(Reuters) – A new breed of internet-based financiers are calling for action to end regulatory uncertainty they say is preventing them from getting money to the small and medium-sized businesses that need it.
The so-called crowdfunding sector raises cash from members of the public to fund lending and investment. Regulators, however, have proved resistant to pleas for adjustments to rules that are tailored to more traditional markets.
“Operators of these platforms find it difficult to launch and flourish because existing EU and UK regulation does not fit the new models,” operators within the sector said in an open letter to EU and UK policymakers on Friday.
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