{"change_dates":[],"dossier":{"amendments":[{"authors":"Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-137","location":[["Proposal for a regulation","Title 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:56"},"new":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on European Platform Funding Service","Providers for Business","(Text with EEA relevance)"],"old":["Proposal for a","REGULATION OF THE EUROPEAN","PARLIAMENT AND OF THE COUNCIL","on European Crowdfunding Service","Providers (ECSP) for Business","(Text with EEA relevance)"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"137","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-138","location":[["Proposal for a regulation","Recital 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:11:56"},"new":["(1) Peer-to-peer lending and","investment provided through the","mediation of online platforms are","increasingly established forms of","alternative finance for small and medium","enterprises (SMEs), at an early stage of","company growth, typically relying on","small investments. Thus, online platforms","for crowd-sourced lending- and equity-","based funding represent new types of","intermediation where a crowdfunding","service provider interacts with its clients","through a digital platform without taking","on own risk in order to match prospective","investors with businesses that seek","funding, irrespective of whether that","funding leads to a loan agreement, to an","equity stake or to another transferable","security based stake. The scope of this","Regulation therefore includes both","lending-based crowdfunding and equity-","based crowdfunding for business. It does","not, however, include crowdfunding","campaigns that are based exclusively on","donations and non-financial rewards."],"old":["(1) Crowdfunding is increasingly an","established form of alternative finance for","small and medium enterprises (SMEs) at","an early stage of company growth,","typically relying on small investments.","Crowdfunding represents a new type of","intermediation where a crowdfunding","service provider interacts with its clients","through a digital platform without taking","on own risk in order to match prospective","investors with businesses that seek","funding, irrespective of whether that","funding leads to a loan agreement, to an","equity stake or to another transferable","security based stake. It is therefore","appropriate to include in the scope of this","Regulation both lending-based","crowdfunding and investment-based","crowdfunding, since they are comparable","business funding alternatives.","",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"138","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-139","location":[[" Proposal for a regulation","Recital 1"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(1) Crowdfunding is a form of","alternative entrepreneurial finance for","start-ups as well as small and medium","enterprises (SMEs) at an early stage of","company growth. Crowdfunding represents","an increasingly important type of","intermediation as well as a new asset class","where a crowdfunding service provider","interacts with its clients through a digital","platform without taking on own risk in","order to match prospective investors with","businesses that seek funding, irrespective","of whether that funding leads to a loan","agreement, to an equity stake or to another","transferable security based stake. It is","therefore appropriate to include in the","scope of this Regulation both lending-","based crowdfunding and investment-based","crowdfunding, since they are comparable","business funding alternatives."],"old":["(1) Crowdfunding is increasingly an","established form of alternative finance for","small and medium enterprises (SMEs) at","an early stage of company growth,","typically relying on small investments.","Crowdfunding represents a new type of","intermediation where a crowdfunding","service provider interacts with its clients","through a digital platform without taking","on own risk in order to match prospective","investors with businesses that seek","funding, irrespective of whether that","funding leads to a loan agreement, to an","equity stake or to another transferable","security based stake. It is therefore","appropriate to include in the scope of this","Regulation both lending-based","crowdfunding and investment-based","crowdfunding, since they are comparable","business funding alternatives."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"139","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-140","location":[[" Proposal for a regulation","Recital 2"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(2) Obtaining finance is challenging for","small and nascent firms, particularly when","they move from a start-up into the","expansion phase, especially in innovative","technological sectors. Crowdfunding can","contribute to provide access to finance for","such firms and so to complete the Capital","Markets Union (CMU). Lack of access to","entrepreneurial finance for such firms","constitutes a problem in Member States","with weak Private Equity and Venture","Capital industries. Similarly, it constitutes","a problem in cases where traditional","financial intermediation institutions, like","banks, operate efficiently. 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."],"old":["(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 provide access to finance for","such firms and so to complete 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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"140","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-141","location":[["Proposal for a regulation","Recital 2"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:11:57"},"new":["(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 providing access to finance","for such firms and so to completing 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."],"old":["(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 provide access to finance for","such firms and so to complete 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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"141","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-142","location":[[" Proposal for a regulation","Recital 3"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(3) The provision of crowdfunding","services generally relies on three types of","actors: the entrepreneur that proposes the","project to be funded, investors who fund","the proposed project, and an intermediating","organisation in the form of a service","provider that brings together entrepreneurs","and investors or lenders through an online","platform."],"old":["(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, and an intermediating","organisation in the form of a service","provider that brings together project","owners and investors through an online","platform."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"142","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-143","meps":[190519,97203],"meta":{"created":"2019-07-03T06:11:57"},"new":["(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."],"old":["(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, and an intermediating","organisation in the form of a service","provider that brings together project","owners and investors through an online","platform."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"143","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-144","location":[["Proposal for a regulation","Recital 4"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(4) In addition to providing an","alternative source of financing, including","venture capital, crowdfunding can offer","other benefits to firms. It can provide","concept and idea validation to the business","or project, give access to a large number of","people providing the entrepreneur with","insights and information and be a","marketing tool if a crowdfunding campaign","is successful."],"old":["(4) In addition to providing an","alternative source of financing, including","venture capital, crowdfunding can offer","other benefits to firms. It can provide","concept and idea validation to the project","owner, give access to a large number of","people providing the entrepreneur with","insights and information and be a","marketing tool if a crowdfunding campaign","is successful."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"144","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-145","location":[["Proposal for a regulation","Recital 5"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(5) Several Member States have","already introduced domestic bespoke","regimes on crowdfunding. Those regimes","are tailored to the characteristics and needs","of local markets and investors. As a result,","the existing national rules diverge as","regards the conditions of operation of","crowdfunding platforms, the scope of","permitted activities and the licencing","requirements. Thus, a harmonized","approach is necessary to guarantee level-","playing field and economic efficiency","within the CMU."],"old":["(5) Several Member States have","already introduced domestic bespoke","regimes on crowdfunding. Those regimes","are tailored to the characteristics and needs","of local markets and investors. As a result,","the existing national rules diverge as","regards the conditions of operation of","crowdfunding platforms, the scope of","permitted activities and the licencing","requirements."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"145","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-146","location":[[" Proposal for a regulation","Recital 6"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(6) The differences between the","existing national rules are such as to","obstruct the cross-border provision of","crowdfunding services and thus have a","direct effect on the functioning of the","internal market in such services. In","particular, the fact that the legal framework","is fragmented along national borders","creates substantial legal compliance costs","for retail investors who often face","difficulties which are disproportional to the","size of their investment in determining the","rules applicable to cross-border","crowdfunding services. Therefore, such","investors are often discouraged from","investing cross-border via crowdfunding","platforms. For the same reasons","crowdfunding service providers operating","such platforms are discouraged from","offering their services in a Member State","other than the one in which they are","established. As a result, crowdfunding","activities have remained hitherto largely","national to the detriment of a Union-wide","crowdfunding market, thus depriving","businesses of access to crowdfunding","services, especially in cases where a","business resides in Member States lacking","the \"access to crowd\" because of its","comparatively smaller population."],"old":["(6) The differences between the","existing national rules are such as to","obstruct the cross-border provision of","crowdfunding services and thus have a","direct effect on the functioning of the","internal market in such services. In","particular, the fact that the legal framework","is fragmented along national borders","creates substantial legal compliance costs","for retail investors who often face","difficulties which are disproportional to the","size of their investment in determining the","rules applicable to cross-border","crowdfunding services. Therefore, such","investors are often discouraged from","investing cross-border via crowdfunding","platforms. For the same reasons","crowdfunding service providers operating","such platforms are discouraged from","offering their services in a Member State","","other than the one in which they are","established. As a result, crowdfunding","activities have remained hitherto largely","national to the detriment of a Union-wide","crowdfunding market, thus depriving","businesses of access to crowdfunding","services."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"146","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-147","location":[["Proposal for a regulation","Recital 7"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(7) In order to foster cross border","crowdfunding activities and to facilitate the","exercise of the freedom to provide and","receive such services in the internal market","for crowdfunding providers it is therefore","necessary to address the existing obstacles","to the proper functioning of the internal","market in crowdfunding services.","Providing for a single set of harmonized","and mutually recognized rules on the","provision of crowdfunding services giving","crowdfunding service providers the option","to apply for a single Union-wide","authorisation to exercise their activity","under those rules is a suitable first step for","fostering cross border crowdfunding","activities and thus enhance the operation of","the Single Market."],"old":["(7) In order to foster cross border","crowdfunding activities and to facilitate the","exercise of the freedom to provide and","receive such services in the internal market","for crowdfunding providers it is therefore","necessary to address the existing obstacles","to the proper functioning of the internal","market in crowdfunding services.,","Providing for a single set of rules on the","provision of crowdfunding services giving","crowdfunding service providers the option","to apply for a single Union-wide","authorisation to exercise their activity","under those rules is a suitable first step for","fostering cross border crowdfunding","activities and thus enhance the operation of","the Single Market."