Committee approves report for second debate of the Entrepreneurship and Innovation bill
1 abril 2021

ECUADOR

On March 31 the Economic Development Committee of the Assembly approved the report for the second debate of the bill that reforms the Entrepreneurship and Innovation Law. The approved regulation proposes that the registration of crowdfunding platforms be public and under the regulation of the Monetary and Financial Policy and Regulation Board (JPRMF). Likewise, the procedure for the registration of equity investment platforms will be subject to the regulations issued by this entity. Now, the text is ready to be studied by the plenary, which is to happen in the short term.

Furthermore, the proposal indicates that these platforms will be under the surveillance, supervision and control of the Superintendence of Companies, Securities and Insurance. On the other hand, in the event that the platforms are of the “Reimbursable Financing” category, financial intermediation activities will be carried out, which will require prior authorization from the Superintendency of Banks before each operation.

The bill also proposes the creation of the Entrepreneurship Exchange, which consists of a platform that integrates entrepreneurship projects or business plans that were presented by recent professionals as degree projects in general and higher education institutions that are qualified and approved by the Qualification and Accompaniment Commission.

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