Posted Sep 26, 2022, 8:30 AMUpdated on Sep 26, 2022 at 8:35 am
This time it’s the right one. Last April, the fractional real estate investment platform Bricks.co proudly announced that it had raised 20 million euros from 165,000 people. Problem, this participatory fundraising does not fit into any legal framework because it distributed royalties and not shares.
“AMF [l’Autorité des marchés financiers, NDLR] told us that the royalties did not depend on their jurisdiction because they were not financial securities,” explains Cédric O’Neill, founder of the start-up. Contacted, the AMF declined to comment.
