RegAlert2016-06-18
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DFSA Consultation Paper No. 109 – Crowdfunding Framework for SME Financing Through Lending
The Dubai Financial Services Authority (DFSA) proposes a new regulatory framework for loan-based crowdfunding platforms operating in the Dubai International Financial Centre (DIFC). The consultation outlines regulatory fundamentals for platform operators, authorized financial services firms, compliance service providers, and potential investors. Interested parties are invited to submit written comments via the provided table by 2 March 2017 to help finalize the DFSA’s approach to regulating SME financing through digital lending portals.
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18 Jun 2016, 02:06 am
NOTICE OF CONSULTATION PAPER RELEASE
TAKE NOTICE THAT:
The DFSA has released the following for Consultation:
Consultation Paper No. 109 – Crowdfunding: SME Financing Through Lending
In 2016, the DFSA announced its preparedness to deal with the evolving world of financial technology, or FinTech. Since then, the DFSA has been dealing with, and discussing opportunities with, a number of interested parties in the FinTech area. Some of these discussions have been in the area of crowdfunding.
Crowdfunding is a way in which people, organisations and businesses (including business start-ups) can raise money through on-line portals (crowdfunding platforms) to finance or re-finance their activities and enterprises.
In this Consultation Paper (CP), we propose introducing a framework for firms intending to operate a loan-based crowdfunding platform. This CP is the first of a series of papers which will set out the DFSA’s approach to the regulation of crowdfunding and of Fintech more generally.
Our proposals, as set out in the CP, cover what we believe to be the regulatory fundamentals for loan-based crowdfunding platforms:
Who is this CP aimed at?
This paper will be of interest to: • Persons who intend to set up a loan-based crowdfunding platform in the DIFC; • Authorised Firms providing financial services in the DIFC; • Persons providing legal, accounting, audit, oversight of compliance services in the DIFC, or who wish to provide such services; and • Potential investors.
What are the next steps?
The DFSA invites interested parties to provide their views and comments on the issues outlined in the consultation paper, using the Table of Comments provided, to consultation@dfsa.ae . Please mention the Consultation Paper number (109) in the subject line.
The deadline for providing comments on this consultation is 2 March 2017. This paper can be viewed on the DFSA website or by clicking on the above link.
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Source: Dubai Financial Services Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works