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Banking and payment services: EU regulatory package on crowdfunding adopted

Banking and payment services: EU regulatory package on crowdfunding adopted

On October 5, 2020, the European Parliament adopted the crowdfunding regulatory package. The package includes Regulation (EU) of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business ventures and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.

The most important points of the Regulation introduce a single European crowdfunding license and a collection limit of up to EUR 5 million awaited by platform operators. The project regulates two types of crowdfunding: debt and investment.

As you can read on the UKNF website, the regulation also introduces the so-called notice board on which, within the crowdfunding platform, it is to be possible to post announcements regarding the intention to sell / purchase a given financial instrument by investors who acquired it as a result of the campaign carried out by the platform.

The regulation also introduces information obligations towards investors related to crowdfunding. Investors will need to receive clear information about the risk of investing their capital in a given venture.

Publication of the information document in question in the case of collections not exceeding the limit of the equivalent of EUR 5 million excludes the obligation to make the prospectus public.

It is estimated that in the near future, crowdfunding may become the second, next to banking, mechanism of raising capital for enterprises.

More on this subject at the links:

https://www.europarl.europa.eu/news/en/press-room/20201002IPR88439/final-vote-on-eu-rules-for-crowdfunding-platforms

https://www.knf.gov.pl/dla_rynku/fin_tech/aktualnosci?articleId=71145&p_id=18 

Regulatory package text:

https://eur-lex.europa.eu/legal-content/PL/TXT/PDF/?uri=CELEX:32020R1503&qid=1603260227047&from=EN

The regulation enters into force 20 days after its publication, i.e. on 10 November 2020, and will apply from 10  November 2021. A directive addressed to the Member States in accordance with Art. 3 enters into force 20 days after its publication, i.e. on 10 November 2020.



Piotr Glapiński

Lawyer

Piotr Glapiński

Attorney-at-law, Counsel

Piotr Glapiński

Contact:

Rondo ONZ 1
00-124 Warsaw