IOSCO Crowdfunding 2015 Survey Responses Report

1. INTRODUCTION

In late Dec 2015, the International Organization of Securities Commissions ("IOSCO") released a report ("Survey Report") summarising its findings following a survey of twenty three IOSCO members concerning regulation of crowdfunding.

The following key points were highlighted in the Survey Report:

• Regulatory approaches to crowdfunding;
• Capital requirements for crowdfunding activities in various jurisdictions;
• Regulations for the marketing of a crowdfunding platform versus marketing of offering;
• Conduct of due diligence of the offering;
• Issuer disclosure requirements;
• Offering document disclosure requirements; and
• Investor eligibility requirements.