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"147","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-148","location":[[" Proposal for a regulation","Recital 11"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(11) In relation to investment-based","crowdfunding, the transferability of a","security is an important safeguard for","investors to be able to exit their investment","since it provides them with the legal","possibility to dispose of their interest on","the capital markets. This Regulation","therefore only covers and permits","investment-based crowdfunding services in","relation to transferable securities including","certain types of token generating","crowdfunding events, and excludes","financial instruments that entail risks for","retail investors."],"old":["(11) In relation to investment-based","crowdfunding, the transferability of a","security is an important safeguard for","investors to be able to exit their investment","since it provides them with the legal","possibility to dispose of their interest on","the capital markets. This Regulation","therefore only covers and permits","investment-based crowdfunding services in","relation to transferable securities. Financial","instruments other than transferable","securities should however be excluded","from the scope of this Regulation because","those securities entail risks for investors","that cannot be properly managed within","this legal framework."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"148","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-149","location":[[" Proposal for a regulation","Recital 11 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(11a) Token generating crowdfunding","events, also known as Initial Coin","Offerings (ICOs), provide an innovative","source of funding for enterprises. Tokens","are issued by firms for money raising","purposes and the buyers, by acquiring the","tokens, they buy claims to the ownership","of the issuing firm (equity-tokens) or","claims to a future cash-flow of the issuing","firm (bond-tokens)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"149","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Jakob von Weizs\u00e4cker","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-150","location":[["Proposal for a regulation","Recital 11 a (new)"]],"meps":[124840],"meta":{"created":"2019-07-03T06:11:57"},"new":["(11a) In relation to initial coin offerings","(ICOs), the characteristics of such an","instrument differ considerably from","crowdfunding envisaged in this","Regulation. ICOs usually do not use","intermediaries, such as crowdfunding","platforms, and often raise funds in excess","of EUR 1 000 000. The inclusion of ICOs","in this Regulation would not tackle the","problems associated with ICOs","holistically."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"150","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-151","location":[["Proposal for a regulation","Recital 11 b (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(11b) ICOs can generate substantial","market, fraud and cybersecurity risks for","the investors, therefore crowdfunding","service providers that wish to offer an","ICO through their platform, should","comply with specific additional","requirements under this regulation. ICOs","that do not use a counterparty do not fall","within the scope of these requirements."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"151","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-152","location":[[" Proposal for a regulation","Recital 12"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:57"},"new":["(12) Given the risks associated with","crowdfunding investments, it is","appropriate, in the interest of the effective","protection of investors and the provision","of a mechanism of market discipline, to","impose a threshold for a maximum","consideration for each crowdfunding offer.","That threshold should be set at EUR 8 000","000, which is the maximum threshold up","to which Member States can exempt","offers of securities to the public from the","obligation to publish a prospectus in","accordance with Article 3 Regulation (EU)","2017/1129 of the European Parliament and","of the Council.9 This threshold applies also","in the case of token generating","crowdfunding events (ICOs).","_________________","9Regulation (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)."],"old":["(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 1 000 000, 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.","_________________","9Regulation (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)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"152","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-153","justification":"The purpose of this amendment in recital 12 is to exclude crowdfunding offers below\nEUR 8 million from the prospectus requirement. A key information document will be supplied\ninstead.","location":[[" Proposal for a regulation","Recital 12"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:11:58"},"new":["(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 8 000 000, 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)."],"old":["(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 1 000 000, 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)."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"153","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-154","location":[[" Proposal for a regulation","Recital 12"]],"meps":[190519],"meta":{"created":"2019-07-03T06:11:58"},"new":["(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 8 000 000, 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)."],"old":["(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 1 000 000, 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)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"154","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-155","location":[[" Proposal for a regulation","Recital 12"]],"meps":[124778],"meta":{"created":"2019-07-03T06:11:58"},"new":["(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 8 000 000, which is","the maximum 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)."],"old":["(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 1 000 000, 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)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"155","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-156","location":[["Proposal for a regulation","Recital 12 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:58"},"new":["(12a) To ensure that crowdfunding does","not lead to high volumes of financial","exposure of the retail investors, maximum","thresholds should apply in the case of","retail investors as for EUR 4 000 per","project of firm and EUR 12 000 per","annum."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"156","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-157","location":[["Proposal for a regulation","Recital 12 b (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:58"},"new":["(12b) To ensure the public faith to","crowdfunding platforms and allow the","sustainable growth of crowdfunding","investments, it is instrumental the","platforms to hold adequate levels of","regulatory capital. To ensure a level-","playing field in the EU and avoid","regulatory arbitrage EUR 60 000 of","minimum shared capital is required from","the crowdfunding platforms in order to be","licenced."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"157","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-158","location":[[" Proposal for a regulation","Recital 12 c (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:58"},"new":["(12c) Crowdfunding can be a valuable","source for the mobilization of capital to","comparatively riskier projects, thus the","possibilities of blending the proceedings","of crowdfunding campaigns with other","traditional sources of finance can be","highly benefiting for the EU prospects of","growth and its long term competitive","advantage."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"158","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-159","location":[[" Proposal for a regulation","Recital 13"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:58"},"new":["(13) To avoid regulatory arbitrage and to","ensure the effective supervision of","crowdfunding service providers,","crowdfunding service providers should be","prohibited from accepting deposits or other","repayable funds from the public or act as","custodians, unless they are authorised as a","credit institution in accordance with Article","8 of Directive 2013/36/EU of the European","Parliament and of the Council10 .","_________________","10","Directive 2013/36/EU of the European","Parliament and of the Council of 26 June","2013 on access to the activity of credit","institutions and the prudential supervision","of credit institutions and investment firms,","amending Directive 2002/87/EC and","repealing Directives 2006/48/EC and","2006/49/EC (OJ L 176, 27.6.2013, p. 338)."],"old":["(13) To avoid regulatory arbitrage and to","ensure the effective supervision of","crowdfunding service providers,","crowdfunding service providers should be","prohibited from accepting deposits or other","repayable funds from the public, unless","they are authorised as a credit institution in","accordance with Article 8 of Directive","2013/36/EU of the European Parliament","and of the Council10 .","_________________","10","Directive 2013/36/EU of the European","Parliament and of the Council of 26 June","2013 on access to the activity of credit","institutions and the prudential supervision","of credit institutions and investment firms,","amending Directive 2002/87/EC and","repealing Directives 2006/48/EC and","2006/49/EC (OJ L 176, 27.6.2013, p. 338)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"159","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox, Eva Kaili, Syed Kamall, Antanas Guoga, C\u0103t\u0103lin Sorin Ivan","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-160","location":[["Proposal for a regulation","Recital 15 a (new)"]],"meps":[96957,125109,33569,124763,96857],"meta":{"created":"2019-07-03T06:11:58"},"new":["(15a) In order to allow for a competitive","Union-framework, crowdfunding service","providers should be permitted to raise","capital through their platforms using","tokens. Initial Coin Offerings (ICOs)","offer new and innovative ways of funding","but can also generate substantial market,","fraud and cyber security risks to investors.","Therefore, crowdfunding service","providers that wish to offer ICOs through","their platform, should comply with","specific additional requirements under","this Regulation. Whilst project owners","can still opt for the private placement of","an ICO or use a prospectus for an ICO,","this regulation only covers those who opt","to use a crowdfunding service provider as","an intermediary. Further to this, ICOs","raising in excess of EUR 8 000 000 or","ICOs that do not use a centralised","issuer should not fall within the scope of","this Regulation. Only tokens that","represent either a loan or transferable","security and that have a central issuer","who takes responsibility for the issuance","of the tokens should be covered by the","Regulation. Crowdfunding Service","providers who offer ICOs via their","platform should ensure that all requisite","due diligence checks have been conducted","in accordance with this regulation."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"160","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-161","location":[[" Proposal for a regulation","Recital 15 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:11:58"},"new":["(15a) In order to increase the funding","opportunities for European SMEs and","start-ups and to enable the development of","an integrated and homogenous market for","crowdfunding service provides across the","EU, every crowdfunding project or offer","provided by each crowdfunding platform","should be made publicly accessible to all","investors through a centralised register","established by ESMA."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"161","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-162","meps":[124942],"meta":{"created":"2019-07-03T06:11:58"},"new":["(15a) For the same reason,","crowdfunding service providers that use","Initial Coin Offerings (ICOs) on their","platform should be excluded from this","Regulation. To achieve efficient","regulation on this emerging technology,","the Commission could in future propose","comprehensive EU-level legislation based","on a thorough impact assessment."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"162","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-163","location":[["Proposal for a regulation","Recital 17"]],"meps":[124778],"meta":{"created":"2019-07-03T06:11:58"},"new":["(17) This Regulation aims to facilitate","direct investment and to avoid creating","regulatory arbitrage opportunities for","financial intermediaries regulated under","other Union legislation, in particular Union","rules governing asset managers. The use of","legal structures, including special purpose","vehicles, to interpose between the","crowdfunding project and investors, should","therefore be strictly regulated and","permitted only to eligible counterparties or","elective professional investors as defined","in Directive 2014/65/EU (MiFID)."],"old":["(17) This Regulation aims to facilitate","direct investment and to avoid creating","regulatory arbitrage opportunities for","financial intermediaries regulated under","other Union legislation, in particular Union","rules governing asset managers. The use of","legal structures, including special purpose","vehicles, to interpose between the","crowdfunding project and investors, should","therefore be strictly regulated and","permitted only where it is justified."