Authorized replace: Overview 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 evaluate is to offer clearer regulatory necessities, and to strengthen the transparency and accountability of crowdfunding actions. The evaluate may even deal with strategies to forestall fraudulent crowdfunding actions for doubtlessly unlawful functions. The evaluate will embrace a public session to be accomplished inside 2022 to hunt suggestions on particular contents of the long run regulatory framework, together with:

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

The evaluate will deal with all 4 frequent forms of on-line crowdfunding actions, being:

Fairness crowdfunding: Fairness crowdfunding is the web providing of shares in a non-public firm to a bunch of individuals for funding.

Peer-to-peer lending: People receive loans instantly from different people below a platform that permits the people to supply one another and deal instantly and not using a financial institution 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 (usually whereas these items or providers are in growth) in return for funds offered by contributors.

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

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