CMI 27/2018 Controls and Disclosures for Licensed Securities-Based Crowdfunding Operators

Circulars

Last Revised Date: 05 March 2021

CMI 27/2018 Controls and Disclosures to be Implemented by Licensed Securities-Based Crowdfunding Operators

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.

Disclosures

Operational Risk

Offers of Securities or Securities-Based Derivatives Contracts

Applies to:

Securities Crowdfunding

,

Dealing in Capital Markets Products

View Document

CMI 27/2018 Controls and Disclosures to be Implemented by Licensed Securities-Based Crowdfunding Operators

(253.1 KB)

Resources:

Annex A1 and A2 (34.8 KB)

Previous documents:

CMI 27/2018 Controls and Disclosures to be Implemented by Licensed Securities Based Crowdfunding Operators uploaded 23 August 2018 (739.3 KB)

Annex A Notification to MAS on Default of an Issuer (12 KB)

How to qualify to be a CMS licensee (other than a fund manager or REIT manager).

Provides guidance on the regulation of lending-based crowdfunding, including licensing of lending-based crowdfunding operators and applicable prospectus requirements or exemptions on offers of debentures.

Guidance on advertising restrictions set out in certain prospectus exemptions in Part XIII.

Guidance on what constitutes a "personal offer" under the small offer exemption in Part XIII.

Proposals to facilitate crowdfunding which involves the offer of securities to accredited and institutional investors.

Consultation number:

P005 - 2015

Start date:

16 February 2015

Closing date:

18 March 2015

MAS response date:

08 June 2016