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"163","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal, Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-164","meps":[190519,183022,97203],"meta":{"created":"2019-07-03T06:11:58"},"new":["(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\u2019s and","consumer\u2019s 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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"164","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-165","location":[[" Proposal for a regulation","Recital 17 a (new)"]],"meps":[97203],"meta":{"created":"2019-07-03T06:11:59"},"new":["(17a) Online technologies such as the","distributed ledger (DLT), also known as","blockchain, should be monitored by the","Commission in order to seek its possible","utilisation in crowdfunding procedures","and processes."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"165","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-166","location":[["Proposal for a regulation","Recital 19"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:59"},"new":["(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. However,","crowdfunding service providers should not","be prevented from having any financial","participation in the crowdfunding offers on","their crowdfunding platforms as this will","provide economic signals and incentives","to align their interests with the interests of","the investors. Furthermore, shareholders","holding 10 % 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."],"old":["(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 particular,","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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"166","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-167","justification":" The object of this amendment is to allow platforms to invest in the projects that they offer. A\n further aim is to bring the interests of platforms and their clients into line. In addition,\n platforms will be asked to publish their reasons for not investing in certain projects, the idea\n being to avoid giving rise to arbitrage.","location":[["Proposal for a regulation","Recital 19"]],"meps":[24594],"meta":{"created":"2019-07-03T06:11:59"},"new":["(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. Unless 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."],"old":["(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 particular,","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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"167","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-168","location":[[" Proposal for a regulation","Recital 24"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:59"},"new":["(24) Crowdfunding services can be","exposed to money laundering and terrorist","financing risks, as underlined in the","Commission's Report on the assessment of","the risks of money laundering and terrorist","financing affecting the internal market and","relating to cross-border situations12 .","Safeguards should therefore be envisaged","when meeting conditions for authorisation,","assessing the good repute of the","management, providing payment services","only through licensed entities subject to","anti-money laundering and terrorist","financing requirements. With a view to","further ensuring financial stability by","preventing risks of money laundering and","terrorism financing, and taking into","account the maximum threshold of","funds that can be raised by a","crowdfunding offer in accordance with","this Regulation, the Commission should","assess the necessity and proportionality of","subjecting crowdfunding service providers","to obligations for compliance with the","national provisions implementing Directive","(EU) 2015/849 in respect of money","laundering or terrorism financing and","adding such crowdfunding service","providers to the list of obliged entities for","the purposes of Directive (EU) 2015/849.","_________________","12","COM(2017) 340 final, Report from the","Commission to the European Parliament","and the Council on the assessment of the","risks of money laundering and terrorist","financing affecting the internal market and","relating to cross-border activities."],"old":["(24) Crowdfunding services can be","exposed to money laundering and terrorist","financing risks, as underlined in the","Commission's Report on the assessment of","the risks of money laundering and terrorist","financing affecting the internal market and","relating to cross-border situations12 .","Safeguards should therefore be envisaged","when meeting conditions for authorisation,","","assessing the good repute of the","management, providing payment services","only through licensed entities subject to","anti-money laundering and terrorist","financing requirements. With a view to","further ensuring financial stability by","preventing risks of money launderign and","terrorism financing, the Commission","should assess the necessity and","proportionality of subjecting crowdfunding","service providers to obligations for","compliance with the national provisions","implementing Directive (EU) 2015/849 in","respect of money laundering or terrorism","financing and adding such crowdfunding","service providers to the list of obliged","entities for the purposes of Directive (EU)","2015/849.","_________________","12","COM(2017) 340 final, Report from the","Commission to the European Parliament","and the Council on the assessment of the","risks of money laundering and terrorist","financing affecting the internal market and","relating to cross-border activities."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"168","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-169","location":[["Proposal for a regulation","Recital 24 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:11:59"},"new":["(24a) For the purposes of fighting","money laundering and the financing of","terrorism, as well as minimising the risks","of financial crime and fraud, the","Commission should examine the potential","application of blockchain technologies in","the crowdfunding sector in order to","facilitate the verification of data and","information relating to crowdfunding","projects and offers intermediated on the","crowdfunding platform, and increase","their traceability and security;"],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"169","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-170","location":[[" Proposal for a regulation","Recital 25"]],"meps":[96957],"meta":{"created":"2019-07-03T06:11:59"},"new":["(25) To enable crowdfunding service","providers to operate cross-border without","facing divergent rules and thereby","facilitating the funding of projects across","the Union by investors from different","Member States, Member States should not","be allowed to impose additional","requirements on crowdfunding service","providers that are authorised under this","Regulation."],"old":["(25) To enable crowdfunding service","providers to operate cross-border without","facing divergent rules and thereby","facilitating the funding of projects across","the Union by investors from different","Member States, Member States should not","be allowed to impose additional","requirements on crowdfunding service","providers that are authorised by ESMA."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"170","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Jon\u00e1s Fern\u00e1ndez","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-171","location":[[" Proposal for a regulation","Recital 29"]],"meps":[125046],"meta":{"created":"2019-07-03T06:11:59"},"new":["(29) In order for prospective investors to","have a clear understanding of the nature,","risks, costs and charges of crowdfunding","services, crowdfunding service providers","should provide their clients with clear and","disaggregated information."],"old":["(29) In order for prospective investors to","have a clear understanding of the nature,","risks, costs and charges of crowdfunding","services, crowdfunding service providers","should provide their clients with","appropriate information."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"171","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-172","location":[["Proposal for a regulation","Recital 30"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:59"},"new":["(30) Investments in products marketed","on crowdfunding platforms are not","comparable to traditional investments","products or savings products and should","not be marketed as such. However, to","ensure that prospective investors","understand the level of risk associated with","crowdfunding investments, crowdfunding","service providers is mandatory to run an","entry knowledge test of their prospective","investors to establish their knowledge of","investment. Crowdfunding service","providers should explicitly warn","prospective investors whenever the","crowdfunding services provided are","deemed as inappropriate for them."],"old":["(30) Investments in products marketed","on crowdfunding platforms are not","comparable to traditional investments","products or savings products and should","not be marketed as such. However, to","ensure that prospective investors","understand the level of risk associated with","crowdfunding investments, crowdfunding","service providers should run an entry","knowledge test of their prospective","investors to establish their knowledge of","investment. Crowdfunding service","providers should explicitly warn","prospective investors whenever the","crowdfunding services provided are","deemed as inappropriate for them."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"172","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-173","location":[["Proposal for a regulation","Recital 32"]],"meps":[125109],"meta":{"created":"2019-07-03T06:11:59"},"new":["(32) The key investment information","sheet should also take into account the","specific features and risks associated with","early stage companies, and focus on","material information about the project","owners, the investors' rights and fees, and","the type of securities offered and loan","agreements. Comparability is instrumental","for the prospective investors, thus certain","financial ratios (instead of financial","statements) describing the profitability,","operational efficiency and liquidity of the","business should be provided. Because the","project owner concerned is in the best","position to provide that information, the","key investment information sheet should be","drawn up by that project owner. However,","since crowdfunding service providers are","responsible for informing their prospective","investors, they should ensure that the key","investment information sheet is complete","and they have made minimum due","diligence that the information provided is","truthful and unbiased."],"old":["(32) The key investment information","sheet should also take into account the","specific features and risks associated with","early stage companies, and focus on","material information about the project","owners, the investors' rights and fees, and","the type of securities offered and loan","agreements. Because the project owner","","concerned is in the best position to provide","that information, the key investment","information sheet should be drawn up by","that project owner. However, since","crowdfunding service providers are","responsible for informing their prospective","investors, they should ensure that the key","investment information sheet is complete."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"173","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-174","justification":"Platforms should be allowed to communicate with their customers about projects that they\nare offering. Communication for that purpose should be based on objective considerations (in\nother words, it has to match the needs/preferences expressed by investors when they\ndetermined their investor profiles).","location":[[" Proposal for a regulation","Recital 37"]],"meps":[24594],"meta":{"created":"2019-07-03T06:11:59"},"new":["(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 unless","the selection of that project or offer is","based on objective considerations related,","for example, to an investor\u2019s","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."],"old":["(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 other projects offered","on their platform. Any open or planned","projects should therefore not feature in","marketing communications of a","crowdfunding platform. Crowdfunding","service providers should however not be","prevented from mentioning successfully","closed offers in which investments through","the platform are no longer possible."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"174","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-175","location":[["Proposal for a regulation","Recital 37"]],"meps":[124778],"meta":{"created":"2019-07-03T06:11:59"},"new":["(37) To ensure fair and non-","discriminatory treatment of investors and","project owners, crowdfunding service","providers that are promoting their services","through marketing communications should","not treat any particular project more","favourably than other projects offered on","their platform. Crowdfunding service","providers should however be allowed to","mention successfully closed offers in","which investments through the platform are","no longer possible to facilitate the","comparability of project outcomes."],"old":["(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 other projects offered","on their platform. Any open or planned","projects should therefore not feature in","marketing communications of a","crowdfunding platform. Crowdfunding","service providers should however not be","prevented from mentioning successfully","closed offers in which investments through","the platform are no longer possible."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"175","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-176","location":[["Proposal for a regulation","Recital 37"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:00"},"new":["(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 other projects offered","on their platform. 