SC invites applications for registration as ECF and P2P funding operators
By Digital News Asia July 6, 2018
- As at June 2018, the SC has registered seven ECF operators, six P2P financing operators
- Platforms have benefited more than 300 micro, small, and medium enterprises
THE Securities Commission Malaysia (SC) announced on July 5 that it is inviting parties interested to operate equity crowdfunding (ECF) or peer-to-peer (P2P) financing platforms to submit applications for registration with the SC.
Applications must be submitted to the SC latest by Sept 7, 2018.
As at June 2018, the SC has registered seven ECF operators and six P2P financing operators. These platforms have benefited more than 300 micro, small, and medium enterprises (MSMEs) to raise a total of RM118 million capital through more than 1,000 successful campaigns.
The Guidelines on Recognised Markets outline the requirements for registered ECF and P2P platforms, duties and responsibilities of an operator, and the type of issuers and investors who can participate in such activities. It is an offence under Section 7 of the Capital Markets and Services Act 2007 for any person to operate ECF and P2P platforms without prior authorisation from the SC.