Crowfunding Regulation in Latin American and the Caribbean

Alternative finance or crowdfunding allows access to financing for individuals and companies not served or underserved by the traditional financial sector. This study describes existing regulatory practices, both within and outside Latin America and the Caribbean (LAC), with the objective of providing the elements that should be considered in the design of a regulatory framework for alternative finance.

The document begins with a review of international experience, ranging from the establishment of regulatory frameworks to their implications for the industry. It then shows how regulatory frameworks for alternative finance have been formulated in Argentina, Brazil, Colombia, Ecuador, Mexico, Peru and Uruguay, while Chile is in the process of drafting and discussing a bill. Alternative finance regulations in the region present a multiplicity of characteristics that highlight the different regulatory and supervisory approaches, without necessarily having regulatory convergence. Among other recommendations, the publication suggests that it is important for LAC to have similar regulatory frameworks: in this way, platforms can achieve greater consolidation by providing cross-border services in the region. (Document in Spanish)