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Crowdfunding","service providers should however not be","prevented from mentioning successfully","closed offers in which investments through","the platform are no longer possible."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"176","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-177","location":[[" Proposal for a regulation","Recital 40"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:00"},"new":["(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. 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ESMA","should make use of its oversight and","sanctioning competences in a proportionate","manner."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"177","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-178","location":[["Proposal for a regulation","Recital 40"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:00"},"new":["(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. 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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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"178","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-179","location":[["Proposal for a regulation","Recital 40"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:00"},"new":["(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. 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ESMA","should make use of its oversight and","","sanctioning competences in a proportionate","manner."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"179","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-180","location":[[" Proposal for a regulation","Recital 41"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(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 is","beneficial to the market participants in","terms of greater transparency, investor","protection and market efficiency."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"180","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-181","location":[[" Proposal for a regulation","Recital 41"]],"meps":[190519,97203],"meta":{"created":"2019-07-03T06:12:00"},"new":["(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."],"old":["(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 is","beneficial to the market participants in","terms of greater transparency, investor","protection and market efficiency."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"181","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-182","location":[["Proposal for a regulation","Recital 42"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(42) ESMA should charge fees on","directly supervised entities to cover its","costs, including overheads. 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This Regulation shall apply to legal","persons who choose to seek authorisation","in accordance with Article 10 and to","crowdfunding service providers authorised","in accordance with that Article, in relation","to the provision of crowdfunding services."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"187","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-188","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point c"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(c) crowdfunding services that are","provided by natural or legal persons in","accordance with national law;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"188","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-189","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point c"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:00"},"new":["deleted"],"old":["(c) crowdfunding services that are","provided by natural or legal persons in","accordance with national law;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"189","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-190","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point c a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:01"},"new":["(ca) No national rules on licence","requirements relating to project owners or","investors shall prevent them to make use","of crowdfunding services provided by","crowdfunding service providers pursuant","to and authorised under this Regulation"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"190","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-191","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:01"},"new":["(d) crowdfunding offers with a","consideration of more than EUR 8 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"old":["(d) crowdfunding offers with a","consideration of more than EUR 1 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"191","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-192","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:01"},"new":["(d) crowdfunding offers with a","consideration of more than EUR 8 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"old":["(d) crowdfunding offers with a","","consideration of more than EUR 1 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"192","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-193","justification":"This amendment seeks to raise the threshold for the requirement for a platform to issue a\nprospectus. The EUR 1 million threshold might have a restrictive effect in years to come.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:01"},"new":["(d) crowdfunding offers with a","consideration of more than EUR 8 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"old":["(d) crowdfunding offers with a","consideration of more than EUR 1 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"193","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-194","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:01"},"new":["(d) crowdfunding offers with a","consideration of more than EUR 8 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"old":["(d) crowdfunding offers with a","consideration of more than EUR 1 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"194","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-195","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:01"},"new":["(d) crowdfunding offers with a","consideration of more than EUR 8 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"old":["(d) crowdfunding offers with a","consideration of more than EUR 1 000 000","per crowdfunding offer, which shall be","calculated over a period of 12 months with","in regard to a particular crowdfunding","project."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"195","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox, Eva Kaili, Syed Kamall, Antanas Guoga, C\u0103t\u0103lin Sorin Ivan","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-196","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point d a (new)"]],"meps":[96957,125109,33569,124763,96857],"meta":{"created":"2019-07-03T06:12:01"},"new":["(da) crowdfunding service providers","that facilitate the raising of capital","through their platforms via Initial Coin","Offerings (ICO) that issue tokens that do","not have a centralised issuer."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"196","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-197","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 2 \u2013 point a a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:01"},"new":["(aa) Crowdfunding service providers","that use Initial Coin Offerings (ICOs) on","their platforms;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"197","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-198","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 2 a (new)"]],"meps":[190519,97203],"meta":{"created":"2019-07-03T06:12:01"},"new":["2a. 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following:"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"200","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-201","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point i"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:01"},"new":["(i) Direct offer crowdfunding service:"],"old":["(i) the facilitation of granting of","loans;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"201","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-202","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point i"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:02"},"new":["(i) the 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paragraph 1 \u2013 point a \u2013 point i \u2013 point b (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:02"},"new":["(b) the facilitation of only matching","the project owner with investor(s)."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"204","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-205","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point ii"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:02"},"new":["(ii) Intermediated Crowdfunding","Service:"],"old":["(ii) the placing without firm","commitment, as referred to in point 7 of","Section A of Annex I to Directive","2014/65/EU, of transferable securities","issued by project owners and the reception","and transmission of client orders, as","referred to in point 1 of Section A to","Annex I to Directive 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the project owner(s) and","determining the pricing and packaging of","offers; and/or"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"208","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-209","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point ii \u2013 point b (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:03"},"new":["(b) the facilitation of at least matching","the project owner with investor(s) and or","determining pricing of offers."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"209","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-210","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point ii a (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:03"},"new":["(iia) At least, the following activities","(among others) shall be considered as","services referred to in point ii:","(a) the placing without firm","commitment, as referred to in point 7 of","Section A of Annex I to Directive","2014/65/EU, of transferable securities","issued by project owners;","(b) the offer of investment advice, as","referred to in point5 of Section A to","Annex I to Directive 2014/65/EU, with","regards to those transferable securities;","and","(c) the reception and transmission of","client orders, as referred to in point 1 of","Section A to Annex I to Directive 2014/65,","with regard to those transferable","securities"],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"210","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-211","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point a \u2013 point ii a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:03"},"new":["(iia) the facilitation of offerings by","investors to an entity issuing tokens via an","Initial Coins Offerings (ICOs) using a","counterparty;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"211","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-212","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point c"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:03"},"new":["(c) \u2018crowdfunding service provider\u2019","means a legal person who provides","lending- and equity-based crowdfunding","services and has been authorised for that","purpose by the European Securities and","Markets Authority (ESMA) in accordance","with Article 11 of this Regulation;"],"old":["(c) \u2018crowdfunding service provider\u2019","means a legal person who provides","crowdfunding services and has been","authorised for that purpose by the","","","European Securities and Markets Authority","(ESMA) in accordance with Article 11 of","this Regulation;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"212","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-213","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point d a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:03"},"new":["(da) \"Initial Coin Offering or ICO\"","means any offer to the public by a firm","issuing tokens representing either:","(a) a legal claim on the 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of the firm (bond-token)."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"214","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-215","location":[[" Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point i b (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:03"},"new":["(ib) 'loan' means an agreement under","which an amount is available by one or","more clients to one or more project owner","through the crowdfunding platform which","is repayable or returnable;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"215","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox, Eva Kaili, Syed Kamall, Antanas Guoga, C\u0103t\u0103lin Sorin 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(new)"]],"meps":[96957,125109,33569,124763,96857],"meta":{"created":"2019-07-03T06:12:03"},"new":["(lb) \u2018token\u2019 means any form of digital","medium of exchange, a digital unit of","account and/or a store of value that is","used to serve as or represent an asset"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"217","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox, Eva Kaili, Syed Kamall, Antanas Guoga, C\u0103t\u0103lin Sorin Ivan","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-218","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 1 \u2013 point l c (new)"]],"meps":[96957,125109,33569,124763,96857],"meta":{"created":"2019-07-03T06:12:03"},"new":["(lc) \u2018cryptocurrency\u2019 means a maths-","based decentralised convertible virtual","currency that is protected by","cryptography, relies on public and private","keys to transfer value from one person to","another and may be cryptographically","signed each time it is transferred;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"218","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-219","location":[["Proposal for a regulation","Article 3 \u2013 paragraph 2"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:03"},"new":["2. The Commission shall be","empowered to adopt delegated acts in","accordance with Article 38 to specify","further technical and legal elements of the","definitions laid down in paragraph 1 to take","into account market developments,","technological developments and experience","in the operation of crowdfunding platforms","and provision of crowdfunding services."],"old":["2. 