AU-4.6.2
Past version: Effective from 01 Oct 2017 to 31 Mar 2022
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The CBB may license a
(a) The applicant must be locally incorporated as a Joint Stock Company;
(b) The applicant is able to demonstrate that will be able to operate an orderly, fair and transparent market in relation to the transactions offered through its electronic facilities;
(c) The applicant appoints at least two approved persons. One of the approved persons must be a Compliance Officer who can also handle the responsibilities of the MLRO, and the second person is the CEO of the crowdfunding platform operator ;
(d) The business rules of the crowdfunding platform operator must make satisfactory provisions–
(i) For the protection of investors/lenders and public interest;
(ii) To ensure proper functioning of the platform;
(iii) To promote fairness and transparency;
(iv) To manage any conflict of interest that may arise;
(v) To promote fair treatment of its users or any person who subscribe for its services;
(vi) To promote fair treatment of any person who is hosted, or applies to be hosted, on its platform;
(vii) To ensure proper regulation and supervision of its users, or any person utilising or accessing its platform, including suspension and expulsion of such persons;
(viii) To provide an avenue of appeal against the decision of the licensed crowdfunding platform operator.
(ix) To clarify the criteria for admission of lenders/investors and the exclusion, suspension, expulsion and re-admission of lenders/investors therefrom or thereto;
(x) To describe the proposed technology, IT system and disaster recovery plan; and
(xi) For the oversight and controls over outsourced activities, if any.
Added: October 2017