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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

CySEC press release and policy statement on investment-based crowdfunding rules

On 15 January 2020, the Cyprus Securities and Exchange Commission issued a policy statement outlining its finalised rules for investment-based crowdfunding and a press release announcing the policy statement and the intended publication of a directive on investment-based crowdfunding.

In particular, the press release refers to CySEC’s previous publication of a consultation paper on 15 November 2019 (Consultation Paper) on the introduction of a set of complementary rules regarding investment-based crowdfunding, announcing that the relevant rules are due to be issued by means of a directive (the Crowdfunding Directive).

In the press release, CySEC notes that the Crowdfunding Directive relates solely to investment-based crowdfunding through transferable securities and excludes loan-based, reward-based and donation-based crowdfunding. It further states that the Crowdfunding Directive comprises a set of secondary rules for investment-based crowdfunding and is in this respect complementary to obligations under MiFID II, including, among others, conduct of business rules, management of conflict of interests, the holding of clients’ money and financial instruments as well as product governance rules, in a proportionate manner.

In turn, the policy statement summarises the feedback received in response to the Consultation Paper and sets out CySEC’s final position on the subject matter.

CySEC’s press release can be found here.

CySEC’s policy statement can be found here.

Harneys’ previous blog post on the consultation paper can be found here.