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Crowdfunding services shall only","be provided by legal persons that have an","effective and stable establishment in a","Member State of the Union and that have","been authorised as crowdfunding service","providers in accordance with Article 10 of","this Regulation. Accordingly, legal","persons established in a third country","cannot apply for authorisation as","crowdfunding service providers in","accordance with this Regulation."],"old":["1. Crowdfunding services shall only","be provided by legal persons that have an","effective and stable establishment in a","Member State of the Union and that have","been authorised as crowdfunding service","providers in accordance with Article 11 of","this Regulation."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"220","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-221","location":[[" Proposal for a regulation","Article 4 \u2013 paragraph 3"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:04"},"new":["3. Crowdfunding service providers","shall not pay or accept any remuneration,","discount or non-monetary benefit for","routing investors' orders to a particular","crowdfunding offer made on their platform","or to a particular crowdfunding offer","provided on a third party platform."],"old":["3. Crowdfunding service providers","shall not pay or accept any remuneration,","discount or non-monetary benefit for","routing investors' orders to a particular","crowdfunding offer made on theirs","platform or to a particular crowdfunding","offer provided on a third party platform."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"221","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-222","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 5"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:04"},"new":["5. 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The decision to take exposure to","that underlying asset shall exclusively lie","with investors."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"222","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-223","location":[["Proposal for a regulation","Article 4 \u2013 paragraph 5"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:04"},"new":["5. As regards the use of special","purpose vehicles for the provision of","crowdfunding services for investors who","are not eligible counterparties,","crowdfunding service providers shall only","have the right to transfer one asset to the","special purpose vehicle to enable investors","to take exposure to that asset by means of","acquiring securities. The decision to take","exposure to that underlying asset shall","exclusively lie with investors."],"old":["5. As regards the use of special","purpose vehicles for the provision of","crowdfunding services, crowdfunding","service providers shall only have the right","to transfer one asset to the special purpose","vehicle to enable investors to take exposure","to that asset by means of acquiring","securities. The decision to take exposure to","that underlying asset shall exclusively lie","with investors."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"223","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox, Eva Kaili, Syed Kamall, Antanas Guoga, C\u0103t\u0103lin Sorin Ivan","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-224","location":[[" Proposal for a regulation","Article 4 a (new)"]],"meps":[96957,125109,33569,124763,96857],"meta":{"created":"2019-07-03T06:12:04"},"new":["Article 4a","Provision of Initial Coin Offerings","1. This Regulation shall apply to","crowdfunding service providers","authorised in accordance with Article 10","who facilitates ICOs that fall within the","scope of this Article 4a.","2. This Regulation shall only apply to","ICOs of tokens where there is a","centralised issuer of the tokens.","3. This Regulation shall only apply to","ICOs of tokens that are either loans or","transferable securities.","4. This Regulation shall only apply to","the primary issuance or selling of tokens","and not secondary trading of such tokens.","5. This Regulation shall not apply to","private placement of tokens.","6. 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This regulation shall not apply to","private placement of the tokens."],"old":["",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"225","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-226","location":[["Proposal for a regulation","Article 5 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:04"},"new":["Article 5a","Due diligence requirements","1. Crowdfunding service providers","shall carry out a minimum level of due","diligence on project owners that propose","the project to be funded in their","crowdfunding platform.","2. The minimum level of due","diligence referred to in paragraph 1 shall","comprise:","(a) absence of criminal record in","respect of convictions or penalties of","national rules in force in the fields of","commercial law, insolvency law, financial","services legislation, anti-money","laundering legislation, fraud or","professional liability;","(b) proof that the project owner or the","firm that seek to be funded through the","crowdfunding platform is not established","in jurisdictions listed under the relevant","UE policy on non-cooperative","jurisdictions, or that are identified as","high-risk third countries pursuant to","Article 9(2) of Directive (EU) 2015/849 of","the European Parliament and of the","Council, or that do not effectively comply","with Union or internationally agreed tax","standards on transparency and exchange","of information."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"226","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-227","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:04"},"new":["1. Crowdfunding service providers","shall have in place, maintain and describe","publicly effective and transparent","procedures for the prompt, fair and","consistent handling of complaints received","from clients."],"old":["1. Crowdfunding service providers","shall establish and maintain effective and","transparent procedures for the prompt, fair","and consistent handling of complaints","received from clients."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"227","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-228","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:04"},"new":["1. Crowdfunding service providers","shall establish and maintain effective,","transparent, and standardised procedures","for the prompt, fair and consistent handling","of complaints received from clients."],"old":["1. Crowdfunding service providers","shall establish and maintain effective and","transparent procedures for the prompt, fair","and consistent handling of complaints","received from clients."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"228","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-229","justification":"Platforms should be allowed to communicate with their customers about projects that they\nare offering. Communication for that purpose should be based on objective considerations.\nOnce investors have specified their risk profile, it might be helpful if a platform could suggest\nprojects consistent with what they were seeking.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:04"},"new":["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."],"old":["1. Crowdfunding service providers","shall not have any financial participation in","any crowdfunding offer on their","crowdfunding platforms."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"229","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-230","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:04"},"new":["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."],"old":["1. Crowdfunding service providers","shall not have any financial participation in","any crowdfunding offer on their","crowdfunding platforms.",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"230","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-231","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:04"},"new":["1. Crowdfunding service providers","shall not have any financial participation in","any crowdfunding offer on their","crowdfunding platforms except if the","financial participation concerns all","projects or offers in a systematic and non-","discriminatory way, with the aim to","ensure an alignment of interests among","investors;"],"old":["1. Crowdfunding service providers","shall not have any financial participation in","any crowdfunding offer on their","crowdfunding platforms."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"231","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-232","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:04"},"new":["2. Crowdfunding service providers","shall not accept as their clients any of their","shareholders holding 20% or more of share","capital or voting rights, any of their","managers or employees, or any person who","exercises, or is in the position to exercise,","significant influence or control over the","crowdfunding projects and offers","provided in the crowdfunding platform."],"old":["2. Crowdfunding service providers","shall not accept as their clients any of their","shareholders holding 20% or more of share","capital or voting rights, any of their","managers or employees, or any person","directly or indirectly linked to those","shareholders, managers and employees by","control as defined in Article 4(1)(35)(b) of","Directive 2014/65/EU."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"232","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-233","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:05"},"new":["2. Crowdfunding service providers","shall not accept as their clients any of their","shareholders holding 10% or more of share","capital or voting rights, any of their","managers or employees, or any person","directly or indirectly linked to those","shareholders, managers and employees by","control as defined in Article 4(1)(35)(b) of","Directive 2014/65/EU."],"old":["2. 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Crowdfunding service providers","shall disclose to their clients and potential","clients the general nature and sources of","conflicts of interest and the steps taken to","mitigate those risks when they consider","that this is necessary for the measures","taken in accordance with the internal","rules referred to in paragraph 3 to be","effective."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"234","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-235","location":[[" Proposal for a regulation","Article 7 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:05"},"new":["Article 7a","Alignment of the Interests of the Platform","with the Investors","1. To ensure that platforms align","their incentives with those of the investors","incentive mechanisms shall","be encouraged.","2. 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Platforms shall explicitly describe","their alignment of interests policy on their","website in a prominent place."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"235","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-236","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 2"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:05"},"new":["2. Outsourcing of operational","functions shall not impair materially the","quality of the crowdfunding service","providers\u2019 internal control and the ability","of the national competent authority to","monitor the crowdfunding service","provider\u2019s compliance with all obligations","laid down in this Regulation."],"old":["2. 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Crowdfunding service providers or","third party providers acting on their behalf","shall not hold clients' funds or provide","payment services unless those funds are","intended for the provision of payment","","","services related to the crowdfunding","services and the crowdfunding service","provider or the third party provider acting","on its behalf is a payment service provider","as defined in Article 4(11) of Directive","(EU) 2015/2366."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"238","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-239","justification":" Platforms should be allowed to provide a payment service through third parties, i.e. in\n accordance with Article 19 of PSD 2.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 4"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:05"},"new":["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."],"old":["4. 