This policy statement summarises and gives response feedback to CP13/13 - The FCA’s regulatory approach to crowdfunding (and similar activities). We also publish rules that came into force on 1 April 2014.
Why are we publishing this policy statement?
In this paper we outline the new regime that will apply to firms operating loan-based crowdfunding platforms (including peer-to-peer lending platforms).
We also update the regime applying to firms that either operate investment-based crowdfunding platforms or carry on similar regulated activities.
Who should read this paper?
This policy statement will interest:
- consumers and consumer organisations with an interest in the investments offered on crowdfunding platforms
- firms that operate peer-to-peer or peer-to-business lending platforms
- firms that operate investment-based crowdfunding platforms
- firms that use offline media to communicate direct offer financial promotions for non-readily realisable equity or debt securities
The new and amended rules came into force on 1 April 2014, subject to certain transitional arrangements.
In this paper we look at the implementation of the new rules so far. We will conduct a full post-implementation review of the rules in 2016.
Interim data gathering for firms running peer-to-peer platforms
Our rules require firms operating peer-to-peer platforms under interim permission to report certain information to us on a regular basis:
- Report FSA039 confirms whether or not the firm held client money or client assets in the reporting period (i.e. the previous half-year). This report is required half-yearly.
Use this form if you have been asked to submit report FSA039 to us
- Report FIN070 summarises details of peer-to-peer agreements that have been arranged in the reporting period (i.e. the previous quarter-year). This report is required on a quarterly basis.
Use this form if you have been asked to submit report FIN070 to us
The completed forms, or an email confirming a Nil Return, should be sent to firstname.lastname@example.org.
If you have any questions about this data collection, please contact us.
For more information:
- see our information for consumers on crowdfunding
- read CP13/13 - The FCA’s regulatory approach to crowdfunding (and similar activities)
- read our review
- look at the Handbook