Regulations

Understanding the changing regulations that relate to the emerging online funding market can be a complex matter. We have provided, below, overviews of the regulations in some of the regions that have seen the most regulatory activity over the past few years.

United States

• Minnesota Gives Green Light to Digital Investing (18 June 2015)
  

• Vermont's Crowdinvesting Exemption (4 June 2015)
  

• Crowd Valley Releases the US Intrastate Crowdfunding Regulations Report (2 June 2015)
  

• Illinois Adopts Intrastate Online Investing Exemption (28 May 2015)
  

• Two Online Investing Bills Competing to Establish in California (11 May 2015)
  

• Invest Indiana Crowdfunding Exemption Enters into Effect (20 April 2015)
  

• Colorado: Another Step towards Allowing Online Investing (13 April 2015)
  

• SEC Adopts New Rules for Regulation A+: Has the SEC created a more useful option for companies with the "Mini-IPO"?  (30 March 2015)
  

• Title IV, Regulation A+ Passed Into Law (25 March 2015)
  
• Massachusetts Launches a Public Hearing on Intrastate Crowdinvesting Rules (16 March 2015)

• Virginia Approves Intrastate Online Investing Regulations (12 March 2015)
  

• North Carolina: Two Crowdinvesting Bills Compete for General Assembly's Approval  (23 February 2015)
  

• Arizona: a Bill to Allow Online Investing (9 February 2015)
  

• Colorado Towards Allowing Intrastate Online Investments (5 February 2015)
  

• Massachusetts Legalizes Crowdinvesting (19 January 2015)
  

• Oregon's Intrastate Crowdfunding Rules Expected This Month (8 January 2014)
  

• SEC Sets timelines for the JOBS Act Title V & VI (19 December 2014)
  

• Road blocked: Battle over the meaning of "Qualified Purchaser" for Regulation A (15 December 2014)
  

• What the SEC Can Learn from Intrastate Crowdfunding (4 December 2014)
  

• Texas Allows Crowdinvesting (27 October 2014)
  

• New Mexico Joins the Intrastate Crowdfunding Movement (2 October 2014)
  

• Recent Developments of Michigan Intrastate Crowdfunding (22 September 2014)
  

• Kentucky Funds Crowds (1 September 2014)
  

• If the SEC Changes the Definition of "Accreditated Investor" (11 August 2014)
  

• The Improved US Capital Markets for Realized American Dreams (3 July 2014)
  

• Intrastate Crowdfunding (5 June 2014)
  
• British Columbia Is Now Considering Regulations for Crowdfunding (29 May 2014)
  

• SEC's comment period is over: what issues still remain? (10 February 2014)
  
• How can I crowdfund now? (7 November 2013)
• The JOBS Act: where are we now? (28 October 2013)
• JOBS Act: not only crowdfunding (30 September 2013)
• SEC changes rules governing the marketing of sales of securities (24 June 2013)
• The SEC’s recent ‘no action’ letters (6 May 2013)
• A letter to the SEC (21 June 2012)
• A look at regulatory innovation in the US (12 April 2012)
• Obama signs JOBS Act into law (6 April 2012)
• Crowdfunding Bill Requires Legislation by Crowd – A Conversation with U.S. Congressman Patrick McHenry (6 February 2012)

Europe

• European Banking Authority Peer-to-Peer Lending (5 March 2015)
  

• Capital Markets Union: EU's Initiative to Unlock Business Funding (2 March 2015)

• European Commission is "unleashing the potential of Crowdfunding" (6 May 2014)
• The European Commission Believes in Crowdfunding (31 March 2014)
• How is securities crowdfunding evolving in Europe? (21 November 2013)
• European crowdfunding market: growth and obstacles (3 June 2013)

United Kingdom

• UK's ISAs  Scheme to Include P2P Investment Trusts (22 June 2015)

• P2P Lending will be Included in ISAs Scheme from 2016 (2 April 2015)
  

• Financial Promotion through Social Media: the FCA Releases a Guide (19 March 2015)
  

• Peer-to-Peer Lending Tax Discounts Introduced in the UK (10 April 2014)

• A Closer Look at UK Crowdfunding Rules (24 March 2014)
• UK Securities Crowdfunding Market: Towards a New Regulation (17 March 2014)
• Crowd Valley Comment on FCA Consultation Paper (17 December 2013)

Canada

• Ontario Releases Guidelines for P2P Lending (25 June 2015)

• New Crowdfunding Regime in Canada (26 February 2015)

• British Columbia Is Now Considering Regulations for Crowdfunding (29 May 2014)
  

• Canada: Towards a Harmonized Securities Crowdfunding Regulation? (24 April 2014)
  
• Ontario leads the way for equity crowdfunding in Canada (8 July 2013)

Italy

• Italy Expands Equity Crowdfunding to "Innovative SMEs" (26 January 2015)
  

• A look at Italy’s enacted regulations for equity crowdfunding (22 June 2013)
• Equity crowdfunding regulations in Italy (17 June 2013)
• Keynote at Italy’s first crowdfunding conference (30 October 2012)

Germany

• Germany Adopts Regulation for Online Investing (27 April 2015)
  

• Germany's New Rules for Crowdfunding: Will They Help the Market to Grow? (24 November 2014)
  

• Germany Proposes Rules to Protect Small Investors (7 August 2014)

Spain

• Spain's Regulation for Online Investing: A Good Case (7 May 2015)
  

• Spanish Securities Crowdfunding Regulations: a Change of Approach (19 May 2014)

• Spanish Government to Discuss a Regulation for Securities Crowdfunding (3 March 2014)

France

• France launches new rules for securities crowdfunding (17 February 2014)
• France’s first steps towards a crowdfunding regulation (14 October 2013)

Finland

• Finland Releases Guidelines for Securities Crowdfunding (31 July 2014)
  

Australia

• Reviving the Debate over Securities Crowdfunding Rules in Australia (9 January 2014)
  

• Australia's First Steps Towards Equity Crowdfunding (9 June 2014)
• Equity Crowdfunding Down Under (12 December 2013)

New Zealand

• New Zealand to get its Crowdfunding Framework (17 July 2014)
• No Cap On Investments for Crowdfunders in New Zealand (13 March 2014)
• Crowd Valley Keynote at Pacific Crowdfunding Symposium (18 November 2013)

China

• Rules for P2P Lending in China are on the Way (23 March 2015)
  

• China: the Emerging Online Equity Investing Market and Regulations (2 February 2015)
  

• Recent Developments of Chinese Securities Crowdfunding (21 July 2014)

• P2P Lending in China: Regulation or Not? (1 December 2014)
  

• Will Crowdfunding and P2P Lending Ever Establish in China? (27 February 2014)

India

• India Considers Regulations for Securities Crowdfunding (23 June 2014)

Japan

• Japan Promoting Crowdfunding in New Bill (17 April 2014)

Malaysia

• Malaysia Releases Guidelines for Equity Crowdfunding Platforms (9 April 2015)
  

• Malaysia Updated Securities Crowdfunding Regulations (6 October 2014)

• Malaysia Proposes Regulation for Equity Crowdfunding (28 August 2014)

Thailand

• Thai SEC Announces Digital Investing Regulations Are on the Way (16 February 2015)
  

Singapore

• Singapore Launches Public Consultations on Online Investing Rules (19 February 2015) 

Taiwan

• Online Investing in Taiwan: Almost a Reality (30 April 2015)