Book traversal links for Article 9: Reporting and Record Keeping
Article 9: Reporting and Record Keeping
C 7/2020 Effective from 14/11/2020Reporting to the Central Bank
- A crowdfunding company shall submit reports to the Central Bank in the prescribed form within thirty (30) days of the period specified below:
- Category 1: Quarterly (as of the end of 31 March, 30 June, 30 September and 31 December);
- Category 2: Semi-annually (as of the end of 30 June and 31 December); and
- A crowdfunding company shall file its annual audited financial statements with the Central Bank.
- Category 1: Quarterly (as of the end of 31 March, 30 June, 30 September and 31 December);
- The crowdfunding company shall report the following (at a minimum) to the Central Bank:
- Financial position;
- Client money held;
- Description of complaints received and resolution status of these complaints;
- Details of loans arranged each quarter; and
- Defaults and near-defaults.
Record keeping
- A crowdfunding company shall maintain adequate books and records at all times.
- All records and materials must be made available for inspection by the Central Bank from time to time.
- Records of Client Money and completed transactions shall be kept for a minimum period of ten (10) years.
- The records maintained shall include:
- Historical records of information displayed online (websites / social media / any other media) and any print copies, if applicable, displaying the crowdfunding company’s promotional communication, advertisements or online banners and tag lines;
- Internal policies, procedures and operating documents;
- Corporate and financial records and general ledger and sub-ledgers;
- Reports and statements issued to Clients and regulators;
- Any communications related to Clients, including confirmations related to risk understanding, classification documents and confirmation related to classification, amongst others;
- All suitability assessments of Clients, including any clients (both Lenders and Borrowers) that were deemed not suitable by the crowdfunding company.
- Management information, accounts and communications.
- HR records; and
- IT architecture and security related documents.
- Historical records of information displayed online (websites / social media / any other media) and any print copies, if applicable, displaying the crowdfunding company’s promotional communication, advertisements or online banners and tag lines;
- The board of the crowdfunding company is directly responsible to the Central Bank in relation to reporting breaches.