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  • Offers to Retail Clients

    • CFP-1.1.13

      Crowdfunding platform operators, upon onboarding retail clients, must undertake a suitability and appropriateness assessment to gauge the client’s knowledge, experience, financial situation (including the client’s ability to bear losses) and the client’s understanding of risks associated with crowdfunding by seeking information from the lender/investor.

      Added: April 2022

    • CFP-1.1.14

      Crowdfunding platform operators must ensure that each retail client completes a self-declaration form before the client is allowed to use the platform which must include the following acknowledgements:

      (a) that the client understands the risks involved in crowdfunding;
      (b) that the client will only commit money that the client can afford to lose;
      (c) that the client understands the potential to lose part or all of his investment made on the platform;
      (d) that the client may face difficulties in exiting his investments made on the platform; and
      (e) that the client is aware that the crowdfunding offer has neither been reviewed nor approved by the CBB.
      Added: April 2022

    • CFP-1.1.15

      Crowdfunding platform operators must provide retail clients unconditional right to withdraw their commitment to lend or invest in a crowdfunding offer within 5 working days from the time the commitment is made. No fee or penalty must be charged to such persons if a commitment is withdrawn.

      Added: April 2022