He collaborative financing investment will now be a regulated activity in the Dominican Republic after the Superintendence of the Stock Market (SIMV) will approve, through the resolution R-CNMV-2025-27-MVthe draft regulations that will determine how these operations should proceed in the stock market local.
This type of investment – known in English as crowdfunding– represents any activity by which commercial companies incorporated in the country connect with investors, both through a securities intermediary and a platform collaborative financingin order to obtain resources through the securities issue.
He Regulations for Collaborative Financing of Investment aims to regulate this activity when it is carried out through the securities issue of public offering, in addition to developing the requirements that will govern the authorization process and registration of these emissions in the stock market registry.
full regulatory vacuum
Until then, the Dominican legal system lacked an instrument that regulated the collaborative financing of investment, so the regulation becomes a necessary tool to establish a regulatory regime that facilitates the participation of non-traditional issuers, such as small and medium businesses (SMEs) in the stock market.
The standard will apply to all management companies of centralized mechanisms of negotiation that are established, or seek to be established, with the sole objective of managing platforms of collaborative financing in the country, an activity that can only be carried out by these entities.
Until now, only the Stock Market and Stock Market of the Dominican Republic (BVRD) appears as a company of this type within the actors that make up the ecosystem of values in the country, according to the SIMV registration.
However, the regulation also subjects the entities that participate in these operations, such as the securities issuers of collaborative financingthe intermediaries and the centralized deposits of values.
Control of platforms
So that he crowdfunding be part of the formal ecosystem of the Dominican market, these platforms They must be administered under the scheme of stock market that is authorized by the National Securities Market Council and subsequently registered in the stock market registry.
The regulation establishes a authorization process in two phases for the companies that manage these platforms: a first stage of legal evaluation and a second of operational evaluation which includes technological, corporate governance and risk management requirements.
The document excludes all collaborative financing activities in which companies obtain financing through loans, as well as those resulting from a donation, in which there is no obligation on the part of the person requesting the resources to return the required financial amount.
