The Securities and Futures Commission (SFC) issued a notice last month reminding parties engaging in crowd-funding activities of the potential application of relevant securities laws and regulations, and reminding the public of potential risks relating to participating in crowd-funding activities in view of the increase in such activities internationally and in Hong Kong. 'Crowd-funding' typically refers to the use of small amounts of money, obtained from a large number of individuals or organisations, to fund a project, a business or personal loan, and other needs through an online web-based platform. The more common types of crowd-funding include equity crowd-funding, peer-to-peer lending, donation crowd-funding and reward/ pre-sale crowd-funding.
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