22 Amendments of Anne SANDER related to 2018/0048(COD)
Amendment 141 #
Proposal for a regulation
Recital 2
Recital 2
(2) Obtaining finance is challenging for small and nascent firms, particularly when they move from a start-up into the expansion phase. Crowdfunding can contribute to provideing access to finance for such firms and so to completeing the Capital Markets Union (CMU). Lack of access to finance for such firms constitutes a problem even in Member States where access to bank finance has remained stable throughout the financial crisis. Crowdfunding has emerged as an established practice of funding a project or a venture, typically by a large number of people or organisations, through online platforms on which citizens, organisations and businesses, including business start- ups, raise relatively small amounts of money. Within the CMU and concerning the development of alternative funding sources, the Commission could assess the need to propose a separate European legislative framework for initial coin offerings, bearing in mind that this practice is becoming more widespread in Member States as well as internationally.
Amendment 153 #
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. This Regulation lays down the content of a key investment information document to be supplied to potential investors for every crowdfunding offer. As the key investment information document is designed to be tailored to the specific features of a crowdfunding offer and the information needs of investors, it should replace the prospectus required by Regulation (EU) 2017/1129 when securities are offered to the public. Crowdfunding offers under this Regulation should therefore be excluded from the scope of Regulation (EU) 2017/1129. Regulation (EU) 2017/1129 should be amended accordingly. _________________ 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 167 #
Proposal for a regulation
Recital 19
Recital 19
(19) Crowdfunding service providers should operate as neutral intermediaries between clients on their crowdfunding platform. In order to prevent conflicts of interests, certain requirements should be laid down with respect to crowdfunding service providers and managers and employees, or any person directly or indirectly controlling them. In particularUnless they disclose their investments in projects or offers posted on their websites, crowdfunding service providers should be prevented from having any financial participation in the crowdfunding offers on their crowdfunding platforms. Furthermore, shareholders holding 20% or more of share capital or voting rights, managers and employees, or any person directly or indirectly controlling crowdfunding platforms, should not act as clients, in relation to the crowdfunding services offered on that crowdfunding platform.
Amendment 174 #
Proposal for a regulation
Recital 37
Recital 37
(37) To ensure fair and non- discriminatory treatment of investors, crowdfunding service providers that are promoting their services through marketing communications should not treat any particular project more favourably by singling it out from otherunless the selection of that projects or offered on their platform. Any open or planned projects should therefore not feature in marketing communications of a crowdfunding platform is based on objective considerations related, for example, to an investor’s predetermined risk profile. Crowdfunding service providers should, however, not be prevented from mentioning successfully closed offers in which investments through the platform are no longer possible.
Amendment 193 #
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 228 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Crowdfunding service providers shall establish and maintain effective and, transparent, and standardised procedures for the prompt, fair and consistent handling of complaints received from clients.
Amendment 229 #
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, unless they disclose the relevant information in an appropriate manner for prospective investors and investors registered on the platform. Crowdfunding service providers shall lay down clear and transparent selection procedures.
Amendment 239 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. Where crowdfunding service providers do not provide payment services or the holding and safeguarding of funds in relation to the crowdfunding services either themselves or through a third party, such crowdfunding service providers shall put in place and maintain arrangements to ensure that project owners accept funding of crowdfunding offers or any payment only by means of a payment service provider or an agent providing payment services as defined in Article 4(11) and Article 19 of Directive (EU) 2015/2366.
Amendment 248 #
Proposal for a regulation
Article 10 – paragraph 2 – point m a (new)
Article 10 – paragraph 2 – point m a (new)
(ma) a liability insurance contract.
Amendment 263 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10a Insurance 1. A crowdfunding service provider must be able to prove at any time that it has an insurance contract covering a crowdfunding service provider against the financial consequences of its professional liability in the event of a breach of its professional obligations as set out in this Regulation. 2. By [please insert six months before the date of entry into force] the Commission shall adopt a delegated act in accordance with Article 37 to specify the provisions necessary for the assurance referred to in paragraph 1.
Amendment 286 #
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 and the opportunity to invest in them, assess whether and which crowdfunding services offered are appropriate for the prospective investors.
Amendment 287 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. Prospective investors shall be given access to the details of crowdfunding offers only if they have supplied their particulars, read of the risks involved in crowdfunding, and expressly accepted them.
Amendment 288 #
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. For the purposes of the assessment pursuant to the first paragraph 1a, crowdfunding service providers shall request information about the prospective investor’s basic knowledge, experience, investment goals, financial situation, and understanding of risk in investing in general and in the types of investments offered on the crowdfunding platform, including information about:
Amendment 289 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) any relevant knowledge orand professional experience in relation to crowdfunding investments.
Amendment 291 #
Proposal for a regulation
Article 15 – paragraph 4
Article 15 – paragraph 4
4. Where prospective investors do not provide the information required pursuant to paragraph 1, or where crowdfunding service providers consider, on the basis of the information received under paragraph 1, that the prospective investors have insufficient knowledge,a crowdfunding offer is not suitable for prospective investors, the crowdfunding service providers concerned shall inform those prospective investors that the services offered on their platforms may be inappropriate for them and give them a risk warning. That information or risk warning shall not prevent prospective investors from investing in crowdfunding projects.
Amendment 299 #
Proposal for a regulation
Article 15 – paragraph 6 – introductory part
Article 15 – paragraph 6 – introductory part
6. TWithin six months following the entry into force of this Regulation, the Commission mayshall adopt delegated acts in accordance with Article 37 to specify the arrangements necessary to:
Amendment 302 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Crowdfunding service providers shall provide prospective investors with a key investment information sheet drawn up by the project owner for each crowdfunding offer. The key investment information sheet shall be drafted in at least one of the official languages of the Member State concerned or in a common language customaryed in the sphere of international finance.
Amendment 315 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Crowdfunding service providers that suggestpply a reference price for the buying and selling referred to in paragraph 1 shall inform their clients thatwhether the suggested reference price is non-binding andor not and shall substantiate the suggested reference pricebasis on which the reference price has been calculated.
Amendment 319 #
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 individual projects or offersCrowdfunding service providers may address marketing communications to investors registered on the crowdfunding platform. Marketing communication of this kind must be conducted objectively, so as to meet predetermined criteria, and must not be focused excessively on planned crowdfunding projects or offers or those in the process of implementation.
Amendment 329 #
Proposal for a regulation
Article 38 – paragraph 2 – point b a (new)
Article 38 – paragraph 2 – point b a (new)
(ba) the potential risks of distortion of competition and arbitrage arising where Member States apply two parallel regimes;
Amendment 333 #
Proposal for a regulation
Article 38 a (new)
Article 38 a (new)
Regulation (EU) 2017/1129
Article 1 – paragraph 4 – point k a (new)
Article 1 – paragraph 4 – point k a (new)
Article 38a Amendment of Regulation (EU) 2017/1129 In Article 1(4) of Regulation (EU) 2017/1129, the following point is added: (ka) A crowdfunding offer from a European crowdfunding service provider as defined in Article 3(1)(c) of Regulation (EU) No XXX/XXX of the European Parliament and of the Council, provided that it does not exceed the threshold laid down on Article 2(2)(d) of Regulation (EU) No XXX/XXX. ”
Amendment 334 #
Proposal for a regulation
Annex II – part A – point c
Annex II – part A – point c
(c) A hyperlink to the most recent financial statement of the project owner, if availableKey financial figures and ratios for the project owner for the last three years;