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MAE-2.11.3

The scope of the due diligence exercise by a crowdfunding platform operator, referred to in Paragraph MAE- 2.11.2(a), must include taking reasonable steps including but not limited to:

(a) Conduct background checks on the equity crowdfunding issuer to ensure "fit and proper" requirements are met by the issuer, its board of directors, senior management and controlling owner; and
(b) Verify that the equity crowdfunding offering statement, lodged by the equity crowdfunding issuer, does not contain information that is false or misleading, in its opinion does not prejudice the interests of present or future investors and does not omit any material information.
Added: October 2017