ECF investors are given a 6-day cooling off period, within which they may withdraw the full amount of their investment. In addition, if there is any material adverse change relating to an issuer, the investors must be notified of such change. The investors will be given the option to withdraw their investment if they choose to do so within 14 days after the said notification.
In September 2014, SC released its public response paper on the proposed ECF framework having reviewed the comments and feedback received from various stakeholders on the proposed ECF framework.
ECF is a new form of fundraising that allows start-up or other smaller enterprises to obtain capital through small equity investments from relatively large numbers of investors, using online portals to publicise and facilitate such offers to crowd investors.
The Guidelines on Regulation of Markets under S.34 of CMSA are available here. These Guidelines will replace the Guidelines on Regulation of Markets (issued in September 2007) and is effective on 10 February 2015.