IOSCO has published a statement on addressing the regulation of crowdfunding and a report on responses received by it to its survey on crowdfunding. IOSCO carried out a survey in 2014 on its members' current or proposed regulatory initiatives relating to crowdfunding, covering peer-to-peer lending and investment-based crowdfunding. IOSCO found that crowdfunding regimes were in their infancy or had not yet been launched in most of the jurisdictions surveyed and, consequently, it has decided not to propose a common international approach to the oversight of or supervision of these regimes. In the statement, IOSCO seeks to raise awareness of the major risks faced by investors when investing in crowdfunding and also highlights the measures taken so far by regulators to address these risks. In addition, IOSCO notes the cross-border risks that may arise from crowdfunding operating on online platforms and states that crowdfunding regimes often restrict cross-border fundraising by requiring that the issuer or the manager running the funding portal (or both) must be incorporated locally.