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MAS to Improve Access to Crowd-funding for Start-ups and SMEs

Singapore, 8 June 2016... The Monetary Authority of Singapore (MAS) announced today that

it will make it easier for start-ups and Small and Medium Enterprises (SMEs) to access

securities-based crowd-funding (SCF) in two ways.

2 First, MAS will make it easier for SCF platform operators to rely on the existing

regulatory framework for small offers, to raise funds through SCF including from retail

investors. For such platform operators, MAS will simplify the pre-qualifications that

currently allow issuers raising less than $5 million within 12 months to do so without having

to issue a prospectus.1

operators to document and disclose the key risks of SCF investments and obtain investors’

acknowledgement that they have read and understood these risks.

3 Second, MAS will reduce the financial requirements for SCF platform operators who

want to raise funds through SCF only from accredited and institutional investors. MAS will

ease the financial requirements for these platform operators to be licensed as dealing

intermediaries, as long as they do not handle or hold customer monies, assets or positions,

and do not act as principal against their customers. Both the base capital requirement and

minimum operational risk requirement for such intermediaries will be reduced from

$250,000 to $50,000. The requirement for a $100,000 security deposit will also be

removed. This will allow more qualifying SCF platform operators to operate in this

restricted space and takes into account the limited systemic and business conduct risks

posed by such intermediaries.

4 MAS will publish new guidelines on SCF-related advertising and Frequently Asked

Questions (FAQs) on lending-based crowdfunding. The new guidelines will clarify that the

advertising restrictions in the Securities and Futures Act (Cap. 289)2

platform operators from publicising their services and provide guidance on the manner in

which such advertisements can be made. The FAQs will help market participants, including

SCF platform operators, better understand the regulatory framework underpinning lending-
based crowdfunding.

5 Mr Lee Boon Ngiap, Assistant Managing Director, Capital Markets, MAS said,

“Securities-based crowdfunding is a useful addition to our financing landscape. At the same

As a safeguard for investors, MAS will require these SCF platform

do not prohibit SCF

Monetary Authority of Singapore

10 Shenton Way MAS Building Singapore 079117 Telephone : (65) 6225-5577

time, SCF investments can be quite risky. The measures we are implementing seek to strike

the right balance between improving access to SCF for start-ups and SMEs and protecting

investor interests. The public consultation exercise has been very useful in helping us arrive

at this balanced approach.”

6 MAS’ response to the public consultation can be found here.
8 The public consultation will be open from 6 June 2016 to 8 July 2016. A copy of the public consultation paper is available on the MAS website

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