Activities of Caroline NAGTEGAAL related to 2018/0048(COD)
Shadow reports (1)
RECOMMENDATION FOR SECOND READING on the Council position at first reading with a view to the adoption of a regulation of the European Parliament and of the Council on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937
Amendments (20)
Amendment 143 #
(3) The provision of crowdfunding services generally relies on three types of actors: the project owner that proposes the project to be funded, investors who fund the proposed project, generally by limited investments or loans, and an intermediating organisation in the form of a service provider that brings together project owners and investors through an online platform.
Amendment 154 #
Proposal for a regulation
Recital 12
Recital 12
(12) Given the risks associated with crowdfunding investments, it is appropriate, in the interest of the effective protection of investors, to impose a threshold for a maximum consideration for each crowdfunding offer. That threshold should be set at EUR 18 000 000, because that threshold corresponds to the threshold set out in Regulation (EU) 2017/1129 of the European Parliament and of the Council9 for the mandatory drawing up and approval of a prospectus above that threshold. _________________ 9 Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 164 #
(17a) Alternative investment instruments, such as Initial Coin Offerings, have potential in funding SMEs, innovative start-ups and scale-ups, and accelerate technology transfer, and can be an essential part of the Capital Markets Union. The legal certainty of a regulatory framework can be instrumental in increasing investor’s and consumer’s protection and reducing risks stemming from asymmetric information, fraudulent behaviours, illegal activities such as money laundering and tax evasion. It is therefore appropriate that the Commission in its review report analyses the necessity of a legal framework for ICOs or other alternative investment instruments and that, if deemed useful, this report is accompanied by a legislative proposal.
Amendment 179 #
Proposal for a regulation
Recital 40
Recital 40
(40) It is important to effectively and efficiently ensure compliance with the requirements for authorisation and for the provision of crowdfunding services, in accordance with this Regulation. ESMA should therefore be conferred competences to grant authorisation and exercise oversight. To enable ESMA to fulfil that supervisory mandate, it should be given the power to request information, carry out general investigations and on-site inspections, issue public notices and warnings and impose sanctions. ESMA should make use of its oversight and sanctioning competences in a proportionate manner and should work closely together with national competent authorities.
Amendment 181 #
Proposal for a regulation
Recital 41
Recital 41
(41) Granting those competences to ESMA allows for a more efficient and centrally managed authorisation and oversight, generating economies of scale. Such a central supervisory regime avoids divergence within the Union and is beneficial to the market participants in terms of greater transparency, investor protection and market efficiency.
Amendment 191 #
Proposal for a regulation
Article 2 – paragraph 2 – point d
Article 2 – paragraph 2 – point d
(d) crowdfunding offers with a consideration of more than EUR 18 000 000 per crowdfunding offer, which shall be calculated over a period of 12 months with in regard to a particular crowdfunding project.
Amendment 198 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Member State legislation on license requirements relating to project owners or investors shall not prevent them from using crowdfunding services provided by crowdfunding service providers pursuant to and authorised under this Regulation.
Amendment 230 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Crowdfunding service providers shall not have any financial participation in any crowdfunding offer on their crowdfunding platforms, except where that financial participation is designed to ensure on a systematic basis across all offers an alignment of interests between the crowdfunding service providers and the investors or as a means of intervention to ensure the integrity of the marketplace.
Amendment 272 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. ESMA shall, in cooperation with the national competent authorities, assess compliance of crowdfunding service providers with the obligations provided for in this Regulation.
Amendment 285 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Crowdfunding service providers shall, before giving prospective investors full access to their crowdfunding offers, assess whether and which crowdfunding services offered are appropriate for the prospective investors.
Amendment 297 #
Proposal for a regulation
Article 15 – paragraph 5 – subparagraph 2
Article 15 – paragraph 5 – subparagraph 2
Amendment 309 #
Proposal for a regulation
Article 16 – paragraph 5
Article 16 – paragraph 5
5. Crowdfunding service providers shall have in place and apply adequate procedures to verify the completeness, the correctness and the clarity of information contained in the key investment information sheet.
Amendment 311 #
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. When a crowdfunding service provider identifies a material omission, a material mistake or a material inaccuracy in the key investment information sheet, the project owner shall complement or amend that information. Where such complement or amendment is not possiblmade, the crowdfunding service provider shall not make the crowdfunding offer or cancel the existing offer until the key investment information sheet complies with the requirements of this Article.
Amendment 317 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Crowdfunding service providers shall ensure that all their marketing communications to investors are clearly identifiable as such.
Amendment 320 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. No marketing communication shall comprise marketing of individual planned or pending crowdfunding projects or offers. Marketing communications may only indicate where and in which language clients can obtain information about individualof the crowdfunding service providers shall disproportionately target individual planned or pending crowdfunding projects or offers.
Amendment 322 #
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. National competent authorities and ESMA shall not require an ex ante notification and approval of marketing communications.
Amendment 324 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
The obligation of professional secrecy referred to in Article 76 of Directive 2014/65/EU shall apply to ESMA and national competent authorities and all persons who work or who have worked for ESMA or fornational competent authorities and to any other person to whom ESMA has delegated tasks, including auditors and experts contracted by ESMA.
Amendment 327 #
Proposal for a regulation
Article 38 – paragraph 2 – point a
Article 38 – paragraph 2 – point a
(a) the functioning of the market for crowdfunding service providers in the Union, including market development and trends, taking into account supervisory experience acquired by ESMA, the number of crowdfunding service providers authorised by ESMA and their market share and in particular examining whether any adjustments are needed to the definitions and thresholds set out in this Regulation and whether the scope of services covered by this Regulation remains appropriate;
Amendment 331 #
Proposal for a regulation
Article 38 – paragraph 2 – point c
Article 38 – paragraph 2 – point c
(c) the implementation of the technological innovation in the crowdfunding sector, including the application of the newnon-bank financing methods (including initial coin offering), innovative business models and technologies;
Amendment 332 #
Proposal for a regulation
Article 38 – paragraph 2 – point g a (new)
Article 38 – paragraph 2 – point g a (new)
(ga) the cooperation between ESMA and the national competent authorities and the appropriateness of ESMA as the supervisor of this Regulation;