Featured Product

    EC Adopts Delegated Regulations for Crowdfunding Service Providers

    July 13, 2022

    The European Commission (EC) adopted a Delegated Regulation under the European crowdfunding service providers for business (Crowdfunding Regulation hereafter), proposing to extend the transition period by 12 months, until November 10, 2023, for firms providing crowdfunding services in accordance with the national law. The regulation will be applicable from November 11, 2022 and shall enter into force following its publication in the Official Journal of the European Union. Additionally, EC adopted 11 Delegated and Implementing Regulations (consisting of seven sets of regulatory technical standards and four sets of implementing technical standards under the Crowdfunding Regulation.

    The aforementioned delegated and implementing regulations shall enter into force on the twentieth day following their publication in the Official Journal of the European Union. The regulations relate to the:

    • data standards and formats, templates, and procedures for reporting information on projects funded through crowdfunding platforms.
    • the standard forms, templates and procedures for the notifications of national marketing requirements applicable to crowdfunding service providers by competent authorities to European Securities and Markets Authority (ESMA).
    • the requirements, standard formats and procedures for complaint handling.
    • standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and ESMA.
    • the entry knowledge test and the simulation of the ability to bear loss for prospective non-sophisticated investors in crowdfunding projects.
    • the methodology for calculating default rates of loans offered on a crowdfunding platform.
    • the measures and procedures for crowdfunding service providers’ business continuity plan.
    • conflicts of interest requirements for crowdfunding service providers.
    • the key investment information sheet.
    • individual portfolio management of loans by crowdfunding service providers, specifying the elements of the method to assess credit risk, the information on each individual portfolio to be disclosed to investors, and the policies and procedures required in relation to contingency funds.
    • the exchange of information between competent authorities in relation to investigation, supervision and enforcement activities.

     

    Related Links


    Keywords: Europe, EU, Banking, Crowdfunding Regulation, Crowdfunding Service Providers, Regulatory Technical Standards, Implementing Technical Standards, Lending, Credit Risk, ESMA, EC

    Related Articles
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    News

    ISSB Standards May Become Effective from January 2024

    The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.

    February 17, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8792