Investors – Class Order 02/273 – Repealed
Marketlend offers to experienced, sophisticated, and wholesale investors to join in the marketlending experience and gain the returns on their investments. Please note this does not apply if you are an overseas investor. You may invest as an overseas investor.
Important Update – All investors who have not provided or cannot provide certification that they meet the wholesale/sophisticated investor criteria
There has been a change to the Class Order 02/273 that requires Marketlend Pty Ltd (Marketlend) to reassess the standing of all of its investors participating on the platform in order to remain compliant with all relevant regulation as we grow. Marketlend operates primarily a platform for wholesale, sophisticated and professional investors to directly lend to individuals or companies or partnerships and enable investors to sell and buy parts of loans.
Previously we stated that Marketlend provides a business introduction service in accordance with ASIC Class Order 02/273 (Class Order) which provides an exemption to the disclosure requirements under section 708 of the Corporations Act (Cth) 2001 (Act). This Class Order has now been repealed and there is a sunsetting period that will expired on March 2019. We confirm that we are reviewing our compliance requirements and the effect of the recent change to the Class Order requires that we assess the status of investors participating on the platform.
If we are unable to confirm the status of an investor as a wholesale or sophisticated or professional, or experienced investors access to that investors account may be restricted.
We wish to make you aware:
- investment in borrower’s business by way of a loan carries high risks. It is highly speculative and before investing in any loan or part thereof or its securities that relate to it, about which information is given, prospective investors are strongly advised to take appropriate professional advice;
- the information contained in our Website has been prepared by or on behalf of the person who is proposing to issue or sell the securities or scheme interests and neither Marketlend nor the publisher (if any) has undertaken an independent review of the information contained in our Website;
- the information contained in our Website about the proposed business opportunity and the loan is not intended to be the only information on which the investment decision is made and is not a substitute for a disclosure document, product disclosure statement or any other notice that may be required under the Act, as the Act may apply to the investment. Detailed information may be needed to make an investment decision, for example: financial statements; a business plan; information about ownership of intellectual or industrial property; or expert opinions including valuations or auditors’ reports;
- prospective investors should be aware that no established market exists for the trading of any loans that may be offered; and
- the Website is subject to this Class Order.
For wholesale and sophisticated investors
To qualify as a wholesale investor you are required to meet certain requirements under the Corporations Act 2001. This criteria is either that:
- you invest an aggregate of A$500,000;
- earn gross income of A$250,000 per year for the last two years or you have a net asset position of A$2.5M.
If you meet either criteria you can invest as a sophisticated investor and we require a copy of a certificate from your accountant to support your assertion.
Contact your accountant to obtain a certificate, and more details on what is needed is available feel free to contact us on assistance@marketlend.com.au.
Take control of the lending market today with Marketlend.
Thinking of borrowing?