In addition to the general obligations as set out in the RMO guidelines, key obligations of an ECF operators are found in Chapters 6 and 13 of the RMO Guidelines. As the ECF operator plays a critical role in ensuring confidence in the ECF platform, the RMO Guidelines require the ECF operator, among others, to:

1. Ensure users’ (including both the investors and issuers) compliance with the platform rules.
2. Carry out due diligence on the potential MSMEs / issuers wanting to fundraise on its platform and may deny an issuer access to its platform if it is of the view that the issuer or the proposed offering is not suitable to be hosted on the platform.
3. Ensure that funds obtained from investors are safeguarded in a trust account maintained by an independent trustee to remit/handle monies until the funding goal is met and appropriate disbursements are made.
4. Establish systems and controls for maintaining accurate and up-to-date records of investors' monies held to safeguard them from conversion or inappropriate use by its officers.

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Notwithstanding the above and other requirements stated in the RMO Guidelines, an ECF operator is also required to comply with other relevant SC guidelines and regulations, including but not limited to:

1. Guidelines on Prevention of Money Laundering and Terrorism Financing for Reporting
2. Institutions in the Capital Market;
3. Guidelines on Management of Cyber Risk; and
4. Guidelines on Advertising for Capital Market Products and Related Services.

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