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Any legal person that intends to","become a crowdfunding service provider","in accordance with this Regulation shall","apply to the national competent authority","of the Member State where it is","established for authorisation to provide","crowdfunding services."],"old":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"240","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-241","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:05"},"new":["1. Any legal person that intends to","become a crowdfunding service","provider shall apply to the national","competent authority of the Member State","where it is established for authorisation to","provide crowdfunding services."],"old":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"241","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-242","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:05"},"new":["1. A legal person that intends to","provide crowdfunding services shall apply","to national competent authority of the","Member State where it is established for","authorisation as a crowd funding service","provider."],"old":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"242","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-243","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:06"},"new":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider. ESMA shall","inform the National Competent Authority","(NCA) when it receives an application for","authorization. The NCA may file a note","stating potential objections or comments","to ESMA regarding the applicant."],"old":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"243","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-244","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider. ESMA shall","inform the National Competent Authority","when it receives an application for","authorisation. The National Competent","Authority may submit objections to ESMA","regarding the applicant."],"old":["1. A legal person that intends to","provide crowdfunding services shall apply","to ESMA for authorisation as a crowd","funding service provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"244","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-245","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 \u2013 point g"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:06"},"new":["(g) a description of the prospective","crowdfunding service provider\u2019s business","continuity arrangements so as to make","sure that loan repayments and","investments will continue to be","administered for the investors in case of a","platform insolvency;"],"old":["(g) a description of the prospective","crowdfunding service provider\u2019s business","continuity arrangements;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"245","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-246","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 \u2013 point j"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:06"},"new":["(j) a description of the internal rules of","the prospective crowdfunding service","provider to prevent that its shareholders","who hold 10% or more of the share capital","or voting rights, its managers or its","employees or any person directly or","indirectly linked to them by control engage","in crowdfunding transactions offered by","the prospective crowdfunding service","provider;"],"old":["(j) a description of the internal rules of","the prospective crowdfunding service","provider to prevent that its shareholders","who hold 20% or more of the share capital","or voting rights, its managers or its","employees or any person directly or","indirectly linked to them by control engage","in crowdfunding transactions offered by","the prospective crowdfunding service","provider;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"246","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-247","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 \u2013 point j a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:06"},"new":["(ja) a bank statement of the availability","of share capital of EUR 60 000 required","for the licence, or alternatively a liability","insurance up to this amount;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"247","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-248","justification":" Regarding the organisation of providers, since there is no minimum capital requirement, the\n proposal should require crowdfunding service providers to prove at any time that they have\n an insurance contract to cover the financial consequences ensuing should they fail to fulfil\n their professional obligations.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2 \u2013 point m a (new)"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:06"},"new":["(ma) a liability insurance contract."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"248","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-249","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 3 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:06"},"new":["3a. All crowdfunding service providers","shall have initial capital of EUR 50 000."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"249","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-250","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:06"},"new":["4. The national competent authority","shall, within 30 working days of receipt of","the application referred to in paragraph 1,","assess whether that application is complete.","Where the application is not complete, the","national competent authority shall set a","deadline by which the prospective","crowdfunding service provider is to","provide the missing information."],"old":["4. 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Where the","application is not complete, ESMA shall","set a deadline by which the prospective","crowdfunding service provider is to","provide the missing information."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"251","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-252","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:06"},"new":["4. The national competent authority","shall, within 20 working days of receipt of","the application referred to in paragraph 1,","assess whether that application is complete.","Where the application is not complete, the","national competent authority shall set a","deadline by which the prospective","crowdfunding service provider is to","provide the missing information."],"old":["4. ESMA shall, within 20 working","days of receipt of the application referred","to in paragraph 1, assess whether that","application is complete. Where the","application is not complete, ESMA shall","set a deadline by which the prospective","crowdfunding service provider is to","provide the missing information."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"252","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-253","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 5"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:06"},"new":["5. Where an application as referred to","in paragraph 1 is complete, the national","competent authority shall immediately","notify the prospective crowdfunding","service provider thereof."],"old":["5. Where an application as referred to","in paragraph 1 is complete, ESMA shall","immediately notify the prospective","crowdfunding service provider thereof."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"253","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-254","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 5"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:06"},"new":["5. Where an application as referred to","in paragraph 1 is complete, the national","competent authority shall immediately","notify the prospective crowdfunding","service provider thereof."],"old":["5. Where an application as referred to","in paragraph 1 is complete, ESMA shall","immediately notify the prospective","crowdfunding service provider thereof."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"254","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-255","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 6"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:06"},"new":["6. The national competent authority","shall, within two months from the receipt","of a complete application, assess, in close","cooperation with ESMA, whether the","prospective crowdfunding service provider","complies with the requirements set out in","this Regulation and shall adopt a fully","reasoned decision granting or refusing","authorisation as a crowdfunding service","provider. The national competent","authority, shall have the right to refuse","authorisation, if there are objective and","demonstrable grounds for believing that the","management of the crowdfunding service","provider may pose a threat to its effective,","sound and prudent management and","business continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"old":["6. ESMA shall, within two months","from the receipt of a complete application,","assess whether the prospective","crowdfunding service provider complies","with the requirements set out in this","Regulation and shall adopt a fully reasoned","decision granting or refusing authorisation","as a crowdfunding service provider. ESMA","shall have the right to refuse authorisation","if there are objective and demonstrable","grounds for believing that the management","of the crowdfunding service provider may","pose a threat to its effective, sound and","prudent management and business","continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"255","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-256","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 6"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:06"},"new":["6. The national competent authority","shall, within three months from the receipt","of a complete application, assess whether","the prospective crowdfunding service","provider complies with the requirements","set out in this Regulation and shall adopt a","fully reasoned decision granting or refusing","authorisation as a crowdfunding service","provider. The national competent","authority shall have the right to refuse","authorisation if there are objective and","demonstrable grounds for believing that the","management of the crowdfunding service","provider may pose a threat to its effective,","sound and prudent management and","business continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"old":["6. ESMA shall, within two months","from the receipt of a complete application,","assess whether the prospective","crowdfunding service provider complies","with the requirements set out in this","","Regulation and shall adopt a fully reasoned","decision granting or refusing authorisation","as a crowdfunding service provider. ESMA","shall have the right to refuse authorisation","if there are objective and demonstrable","grounds for believing that the management","of the crowdfunding service provider may","pose a threat to its effective, sound and","prudent management and business","continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"256","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-257","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 6"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:06"},"new":["6. The national competent authority","shall, within two months from the receipt","of a complete application, assess whether","the prospective crowdfunding service","provider complies with the requirements","set out in this Regulation and shall adopt a","fully reasoned decision granting or refusing","authorisation as a crowdfunding service","provider. The national competent","authority shall have the right to refuse","authorisation if there are objective and","demonstrable grounds for believing that the","management of the crowdfunding service","provider may pose a threat to its effective,","sound and prudent management and","business continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"old":["6. ESMA shall, within two months","from the receipt of a complete application,","assess whether the prospective","crowdfunding service provider complies","with the requirements set out in this","Regulation and shall adopt a fully reasoned","decision granting or refusing authorisation","as a crowdfunding service provider. ESMA","shall have the right to refuse authorisation","if there are objective and demonstrable","grounds for believing that the management","of the crowdfunding service provider may","pose a threat to its effective, sound and","prudent management and business","continuity and to the adequate","consideration of the interest of its clients","and the integrity of the market."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"257","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-258","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 6 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:06"},"new":["6a. The national competent authority","shall notify ESMA of its decision on","granting or refusing the authorisation.","ESMA may request an assessment of the","compliance with the requirements for","authorisation and the reasons that justify","the authorisation. If ESMA does not","agree with the national competent","authority\u2019s decision, it shall present its","reasons and shall explain and justify any","significant deviation there from."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"258","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-259","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 7"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:06"},"new":["7. The national competent authority","shall notify without delay prospective","crowdfunding service provider of its","decision after having taken that decision."],"old":["7. ESMA shall notify the prospective","crowdfunding service provider of its","decision within five working days after","having taken that decision."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"259","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Neena Gill","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-260","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 7"]],"meps":[4533],"meta":{"created":"2019-07-03T06:12:07"},"new":["7. The national competent authority","shall notify the prospective crowdfunding","service provider of its decision within two","working days after having taken that","decision."],"old":["7. ESMA shall notify the prospective","crowdfunding service provider of its","decision within five working days after","having taken that decision."