Regulatory Alerts2023-11-07
Instruction COSOB No. 23-03 of November 7, 2023, specifying the information to be contained in the information document published by the participatory investment advisor
The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) issued Instruction No. 23-03 to mandate the specific content of information documents that participatory investment advisors must publish for equity crowdfunding projects. The instruction requires these documents to include a mandatory risk warning, detailed project biographies, comprehensive techno-economic studies, and explicit attestations of due diligence by both the project owner and the advisor. These requirements aim to ensure transparency and investor protection by standardizing disclosures regarding financial projections, risk factors, and the non-guaranteed nature of the investments.
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