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菲律宾监管机构发布新的众筹规则! | 互金出海菲律宾岛群第103期

2019-07-27 22:53:34

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菲律宾监管机构美国证券交易委员会(SEC)已经发布了关于众筹的规则和规定,作为在市场中提供确定性的方式,以便初创公司和中小企业可以获得资金,同时为公众提供更多的投资选择。

 

在菲律宾,“证券监管法”(SRC)第8节规定,在没有经委员会正式提交和批准的登记声明的情况下,证券不得在菲律宾境内出售或出售或分发。 但是,为了促进获得融资,只要所涉及的每个人都遵守规定,新规则就可以免除众筹证券的注册。

 

监管机构看到四种类型的众筹:

  1. 基于捐赠的众筹,个人集中资源支持慈善事业;

  2. 基于奖励的众筹,个人向公司提供资金以换取“奖励”,通常是公司生产的产品;

  3. 基于贷款的众筹,个人向公司贷款并获得公司具有法律约束力的承诺,以预先确定的时间间隔和利率偿还贷款;和

  4. 基于股权的众筹,个人投资于公司出售的股票,并以股息或分配的形式获得一部分利润,具体取决于公司的自由裁量权。

根据新规定,基于奖励和基于捐赠的众筹不受证券监管,因为它们不涉及证券发行或财务回报的前景。

 

基于贷款和股权的众筹涉及以债券或股票形式提供证券,因此在大多数司法管辖区受到证券监管。

 

新规定规定众筹门户网站必须向美国证券交易委员会注册,众筹交易必须通过注册中介机构进行。

 

任何相关的投资信息,如发行人信息,费用,收费和其他费用,以及投资者权利信息必须突出显示,他们不能提供任何建议,对其平台上显示的证券进行任何征求,奖励任何员工或出售任何证券的代理人,他们不能持有,管理,拥有或以其他方式处理投资者的资金或证券。

 

一旦注册,众筹平台的一些限制包括:向任何投资者提供和出售时的1000万比索限制,以及向合格投资者提供(和出售)时的5000万比索限额。

 

对于散户投资者,总投资上限为200万比索,最高值为每年总收入的5% - 但如果他们的总收入超过200万比索,则他们可以获得最高年总收入的10%。

 

这些限制不适用于受SRC其他规则管辖的合格投资者。

 

众筹平台在生效前有三个月的时间过渡到规则,监管机构建议在此时间内完成注册。

 

那些在三个月过渡阶段提交注册申请的人可以继续运作,直到委员会就其申请作出决定。

 

否则,未能在此过渡阶段提交申请的人将被视为违反美国证券交易委员会规则和条例进行众筹活动。

 

原文:Philippines’ Regulators Issues New Crowdfunding Rules

 

Philippines’ regulator, Securities and Exchange Commission (SEC) has released its rules and regulations on crowdfunding as its way of providing certainty in the market so that startups and SMEs can access funding, while the public is given more investment options.

In the Philippines, Section 8 of the Securities Regulation Code (SRC) provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission. However, to promote access to finance,  the new rules provides an exemption from registration of crowdfunding securities as long as everyone involved complies.

The regulator sees four types of crowdfunding:

  1. Donation-based crowdfunding, where individuals pool their resources to support a charitable cause;

  2. Reward-based crowdfunding, where individuals give money to a company in return for a “reward,” usually a product produced by the company;

  3. Lending-based crowdfunding, where individuals lend money to a company and receive the company’s legally-binding commitment to repay the loan at pre-determined time intervals and interest rate; and

  4. Equity-based crowdfunding, where individuals invest in shares sold by a company and receive a share of the profits in the form of a dividend or distribution, subject to the company’s discretion.

Under the new regulations, reward-based and donation-based crowdfunding are not subject to securities regulation as they do not involve offers of securities or the prospect of financial returns.

Lending-based and equity-based crowdfunding involves the offer of securities in the form of debentures or shares, and thus are subject to securities regulation in most jurisdictions.

The new regulations stipulate that crowdfunding portals must register with the SEC and crowdfunding transactions must be conducted exclusively through registered intermediaries.

Any related investment information like issuer information, fees, charges, and other expenses, and information on investor rights must be displayed prominently, and they can’t offer any advice, do any soliciting for the securities displayed on its platform, reward any employee or agent for the sale of any securities, and they can’t hold, manage, possess, or otherwise handle investor funds or securities.

Once registered, some limits on crowdfunding platforms include: a 10 million pesos limit when offered and sold to any investor, and a 50 million pesos limit when offered (and sold) to qualified investors.

Total investments are capped at 2 million pesos for retail investors with a maximum value of 5% of their total income per year—but if their total income exceeds 2 million pesos, then they can get a maximum value of 10% of their total income per year.

The limits don’t apply to qualified investors, who are governed by other rules in the SRC.

Crowdfunding platforms are given three months to transition into the rules before they become effective, and the regulator recommends that registrations are done in that time.

Those who submit an application for registration within the three-month transition phase may continue its operations until the commission has made a decision regarding its application.

Otherwise, those who fail to submit an application during this transition phase will be regarded as carrying on crowdfunding activities in violation of SEC rules and regulations.


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