21 Oct Max Property Group News Update- Meeting Milestones
Last month we announced the creation of the very first security token on the Ignis blockchain and the closing of the Max Property Fund Germany (MPD). Since then, the Max Property Group equity round has been launched, MPD is complete, having achieved full investment capacity, and we have submitted our AFM licence application. All of these activities are in line with the company timeline and projected milestones. Thanks to our amazing community for your continued support.
AFM Application Submitted
The Max Crowdfund platform has been functional for several months, with MPG’s own property funds successfully listed on the system and the Max Property Group blockchain.
The next stage of the Max Crowdfund platform development requires the company to obtain a license, locally known as an “exemption for mediation in redeemable funds”, from the Dutch financial services authorities, the Autoriteit Financiële Markten (AFM).
After initial preparations by in-house legal team and compliance experts, Max Property Group engaged a law firm to assist with the required licence application in July, and after approximately six months of work in total, the application was finally completed.
On Monday 14th October 2019, the application was sent by courier to the AFM’s offices in Amsterdam. The authorities now have 13 weeks in which to respond with a decision or request further information.
The exemption will enable MPG to offer loans (bonds, loan notes, debts, etc.) in compliance with the AFM. Once the exemption has been obtained, Max Crowdfund will be allowed to offer projects from third party fundraisers to their investors and the general public.
Max Property Fund Germany Fully Subscribed
The final €117,000 left in the Max Property Fund Germany has now been committed. There was a great deal of interest in the last few investment spots, but these filled up quickly. MPG would like to extend its apologies to those who missed out on the investment.
Max Property Group is pleased to have completely filled the fund prior to its closure, and the team is currently shortlisting the final properties to be purchased within the fund. More details will be published once properties have been selected.
The Max Property Group equity round documentation has now been published on the Angel Investment Network. Network members can access the documents and request more information. Non-members can still access all the details on the Max Crowdfund page. Investments will also soon be possible via Symbid.nl.