CROWDFUNDING

Regulation (UE) 2020/1503   of the European Parliament and of the Council of 7 October 2020 on European providers of business equity finance and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.

Commission Delegated Regulation (EU) 2022/2111 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying conflicts of interest requirements for crowdfunding service providers            

Commission Delegated Regulation (EU) 2022/2112 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying requirements and arrangements for the application for authorisation as a crowdfunding service provider

Commission Delegated Regulation (EU) 2022/2113 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards for the exchange of information between competent authorities in relation to investigation, supervision and enforcement activities in relation to European crowdfunding service providers for business

Commission Delegated Regulation (EU) 2022/2114 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the entry knowledge test and the simulation of the ability to bear loss for prospective non-sophisticated investors in crowdfunding projects

Commission Delegated Regulation (EU) 2022/2115 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the methodology for calculating default rates of loans offered on a crowdfunding platform

Commission Delegated Regulation (EU) 2022/2116 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the measures and procedures for crowdfunding service providers’ business continuity plan

Commission Delegated Regulation (EU) 2022/2117 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements, standard formats and procedures for complaint handling

Commission Delegated Regulation (EU) 2022/2118 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards on 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

Commission Delegated Regulation (EU) 2022/2119 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards for the key investment information sheet

Commission Implementing Regulation (EU) 2022/2120 of 13 July 2022 laying down implementing technical standards for the application of Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to data standards and formats, templates and procedures for reporting information on projects funded through crowdfunding platforms

Commission Implementing Regulation (EU) 2022/2121 of 13 July 2022 laying down implementing technical standards for the application of Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and ESMA in relation to European crowdfunding service providers for business        

Commission Implementing Regulation (EU) 2022/2122 of 13 July 2022 laying down implementing technical standards for the application of Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent authorities concerning European crowdfunding service providers for business

Commission Implementing Regulation (EU) 2022/2123 of 13 July 2022 laying down implementing technical standards for the application of Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to the standard forms, templates and procedures for the notifications of national marketing requirements applicable to crowdfunding service providers by competent authorities to ESMA

Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022 extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council

Law nr. 244/2022 (in Romanian) Act No 244/2022 on laying down measures implementing Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European providers of participatory finance services to businesses and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.

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Summary of Law no. 244/2022 laying down measures for the implementation of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European providers of crowdfunding and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937

Law no. 244/2022 was published into Romanian Official Gazette, the First Part no. 754/27.07.2022 and entered into force on 6 August 2022.

In brief, Law no. 244/2022 contains provisions for the implementation of the Regulation (EU) 2020/1503 at national level, referring to the following:

- designation of Financial Supervisory Authority of Romania (RO ASF) as competent authority in Romania responsible for carrying out the functions and duties provided for in the ECSPR,  as well as the designation of RO ASF as single contact point for cross-border cooperation between the competent authorities, as well as with ESMA;- the conditions and authorization procedure by RO ASF of crowdfunding service providers and the registration in the ASF Register, as well as provisions regarding the notifications of significant changes occurred in the set-up and functioning of the crowdfunding services providers; - requirements with respect to marketing communications. According to these requirements  marketing communications have to respect certain principles, among which: the information, have to be in Romanian, to be clear, correct and not to include estimates. The marketing communications have to be stored on paper or in electronic format for a period of 2 years from the appearance or display.

- deadlines for submitting documents for authorization, conditions for withdrawal of authorization, etc.;

-  certain requirements (e.g. - provisions regarding the legal form in accordance with the national regime, etc) applicable in the case of the crowdfunding service providers, including in the case of credit institutions authorized and supervised by the National Bank of Romania, which intends to provide crowdfunding services,

- the language in which marketing communications or the key investment information sheet should be made available to potential investors;

- the supervisory and investigative powers of RO ASF as competent authority within the meaning of art. 29 of Regulation (EU) 2020/1503, as well as provisions regarding cooperation with other competent authorities in Romania or in other Member States and with ESMA,

- the sanctioning regime for the infringement of the legal provisions regarding the conditions of authorization and operation, which may be fines, administrative measures and/or withdrawal of authorization.