Crowdfunding: SEC set June deadline for investment platforms

Crowdfunding: SEC set June deadline for investment platforms

The Securities and Exchange Commission, SEC, has directed all existing investment crowdfunding portals/digital commodities investment platforms to note the requirements and eligibility criteria for raising funds through and/or operating a Crowdfunding Portal.

In a notice released by the Commission Wednesday, investment platforms are told to comply with the registration requirements or cease operations by the 30th of June, 2021.

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According to the SEC, the rules governing Crowdfunding business in Nigeria came into effect on the 21st day of January, 2021, which was part of efforts by the Commission to ensure investor protection while encouraging innovation in the conduct of securities business.

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