Are You Interested or Involved in Crowdfunding OR Do You Act as a Director of Companies?

The Isle of Man Financial Services Authority and the Isle of Man Office of Fair Trading have issued a consultation paper on crowdfunding and non- crowdfunding related changes to the legislation that sets out which activities need to be licensed.

Part 1 details legislative changes to introduce the proposed new regulated activity of crowdfunding and the conditions that crowdfunding platforms will have to comply with. This will be of interest to any person currently offering or considering offering investment or loan-based crowdfunding services and users of such services.

Part 2 deals mainly with minor, housekeeping amendments to the legislation which will be of interest to those licensed under the Financial Services Act 2008. However, it also proposes some changes to exemptions for director services which may result in some individuals requiring a licence under the Act in future.

The consultation paper can be found here.

The closing date for comments is 31st January 2016.