Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Crowd funding gets green light

Hon Craig Foss

Minister of Commerce

27 February 2014       Media Statement       

Crowd funding gets green light

Commerce Minister Craig Foss today announced Cabinet has approved regulations for crowd funding and peer-to-peer lending as part of the Government’s financial market overhaul.

Mr Foss has announced that there will be no investor caps for equity crowd-funding, other than the previously announced $2 million cap that a company can raise through crowd funding each year.

“Crowd funding provides a platform where contributors receive shares in the businesses they invest in, providing a new avenue for early-stage and growth companies to source the risk-capital they need to grow,” says Mr Foss.

Under the new regulations, offers engaging in equity crowd funding and peer-to-peer lending will no longer need to prepare a prospectus or an investment statement before fund raising from the public.

“This is an exciting development for both start-up businesses and investors. With the regulations coming into force on 1 April, New Zealand will lead the Asia-Pacific region is the development of crowd-funding regulation.

“Crowd-funding is one of several changes the Government is making to support confident and informed participation in New Zealand’s financial markets.

“Implementing the Financial Markets Conduct Act is a key component of the Government’s Business Growth Agenda to build New Zealand’s capital markets and drive business growth, exports and jobs,” says Mr Foss. 

For more information on the Financial Markets Conduct Act implementation, visitwww.fma.govt.nz/keep-updated/the-future-of-financial-markets.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog