The Danish Financial Supervisory Authority (DFSA) highlighted that the requirements for authorization as a crowdfunding service provider under the Crowdfunding Regulation became applicable from November 10, 2021 and that the application for a license as a crowdfunding service provider must be submitted to DFSA. This is because DFSA is the competent authority for granting permission as a crowdfunding service provider under the Crowdfunding Regulation. DFSA also published the results of a thematic study of compliance of banks and pension companies with Article 3 of Disclosure Ordinance for sustainability data.
The Disclosure Ordinance, which entered into force on March 10, 2021, contains a number of disclosure obligations regarding environmental, social, and governance (ESG) factors. Article 3 of the Ordinance requires financial market participants and financial advisors to publish policies on consideration of sustainability risks in their investment decision-making processes. DFSA finds that the implementation of Article 3, among the companies surveyed, has considerable room for improvement. DFSA also finds that in several cases a sufficient distinction is not made between the company's desire to contribute to sustainability and the company's handling of sustainability risks.
Related Links (in Danish)
- Press Release on Crowdfunding Regulation
- Press Release on Thematic Study
- Report on Thematic Study (PDF)
Keywords: Europe, Denmark, Banking, Crowdfunding, Crowdfunding Service Providers, Disclosures, ESG, Lending, Climate Change Risk, DFSA
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
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