This document summarizes Gerben Everts' presentation on crowdfunding at a conference on May 25, 2016. Some of the key points discussed include: - The Netherlands Authority for the Financial Markets (AFM) supervises crowdfunding platforms to help ensure transparency, sustainable business models, and a level playing field. - Transparency is important for building trust, and platforms are responsible for providing correct and consistent information to investors. - Sustainability is the responsibility of platforms, who must have viable exit strategies and maintain their reputation. - Legislation should be predictable, consistent, and allow for cross-border crowdfunding in line with market growth. - AFM

1. Gerben Everts
Boardmember Netherlands Authority for the Financial
Markets
25 May 2016
Growth and perspectives
crowdfunding
The way the AFM contributes to sustainable
growth of crowdfunding
"Presentatieonderwerp"

2. Financial supervision at the AFM
Banks Advisors and
Mediators
Investment firms Exchanges Pension
administrators
Insurers Accountants
25 mei | 2016“Crowdfudningday”
Supervision on Crowdfunding from the
supervision on Efficient Capital marketsAFM
Supervision on crowdfunding also includes:
Supervision on loans, savings and retail
investment, SBI, Legal, Market integrity and
Expertise centre

3. An oasis
25 May 2016“Crowdfundingday"
Solid part of
financing SME
Innovation in
regular way
of financing Fun to
invest in,
fun to
raise
funds
Diversified
portfolio for
investors
Innovationbox
applies
Traded via
secondary
markets
Transparency
on top of
mind
Entrepreneurial
aspirations
Easy access
Easy exit
Engaged
shareholders/
investors

4. How to contribute to that oasis; three key
issues
Level
playing field
25 May 2016“Crowdfundingday"
Sustainable
business
model
Legislation
and
regulation
Transparency

5. Transparency
25 May 2016“Crowdfundingday”
Transparency
Risk
classification
Default
history
Advertising to
inspire
Correct +
consistent
information

6. A thesis about transparency
25 May 2016“Crowdfundingday"
Platforms are
responsible for
trustworthiness of the
information provided to
investors
Investors will have to
make their own analysis
and decide whether or
not to invest

7. Sustainability
25 May 2016“Crowdfundingday"
Sustainability
Exit
strategy
Collateral
Reputation
Open
approach

8. A thesis about sustainability
25 May 2016“Crowdfundingday"
All platforms
should be
sustainable
Sustainability is
the platforms own
responsibility

9. Legislation
25 May 2016“Crowdfundingday"
Legislation
Predictable
Consistent
Cross-
border
mindset
In line with
growth

10. A thesis on legislation
AFM regulation is
aligned with EU good
practice, so there is no
need for a specified
regime
Platforms will
eventually have to
comply with MiFID
investment firm regime
25 May 2016“Crowdfundingday"

11. Provisions
25 May 2016"Crowdfundingday"
Investor Test
Maximum investment
per platform
(40.000/80.000)
Possibility to
confirm/cancel
investment (24hrs)
Advice
concerning
diversification
Provisions
concerning
management
Advice
concerning
investment in
relation to
capital