On 19 January 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) held a meeting with representatives of crowdfunding platforms to discuss new regulations that will be applicable to all crowdfunding platforms (both licensed or acting under an exemption) by 1 April 2016.
In December 2015, the AFM first introduced these regulations for crowdfunding platforms. In short, the regulations set out maximum investment limits that apply to individuals investing through crowdfunding platforms. In the case of equity-based crowdfunding, investors were allowed to invest up to €40,000 per platform and for loan-based crowdfunding (including bonds) up to a maximum of €80,000 per platform. In addition, crowdfunding platforms had to ensure that such investors took a ‘crowdfunding investment test’. This test assesses the investor’s knowledge, experience and financial position (investable assets). An investor was also required to take an additional (full) investment test for any further investment if their total investment exceeded €5,000. The AFM also indicated that an investor should not be able to invest more than 10% of their investable assets through crowdfunding platforms.
Following the meeting held on 19 January 2016 the AFM has decided to change a number of requirements. The initial ‘crowdfunding investment test’ will only need to be taken if the investor invests more than €500 in equity or loans. The ‘additional investment test’ will no longer have to be a full test; it will be sufficient to inquire into the investor’s financial position and point out the risks associated with investing through crowdfunding platforms. In addition, this test will not have to be taken for each investment above the €5,000 threshold, but only for every additional €5,000 invested.
View information on these new regulations (Dutch only), 10 December 2015.
View the outcome of the meeting of 19 January 2016 (Dutch only), 21 January 2016.