 In December 2014, the Netherlands Authority for the Financial Markets published ‘Crowdfunding – Towards a sustainable sector’ which provides insight into how the crowdfunding market in the Netherlands can develop into a sustainable one.New Zealand enacted the legal framework for equity crowdfunding in 2013  and corresponding regulations in 2014.The regulations allow each New Zealand company to raise up to $2 million in any 12 months from the New Zealand public through a licensed equity crowdfunding platform without the usual offer document prescribed under securities law.