Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Foss welcomes first crowd-funding licence

Foss welcomes first crowd-funding licence


Commerce Minister Craig Foss today welcomed New Zealand’s first equity crowd-funding and peer-to-peer lending licences.

“The Financial Markets Conduct Act, passed in August last year, made crowd-funding and peer-to-peer lending possible. It is fantastic to see the first licences come through,” Mr Foss says.

The Financial Markets Authority issued the licences after a thorough assessment of each organisation’s licencing application.

“New Zealand needs more innovative businesses to increase economic growth – this is one way for early-stage and growth companies to source the risk capital they need to flourish,” Mr Foss says.

“We are leading the way in the Asia-Pacific region with a robust framework that will give these services the best chance of succeeding.”

Crowd-funding and peer-to-peer service providers are not required to prepare prospectuses or investment statements before fundraising from the public.

“These initiatives are part of the Government’s Business Growth Agenda to build New Zealand’s capital markets and drive business growth, exports and jobs,” Mr Foss says.

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.