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1. UK – P2P/Real Estate
P2P Finance News garners Budget reaction from P2P property-backed lenders.
“PROPERTY-FOCUSED peer-to-peer lenders have welcomed the chancellor’s housing measures outlined in the Budget, which include £44bn of funding and the scrapping of stamp duty for most first-time buyers.
In Wednesday’s speech, Philip Hammond outlined “an ambitious plan to tackle the housing challenge” and meet the government’s target of building 300,000 additional homes a year by the mid-2020s.
His plan includes £44bn of capital funding loans and guarantees to be invested in skills, resources and land; a further £2.7bn for the housing infrastructure fund; £8bn of new financial guarantees to support private housebuilding and the purpose-built private rented sector; and an additional £34m to develop construction skills across the country.
The chancellor also promised there would be planning reforms and said he is establishing “an urgent review” to look at the gap between planning permissions and housing starts.”
2. UK – EIS
Fresh Business Thinking tests industry reaction to the Budget’s EIS reforms:
“There was a surprise boost for smaller business in yesterday’s budget as the chancellor doubled EIS relief, the scheme that provides investors into unquoted companies with significant tax benefits.
The Enterprise Investment Scheme (EIS) is designed to offer tax relief on investment into certain unquoted companies. And it, along with its twin SEIS, has been credited as being one of the main reasons why the UK is apparently more entrepreneurial these days. Up until now EIS for a company was limited to £1,000,000. Some critics have suggested that the £1 million limit has had the effect of distorting investment in favour of smaller companies, creating the so-called scale-up problem.
Now the chancellor, Phillip Hammond has doubled the limit to £2 million.
So, does that tick the box?
Tim Ward, Chief Executive of the Quoted Companies Alliance, said: “The Government’s renewed commitment to incentivising entrepreneurs to grow their business sends a strong signal that the UK values those prepared to take a high risk in investing in growth companies. We have patiently and persistently campaigned on this aspect of Entrepreneurs’ Relief reform. This change will remove a major obstacle for growth in small and mid-size quoted companies and end the anomaly whereby entrepreneurs who want to grow their businesses by introducing new shareholders can find themselves at a significant tax disadvantage to external investors. We look forward to supporting the Government to refine the technical detail of the rule change.”
3. UK – AltFi
Securities Lending Times on the just-published MiFID paper:
4. International – FinTech
The Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC) entered into an agreement today that sets out a framework for cooperation on financial technology (FinTech) innovation. The agreement demonstrates a commitment by both Authorities to provide a regulatory framework that promotes innovation in financial services and regulatory compliance in their respective markets.
5. International – FinTech
“DropDeck, an intelligent, decentralized, incentivized cross-border funding platform for startups & SMEs worldwide, wants to lead the way in this global disruption of funding. Their mission is to channel resources into innovation, namely innovative companies around the world. DropDeck is designed to help funders minimize risks and maximize return. Decentralized DropDeck (DDD) tokens are used by funders to make funding and reward participants who support the funding process. Since DDD’s value reflect the success of the funding activities on DropDeck, all participants in the ecosystem are incentivize to do their best.”