Regulatory Workshops

OBJECTIVES

  • Train Regulatory Authority staff on crowdfunding, from basics to in-depth regulatory frameworks
  • Outline a framework of engagement of the Regulatory Authority with local and foreign crowdfunding platforms
  • Set up feedback loops between Regulatory Authority and key stakeholders (CMA, AG and other relevant government authorities, entrepreneurial ecosystem, platforms, consultants, local funds and investors)

FORMAT

2-day workshop in country at a suitable venue

½ day presentation by ACfA / LelapaFund + ½ day work/discussion sessions in groups

Morning break, lunch and afternoon break

DAY 1

MORNING

OVERVIEW

  • What is crowdfunding (4 main types –equity, debt, donations, rewards) and what is its stage of development in Africa today?
  • Key differences between investing through a CF platform and a fund
  • Interests and Risks for Investors
  • Interests and Risks for Issuers
  • Potential to boost SME growth and financial inclusion in Uganda

ISSUERS

  • What type of company is targeted? What financial instruments are best suited?
  • Applicable regulations already in existence (public offerings; general solicitation)
  • Pre-fundraising and investment readiness
  • Capacity of Ugandan ecosystem to provide affordable services to SMEs raising capital
  • Fundraising process (reporting, governance, exit mechanisms, Uganda stock exchange and secondary market options)
  • Post-fundraise obligations 

AFTERNOON

PLATFORMS

  • What type of intermediary is the platform?
  • What are key differences between platforms in US, UK and France?
  • What similar mechanisms exist in Uganda?
  • How should the regulator ensure the quality of platforms?
  • Payments mechanisms and flow of funds
  • Anti-Money laundering and terrorism financing obligations
  • Data privacy and protection

DAY 2

MORNING

INVESTORS

  • Who can invest?
  • Fiscal incentives and public policies for SME growth
  • Investor protection and investment advice
  • Investor segmentation and KYC
  • Charter of good practice and ethics
  • Cross-border concerns (relevant legal equivalencies, foreign investor taxes, currency hedging, AML/KYC)
  • Regional regulatory frameworks for harmonisation and passporting licences
  • AFTERNOON

REGULATOR ENGAGEMENT

  • Outline immediate actions to encourage investment in the industry from UIA and CMA?
  • Outline regulatory approach
  • Milestone mapping
  • Overview of interaction/strategy with other African regulators
  • Identification of key stakeholders
  • Set up feedback loops with key stakeholders           
  • Summarise all the above into a position paper

COST BREAKDOWN

  • Economy class return trip to country: $600 estimate
  • Documentation to delegates (minimum $30 per delegate @ 10 delegates = $300)
  • Workshop fee $4000 per day excl VAT = $8000 excl VAT @20%
  • Total estimated cost: $10500 incl VAT