Isle Of Man To Regulate Crowdfunding
by Jason Gorringe, Lowtax.net, London
05 April, 2016
The Isle of Man has announced that it will regulate crowdfunding activities and, separately, it will tighten the rules for company directors and officers.
The draft legislation on crowdfunding will be considered by Tynwald at its April 2016 sitting. The proposed legislation is intended to result in a proportionate regulatory regime to facilitate the growth of the industry on the island, while providing appropriate safeguards for users of these services. A new fee will be introduced for crowdfunding businesses.
Changes being made to the Financial Services (Exemptions) Regulations will restrict the current financial services license exemptions for certain persons to avoid abuse and level the playing field vis-a-vis Professional Officers.
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