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"260","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-261","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 7"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:07"},"new":["7. The national competent authority","shall notify the prospective crowdfunding","service provider of its decision within five","working days after having taken that","decision."],"old":["7. ESMA shall notify the prospective","crowdfunding service provider of its","decision within five working days after","having taken that decision."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"261","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-262","location":[[" Proposal for a regulation","Article 10 a (new)"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:07"},"new":["Article 10a","Authorisation of third-country","crowdfunding service providers","1. A crowdfunding service provider","established in a third country may provide","crowdfunding services in the Union","provided that the following conditions are","met:","(a) the Commission has adopted, in","accordance with paragraph 2 of this","Article, implementing act representing an","equivalence decision with regards to the","country of establishment of the","crowdfunding service provider;","(b) the crowdfunding service provider","is authorised to provide crowdfunding","services, and is subject to supervision, in","the third country in question; (c)","cooperation arrangements referred to in","paragraph 3 have been established and","are operational.","Upon fulfilment of the conditions referred","to in the first subparagraph, the","crowdfunding service provider shall","register with ESMA its intention to","provide services in the Union.","2. The Commission may adopt an","implementing act recognising that the","legal framework and supervisory practices","of a third country ensure that:","(a) crowdfunding service providers","authorised in that third country comply","with this Regulation or comply with","legally binding requirements of that third","country\u2019s national law which are","equivalent to the requirements of","applicable Union law;","(b) the binding requirements are","subject to effective supervision and","enforcement on an on-going basis in that","third-country.","Such implementing act shall be adopted","in accordance with the examination","procedure referred to in Article 37a(2).","3. ESMA shall establish cooperation","arrangements with the competent","authorities of third countries whose legal","framework and supervisory practices have","been recognised as equivalent in","accordance with paragraph 2.","Such arrangements shall specify at least:","(a) the mechanism for the exchange","of information between ESMA and the","competent authorities of third countries","concerned, including access to all","relevant information regarding the","crowdfunding service providers","authorised in that third country that is","requested by ESMA;","(b) the mechanism for prompt","notification to ESMA where a third","country competent authority deems that","the crowdfunding service provider","authorised in that third country and","under its supervision is in breach of the","conditions of its authorisation or other","national legislation in that third country;","(c) the procedures concerning the","coordination of supervisory activities.","4. ESMA shall develop draft","regulatory technical standards to","determine the minimum content of the","cooperation arrangements referred to in","paragraph 3 so as to ensure that the","competent authorities and ESMA are able","to exercise all their supervisory powers","under this Regulation.","ESMA shall submit those draft regulatory","technical standards to the Commission by","... [XX months after the date of entry into","force of this Regulation].","Power is delegated to the Commission to","supplement this Regulation by adopting","the regulatory technical standards","referred to in the first subparagraph in","accordance with the procedure laid down","in Articles10 to 14 of Regulation (EU) No","1095/2010."],"old":["","",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"262","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-263","justification":"Regarding the organisation of providers, since there is no minimum capital requirement, the\nproposal should require crowdfunding service providers to prove at any time that they have\nan insurance contract to cover the financial consequences ensuing should they fail to meet\ntheir professional obligations.","location":[[" Proposal for a regulation","Article 10 a (new)"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:07"},"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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"263","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-264","location":[["Proposal for a regulation","Article 11 \u2013 title"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["Centralised register of crowdfunding","service providers and crowdfunding offers"],"old":["Register of crowdfunding service providers"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"264","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-265","meps":[118658],"meta":{"created":"2019-07-03T06:12:07"},"new":["1. ESMA shall establish a register of","all crowdfunding service providers","authorised by national competent","authorities in accordance with Article 10","and, separately, of all third country","crowdfunding service providers that are","registered with ESMA in accordance with","Article 10a. That register shall be publicly","available on its website and shall be","updated on a regular basis."],"old":["1. ESMA shall establish a register of","all crowdfunding service providers. That","register shall be publicly available on its","website and shall be updated on a regular","basis."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"265","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-266","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["1. ESMA shall establish a centralised","register of all crowdfunding service","providers authorised in accordance with","Article 10, providing access to individual","projects or offers provided by each","crowdfunding platform. That register shall","be publicly available on its website and","shall be updated on a regular basis."],"old":["1. ESMA shall establish a register of","all crowdfunding service providers. That","register shall be publicly available on its","website and shall be updated on a regular","basis."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"266","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-267","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 2 \u2013 point c a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["(ca) updated information on individual","crowdfunding projects or offers provided","by each crowdfunding service platform;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"267","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Brian Hayes","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-268","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 1"]],"meps":[118658],"meta":{"created":"2019-07-03T06:12:07"},"new":["1. A crowdfunding service provider","shall provide its services under the","supervision of the national competent","authority of the Member State where the","crowdfunding service provider has been","authorised."],"old":["1. Crowdfunding service providers","shall provide their services under the","supervision of ESMA."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"268","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-269","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["1. Crowdfunding service providers","shall provide their services under the","supervision of national competent","authorities."],"old":["1. Crowdfunding service providers","shall provide their services under the","supervision of ESMA."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"269","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-270","meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["1a. Each Member State shall","designate one or more national competent","authorities that are responsible for","granting the authorisation and carrying","out the supervisory powers on","crowdfunding service providers."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"270","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-271","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["3. The national competent authorities","shall assess compliance of crowdfunding","service providers with the obligations","provided for in this Regulation."],"old":["3. ESMA shall assess compliance of","crowdfunding service providers with the","obligations provided for in this Regulation."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"271","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-272","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:07"},"new":["3. ESMA shall, in cooperation with","the national competent authorities, assess","compliance of crowdfunding service","providers with the obligations provided for","in this Regulation."],"old":["3. ESMA shall assess compliance of","crowdfunding service providers with the","obligations provided for in this Regulation."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"272","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-273","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 4"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:07"},"new":["4. Crowdfunding service providers","shall notify the national competent","authority of any material changes to the","conditions for authorisation without undue","delay and, upon request, shall provide the","information needed to assess their","compliance with this Regulation."],"old":["4. Crowdfunding service providers","shall notify ESMA of any material changes","to the conditions for authorisation without","undue delay and, upon request, shall","provide the information needed to assess","their compliance with this Regulation."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"273","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-274","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:08"},"new":["1. The national competent authority","shall have the power to withdraw the","authorisation of a crowdfunding service","provider in any of the following situations","where the crowdfunding service provider:"],"old":["1. ESMA shall have the power to","withdraw the authorisation of a","crowdfunding service provider in any of","the following situations where the","crowdfunding service provider:"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"274","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-275","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 3"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:08"},"new":["3. The national competent authority","shall withdraw the authorisation as a","crowdfunding service provider where the","national competent authority, in","consultation with ESMA, concludes that","the facts referred to in points (a) and (b) of","paragraph 2 affect the good repute of the","management of the crowdfunding service","provider, or indicate a failure of the","governance arrangements, internal control","mechanisms or procedures referred to in","Article 5."],"old":["3. ESMA shall withdraw the","","authorisation as a crowdfunding service","provider where ESMA is of the opinion","that the facts referred to in points (a) and","(b) of paragraph 2 affect the good repute of","the management of the crowdfunding","service provider, or indicate a failure of the","governance arrangements, internal control","mechanisms or procedures referred to in","Article 5."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"275","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-276","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 4"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:08"},"new":["4. The national competent authority","shall notify, without undue delay, ESMA","of its decision to withdraw the","authorisation of a crowdfunding service","provider."],"old":["4. ESMA shall notify, without undue","delay, the national competent authority of","the Member State where the","crowdfunding service provider is","established of its decision to withdraw the","authorisation of a crowdfunding service","provider."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"276","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-277","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:08"},"new":["1. All information, including","marketing communications as referred to in","Article 19, from crowdfunding service","providers to clients or potential clients","about themselves, about the costs and","charges related to crowdfunding services or","investments, about the crowdfunding","conditions, including crowdfunding project","selection criteria, or about the nature of and","risks associated with their crowdfunding","services shall be fair, clear, correct and not","misleading."],"old":["1. All information, including","marketing communications as referred to in","Article 19, from crowdfunding service","providers to clients or potential clients","","about themselves, about the costs and","charges related to crowdfunding services or","investments, about the crowdfunding","conditions, including crowdfunding project","selection criteria, or about the nature of and","risks associated with their crowdfunding","services shall be clear, comprehensible,","complete and correct."