform that permits people to supply one another and deal straight with out a monetary establishment to intermediate.

Donation-based crowdfunding: Funds are raised for making donations to charitable actions or different causes.

Reward or pre-sale-based crowdfunding: Fundraisers present items or providers (typically whereas these items or providers are in improvement) in return for funds offered by contributors.

The total query and response by the Secretary for Monetary Companies and the Treasury concerning the proposal overview and public session on crowdfunding is out there right here.

Similar Posts