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Crowdfunding: An Infant Industry Growing Fast
Rohini Tendulkar Economist
International Organisation of Securities Commissions
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Disclaimer The views and opinions presented in this presentation are of the presenter only and
do not necessarily reflect the views and opinions of IOSCO or its individual members.
The information in these slides is based on the IOSCO Research Department Staff
Working Paper entitled ‘Crowdfunding: An infant industry growing fast’, authored by Shane Worner and Eleanor Kirby and which can be found here: iosco.org/research
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B anks
Government debt
SMEs/Real Economy/Infrastructure
Investors (inc l. re ta il)
Sec Mkts
Crowd Funding
Sec Mkts
Crowd Funding
Venture capital
Crowd-funding: four sub-categories
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Source: IOSCO Research Department
Crowd-funding
Social Lending/Donation
Crowd-funding
Reward Crowd-funding
Peer-to-Peer Lending
Equity Crowd-funding
Community Crowd-funding Financial Return Crowd-funding (FR Crowd-funding)
Global peer-to-peer new loan origination
IOSCO Research Department: Based on figures from selected peer-to-peer platforms within each country Notes: Peer-to-peer lending data is sourced directly from the websites of the largest providers. It therefore represents a lower bound estimate of the global loan pool.
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0
1.000
2.000
3.000
4.000
5.000
6.000
2007 2008 2009 2010 2011 2012 2013 2014
$U
SD M
illio
ns
New loan origination Annualised estimate Data as at Feb-2014
Global Distribution of FR Crowd-funding Markets
6 S ource : IO S C O R esearch D epartm en t. B ased on da ta ob ta ined d irectly from p la tfo rm s, the re fo re rep resen ts the low est estim a ted s ize fo r each coun try
N o d a ta<11 ,0 0 -1 0 .8 91 0 .9 0 -2 0 .8 92 0 .9 0 -3 0 .8 93 0 .9 0 -4 0 .8 94 0 .9 0 -5 0 .8 95 0 .9 0 -6 0 .8 96 0 .9 0 -7 0 .8 91 0 0 6 <3 2 0 0
Source: IOSCO Research
Loans Originatedin $US Millions
Percentage of the peer-to-peer and equity crowd funding market by country
Source IOSCO Research Department: Based on figures from selected peer-to-peer platforms within each country Notes: Peer-to-peer lending data is sourced directly from the websites of the largest providers. It therefore represents a lower bound estimate of the global loan pool.
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United Kingdom
U K
U S
C hina
Regulation of crowdfunding
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• Investor P ro tection
• M itiga tion o f R isks
• N urturing Industry
• S upporting G row th
Regulatory approaches around the world
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Exempt or unregulated through lack of definition
Regulated as a collective investment scheme, intermediary
or as a banking activity
Prohibited
Special Status
Special status and specific regulatory frameworks
Investor /lender Borrower Platform
• Caps on amount invested
• Restrictions/definition of who can invest
• Awareness and confirmation of awareness of risks
• Thresholds
• Light prospectus
• Restrictions on types of borrowers
• Strong national connections
• Register for special status
• Restrictions on type of model
• Resolution frameworks and capital reserves
• Transparency and disclosure rules
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Looking forward – developments and challenges
• Cross border Crowdfunding • Securitization • Bitcoin Crowdfunding • Whole loan investments
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Looking forward – developments and challenges
• Cross border Crowdfunding • Securitization • Bitcoin Crowdfunding • Whole loan investments and bank
involvement
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Crowdfunding: An Infant Industry Growing Fast
Rohini Tendulkar Economist
IOSCO Research Department
A pril 2014
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