Mobilising Crowdfunding to Combat COVID-19 in Africa
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ACfA Label Framework
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Section 8.3 Enforcement mechanisms
Apr 27, 2020
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Table of contents
ACfA Label Framework
Preamble
About the African Crowdfunding Association
The ACfA Label Framework: a pan-African regulatory framework for crowdfunding
Glossary of Definitions and Abbreviations
Chapter 1. Crowdfunding Regulatory Regime
Section 1.1 Private companies raising publicly: a new regime for African SMEs
Section 1.2 Crowdfunding Intermediary: a new regime for African intermediaries
Section 1.3 Crowdinvestors: a new regime for African individual investors
Section 1.4 Implementation of the ACfA Label Framework
Title 1.4.1 Recognition of the SRO by national regulatory authorities
1.4.1.1 Core regulatory functions of the SRO
1.4.1.2 Elimination of legal and regulatory risk
1.4.1.3 Enforcement mechanisms
Title 1.4.2 Cross-border securities-based crowdfunding operations
Title 1.4.3 Treatment of non securities-based crowdfunding operations
Chapter 2. Crowdfunding Intermediaries
Section 2.1 ACfA Label Categories
2.1.1 Category 1
2.1.2 Category 2
Section 2.2 Applications
2.2.1 Forms of business entities
2.2.2 In-country requirement
2.2.3 Minimum capital
2.2.4 Insurance
2.2.5 Governance
2.2.6 Application process
2.2.7 Authorisation
2.2.8 Special case: Crowdfunding Intermediaries – Own Account
Chapter 3. Types of Crowdfunding Operations
Section 3.1 Crowdfunding Operations permitted only under Category 1
Title 3.1.1 Equity and equity-like crowdfunding operations
Title 3.1.2 Crowdinvestment vehicles
Section 3.2 Crowdfunding Operations permitted under both Category 1 and Category 2
Title 3.2.1 Debt and debt-like crowdfunding operations
Section 3.3 Treatment of offerings not considered as securities
3.3.1 Land
3.3.2 Livestock
3.3.3 Leasing
3.3.4 Factoring & Receivables
3.3.5 Donations-based and Rewards-based Crowdfunding
Chapter 4. Marketing
Section 4.1 Marketing of crowdfunding services
Section 4.2 Marketing of crowdfunding operations
Chapter 5. Cross-border Crowdfunding
Chapter 6. Privacy and Data Protection
Chapter 7. Anti Money Laundering and Terrorism Financing
Chapter 8. Supervision, Audits and Enforcement
Section 8.1 Supervision
8.1.1 Reporting to ACfA
Section 8.2 Audits
Section 8.3 Enforcement mechanisms
8.3.1 Internal enforcement mechanisms
8.3.2 National enforcement mechanisms
DOC 2-2019: ACfA Label Categories
DOC 3-2019: ACfA Charter of Good Conduct
DOC 4-2019: Crowdfunding Intermediary Approval Committee and Protocol
DOC 5-2019: Crowdfunding Intermediary Application File
DOC 6-2019: Project Sponsor Prospectus
Enforcement mechanisms include, but are not limited to the following:
Section 8.2 Audits
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8.3.1 Internal enforcement mechanisms
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