Piess Release

Entiy into foice of the new Fiench ciowufunuing ueciee

Anaxago obtains iegulatoiy appioval anu will be the fiist equity ciowufunuing platfoim
awaiueu with the new statute: CIP (Counselloi in Investment Paiticipatoiy)

0n the eve of the fiist uay of the ueciee application, iegulatois awaiu one ciowufunuing
platfoim with the new statute.


The iequiiements of the statute application foim:
Banu in a foimal application to the ANF (Fiench Bigh Authoiity of Financial
Naikets)
The application will neeu to incluue the following items:
o Inteinal Piocess of the ciowufunuing platfoim
o Inteinal Piocess against money launueiing
o Inteinal Piocess of management of conflicts of inteiests
o Inteinal Piocess of the auvisoiy mission

What uoes it actually change in the equity ciowufunuing maiket.

0btaining the status of CIP is the enu of a Bamocles swoiu hanging ovei all
ciowufunuing platfoims as well as companies using ciowufunuing to iaise funus in
Fiance.

Two main iisks weie at stake:
Regaiuing businesses: a iisk to fall into the conuitions of public offeiings,
meaning that you neeu to euit a foimal -anu expensive- piospectus to iaise funus.
o 0ntil then the only solution to avoiu this situation was to iaise less than
1uu uuut in ciowufunuing
o 0i to infoim less than 1Su people that you weie iaising funus.
Regaiuing ciowufunuing platfoims: a iisk to be caught uoing non-guaianteeu
placement. This if the platfoim customei is the company iaising funus anu not
the investoi. The sanction in this case woulu be S yeais of piison, along with a
fine of S7S uuut.

Both iisks aie not solveu thanks to the new status of CIP:
A new exception to the iule of public offeiing has been cieateu:
o Fiom now on, anyone iaising funus fiom an equity ciowufunuing platfoim
will be alloweu to iaise up to 1 uuu uuu euios fiom an infinite amount of
people. This exception was uiafteu fiom a Euiopean Biiective enabling
union membeis to ueciue inuiviuually foi which amount iaiseu (up to
SNt) they will exempt companies to uiaft a piospectus. This 1Nt level
chosen by the Fiench goveinment is subject to augmentation following
the piogiess of the ciowufunuing maiket.
Regaiuing the non-guaianteeu placement: the platfoim customeis aie the
investois.

Piactical Changes

Foi investois: it pioviues moie tianspaiency anu the possibility to be bettei
infoimeu about each pioject.
Foi ciowufunuing platfoims: the obligation to pioviue moie complete
infoimation supposing a bit moie of contiolling on each pioject, hence stiongei
piocesses.
Foi businesses: fewei iisks in launching theii ciowufunuing platfoim.