Are overseas crowdfunding platforms that facilitate any offer of securities to Singapore investors caught under the applicable legislation?

This depends on the business model of the overseas crowdfunding platforms. For example, offers made through an overseas crowdfunding platform that solicits funds from investors in Singapore will be subject to prospectus and other applicable (e.g. licensing) requirements under the SFA such as; project or business proposal, the form of return (if any), how and when you might get a return, and the risks involved. However, given the borderless nature of the internet and the fact that many such crowdfunding platforms do not have any presence in Singapore, there are practical limits to the enforcement of local requirements. Thus, it is all the more important that consumers exercise vigilance when considering participating in such offers.

Before you contribute funds through such overseas crowdfunding platforms, you should ascertain if the platform is authorised or required to be authorised to facilitate such offerings, including in Singapore. You are encouraged to deal with regulated persons. The regulatory regime of MAS aims at safeguarding the interests of investors by ensuring that only competent and professional persons provide financial services to investors in Singapore. If you deal with an unregulated entity, you should be aware that the protection afforded under laws administered by MAS will not apply.