The State Duma of the Russian Federation adopted in the second reading a bill on the regulation of the crowdfunding market. The document, initiated by a group of State Duma deputies and members of the Federation Council headed by Anatoly Aksakov, chairman of the lower chamber chamber of the financial market, talks about the requirements for operators of investment platforms. For example, they must have their own funds (capital) in the amount of at least 5 million rubles and be registered in a special register of the Central Bank of Russia.
At the same time, the bill states that an investor who uses the services of such platforms can be either a natural or a legal entity. And the investment itself can be carried out in several ways: through the provision of loans, the purchase of equity securities placed on the platform (except for securities of credit and non-credit financial organizations, structural bonds and securities intended for qualified investors) and the acquisition of utilitarian digital rights.
The draft law “On attracting investments using investment platforms” also states that when investing through the acquisition of securities placed on such platforms, it is necessary to use a closed subscription mechanism. Among other things, the document provides for a variety of securities such as a digital certificate.
To protect investors, the authors of the document proposed to oblige investment attractors to indicate the minimum target amount of funds raised. In the event that it was not possible to achieve the specified indicator for the time allotted for raising funds, the offer should be withdrawn, and the money should be returned to investors. The investor also receives the right to withdraw the invested funds during the “cooling period”, that is, within five working days from the day the funds are transferred.
At the same time, for unqualified investors, a limit has been set on the size of investments: up to 600 thousand rubles during one calendar year within all investment platforms in Russia. However, such a limit does not limit citizens registered as individual entrepreneurs and qualified investors.
Recall that on the eve of Anatoly Aksakov also said that the law on digital financial assets (CFA) in Russia can be adopted before October 1.
Publication date 07/24/2019
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