Isle of Man Financial Services Authority's combined response to its third consultation
The Isle of Man Financial Services Authority has published a combined response to its third consultation on crowdfunding and the draft legislation and licence conditions for crowdfunding platforms; plus other non-crowdfunding related changes.
- Both equity crowdfunding and loan crowdfunding platforms to be covered by the Financial Services Ombudsman Scheme by giving added protection to individuals.
- Exempt anyone operating a crowdfunding platform from the requirement to register as a moneylender under the Moneylenders Act 1991.
No comments were received in relation to the secondary legislation to be made by the OFT. The consultation response can be found here.