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    DFSA to License Crowdfunding Service Entities, Reviews ESG Disclosures

    December 10, 2021

    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)

    Keywords: Europe, Denmark, Banking, Crowdfunding, Crowdfunding Service Providers, Disclosures, ESG, Lending, Climate Change Risk, DFSA

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