Title 1.4.3 Treatment of non securities-based crowdfunding operations

Where a crowdfunding operation does not meet the definition of a securities-based crowdfunding operation, it falls outside of the mandate of the national regulator and hence outside of the ACfA Label Framework. Crowdfunding intermediaries that conduct non securities-based crowdfunding operations in a given jurisdiction may apply for ACfA membership and hence comply with the ACfA Charter of Good Conduct. Where it is deemed useful, such intermediaries may opt to comply with the ACfA Label Framework out of their own accord, but may not apply for the ACfA Label nor benefit from ACfA’s regulatory oversight or any exemptions to local laws.