As you’re promoting an opportunity to invest in your business, it is classed as a financial promotion by the Comisión Nacional del Mercado de Valores (CNMV).
Whilst Crowdcube is on hand to provide guidance, it is important to note that you are fully responsible for ensuring any communications related to your raise are compliant, as you are liable for any non-compliant materials that Crowdcube has not approved. If requested, Crowdcube can review and, if appropriate, approve your communications and apply our approval wording as an CNMV regulated firm. We may require changes to ensure compliance, including the addition of risk warnings.
To help ensure your promotional materials are compliant and that you’re not falling foul of CNMV regulations, which is a criminal offence, please follow the guidance below:
Communications should be fair, clear and not misleading
All communications related to your raise should be fair, clear and not misleading. This means they shouldn’t include hyperbole or superlatives, and that anything you say is clear, accurate and not open to misinterpretation. This doesn’t mean that you can’t be positive, it just means you need to back up what you’re saying with verified facts (more on that below).
All statements and claims should be verified
Every statement or claim you make in any communication about your raise needs to be verified with documented evidence. For example, if you state that your business operates in a market that’s worth €1bn, we will need independent evidence to support and approve that claim.
To ensure all statements in your communications are approved, and therefore compliant, you should only use content from your pitch page once it has been approved by Crowdcube.
All communications must include a risk warning
Any potential rewards will need to be balanced with the risks. This applies to the message itself, as well as the placement and prominence of any risk warning.
Please include the below risk warning, exactly as they are written here, in any communication about your raise:
- Short form copy (such as social posts): ‘Capital at Risk’
- Long form copy (such as emails): ‘Investments of this nature carry risks to your capital. Please Invest Aware.’
Your raise should not be promoted to people in the United States, Canada or Japan
To ensure you comply with local crowdfunding regulations, which vary by country, you should not promote your raise to people in the United States, Canada or Japan.
If in doubt, get in touch.
For more information about how to ensure the promotional material related to your raise is compliant, please talk to your Equity Campaign Manager.
Please note that Crowdcube will ask for any non-compliant communications to be amended or removed.
