First crowd funding licences issued
Thursday, July 31st 2014, 9:50AM
PledgeMe and Snowball Effect are the first companies to be licenced to offer equity crowd funding services in New Zealand.
Equity crowd funding has been enabled under the Financial Markets Conduct Act. Many of the companies looking to raise funds will be start-up or early-stage businesses. Companies are limited to raising no more than $2 million from the public in any 12-month period.
Companies issuing securities through crowd funding services require less disclosure than companies listed on the registered exchange, NZX. Companies seeking raise capital this way tend to be at a much earlier stage in their existence than listed companies, so their financial track record and business prospects will be much less clear.
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