Angels propose dance with wholesale investors
New Zealand’s latest crowdfunding venture should benefit from the wide definition of ‘wholesale investor’ under the Financial Markets Conduct Act (FMC), according to founder, Bill Murphy.
Murphy said the FMC expanded the number of potential NZ wholesale investors – who are not subject to the stricter, and more expensive, retail disclosure regime – opening up a broader target audience for the AngelEquity investment platform that launched last week.
In a statement he said: “We’re not just talking about banks or institutions. Many high net-worth individuals, or people with sophisticated knowledge and experience of financial markets are now considered wholesale investors.”