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"277","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-278","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:08"},"new":["1. All information, including","marketing communications as referred to in","Article 19, from crowdfunding service","providers to clients or potential clients","about themselves, about the costs,","financial risks and charges related to","crowdfunding services or investments,","about the crowdfunding conditions,","including crowdfunding project selection","criteria, or about the nature of and risks","associated with their crowdfunding","services shall be clear, comprehensible,","complete and correct."],"old":["1. All information, including","marketing communications as referred to in","Article 19, from crowdfunding service","providers to clients or potential clients","about themselves, about the costs and","charges related to crowdfunding services or","investments, about the crowdfunding","conditions, including crowdfunding project","selection criteria, or about the nature of and","risks associated with their crowdfunding","services shall be clear, comprehensible,","complete and correct."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"278","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-279","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:08"},"new":["1a. Crowdfunding providers shall","disclose on a semi-annual basis the","default rate of the crowdfunding projects","of their crowdfunding platform over the","last 48 months or, if the platform is less","than four years old, since it began. The","default rate shall be published online in a","prominent place in the website of the","platform. A note of the default rate shall","be sent to ESMA semi-annually."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"279","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-280","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1 b (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:08"},"new":["1b. The European Commission shall","adopt a delegated act in accordance with","Article 37 to specify the methodology for","calculating the default rate of the projects","offered on crowdfunding platform."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"280","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-281","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 2"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:08"},"new":["2. The information referred to in","paragraph 1 shall have available to","potential clients at any appropriate time."],"old":["2. The information referred to in","paragraph 1 shall be provided to potential","clients before they enter into a","crowdfunding transaction."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"281","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-282","location":[["Proposal for a regulation","Article 14 a (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:08"},"new":["Article 14a","Due diligence requirements","1. Crowdfunding service providers","shall carry out a minimum level of due","diligence on the projects owners of","crowdfunding projects that seek to be","funded through their crowdfunding","platform.","2. The minimum due diligence","referred to in paragraph 1 shall include","all of the following:","(a) Proof that the project owner is a","person of good repute and possesses","appropriate knowledge and experience to","seek investment on a crowdfunding","platform;","(b) Proof that the project owner does","not have a criminal record in respect of","convictions or penalties of national rules","in force in the fields of commercial law,","insolvency law, financial services","legislation, anti-money laundering","legislation, fraud or professional liability.","3. Crowdfunding service providers","shall disclose the due diligence checks","that have been performed on any","crowdfunding project."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"282","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-283","location":[["Proposal for a regulation","Article 14 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:08"},"new":["Article 14a","Default rate disclosure","1. Crowdfunding service providers","shall publicly disclose every 6 months the","default rate of the crowdfunding projects","offered in their platforms over the last 12","months. The default rate shall be","published in a clear manner on the","website of the crowdfunding platform.","2. The Commission shall adopt","delegated acts in accordance with Article","37 to specify the methodology to calculate","the default rate of the projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"283","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-284","location":[[" Proposal for a regulation","Article 14 b (new)"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:08"},"new":["Article 14b","Default rate disclosure","1. Crowdfunding service providers","shall disclose on a quarterly basis the","default rate of the crowdfunding projects","registered on the crowdfunding platform","over the last 36 months or since the start","of its operation, if the platform is less than","three years old.","2. The default rate of the","crowdfunding projects registered on the","crowdfunding platform shall be published","in a prominent place on the website of the","crowdfunding platform.","3. The European Commission shall","adopt a delegated act in accordance with","Article 37 to specify the methodology for","calculating the default rate of the projects","offered on the crowdfunding platform."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"284","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-285","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 1"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:08"},"new":["1. Crowdfunding service providers","shall assess whether and which","crowdfunding services offered are","appropriate for the prospective investors."],"old":["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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"285","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-286","justification":"If they do not provide enough information to complete the transparency and knowledge test,\nprospective investors should be barred from investing in a crowdfunding offer.","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 1"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:08"},"new":["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."],"old":["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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"286","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-287","justification":" Before they can be given access to a crowdfunding platform\u02bcs offers, prospective investors\n must first have accepted the inherent risks of crowdfunding, such as loss of the investment or\n illiquidity of the securities received.","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 1 a (new)"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:08"},"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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"287","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-288","justification":"The transparency and early knowledge test that prospective investors have to take should be\nstrengthened in order to ensure more effectively that they are in a position to give their\ninformed consent to the risks involved. Instead of being confined to a prospective investor\u2019s\nknowledge and experience, the scope of the test should also cover his or her financial\nsituation and investment goals.","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:08"},"new":["2. For the purposes of the assessment","pursuant to paragraph 1a, crowdfunding","service providers shall request information","about the prospective investor\u2019s","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:"],"old":["2. For the purposes of the assessment","pursuant to the first paragraph 1,","crowdfunding service providers shall","request information about the prospective","investor\u2019s basic knowledge and","understanding of risk in investing in","general and in the types of investments","offered on the crowdfunding platform,","including information about:"],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"288","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-289","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 2 \u2013 point b"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:09"},"new":["(b) any relevant knowledge and","professional experience in relation to","crowdfunding investments."],"old":["(b) any relevant knowledge or","professional experience in relation to","crowdfunding investments."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"289","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-290","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 4"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:09"},"new":["4. Where crowdfunding service","providers consider, on the basis of the","information received under paragraph 1","that the prospective investors have","insufficient knowledge or that the services","are not appropriate to them, crowdfunding","service providers 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.","This warning shall clearly state the risk","of entire loss of the money invested."],"old":["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,","crowdfunding service providers 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.","",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"290","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-291","justification":" Prospective investors should be obliged to take the knowledge test before investing in\n crowdfunding offers. Whether they pass or fail, they will in any case be allowed , once the\n platform has informed them of the result, to invest in the project in question. At all events, it is\n imperative that investors see the knowledge test through to the end.","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 4"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:09"},"new":["4. Where crowdfunding service","providers consider, on the basis of the","information received under paragraph 1,","that 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."],"old":["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,","crowdfunding service providers 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."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"291","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-292","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 4"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:09"},"new":["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, crowdfunding","service providers shall inform those","prospective investors that the services","offered on their platforms are inappropriate","for them and explicitly prevent them from","investing in crowdfunding projects."],"old":["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, crowdfunding","service providers 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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"292","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-293","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 4"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:09"},"new":["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, crowdfunding","service providers shall inform those","prospective investors that the services","offered on their platforms are inappropriate","for them and prevent them from investing","in crowdfunding projects."],"old":["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, crowdfunding","service providers 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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"293","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-294","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 5 \u2013 subparagraph 1 \u2013 introductory part"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:09"},"new":["Crowdfunding service providers shall at all","times offer prospective investors and","investors the possibility to simulate their","ability to bear loss, calculated as 3% of","their net worth, based on the following","information:"],"old":["Crowdfunding service providers shall at all","times offer prospective investors and","investors the possibility to simulate their","ability to bear loss, calculated as 10% of","their net worth, based on the following","information:"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"294","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-295","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 5 \u2013 subparagraph 2"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:09"},"new":["Investors and prospective investors shall","be prevented from investing in","crowdfunding projects if the results of the","simulation demonstrate that the","prospective investor does not have the","sufficient financial means to bear losses."],"old":["Irrespective of the results of the","simulation, prospective investors and","investors shall not be prevented from","investing in crowdfunding projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"295","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-296","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 5 \u2013 subparagraph 2"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:09"},"new":["Prospective investors and investors shall be","prevented from investing in crowdfunding","projects, if the results of the simulation","demonstrate that the prospective investor","does not have the sufficient financial","means to bear losses. In any case,","investors shall be prevented from","investing more than \u20ac3,000 per","crowdfunding offer","."],"old":["Irrespective of the results of the","simulation, prospective investors and","investors shall not be prevented from","","investing in crowdfunding projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"296","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-297","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 5 \u2013 subparagraph 2"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:09"},"new":["On the basis of the results of the","simulation crowdfunding service providers","may prevent prospective investors and","investors from investing in crowdfunding","projects. However, investors shall remain","responsible for the full risk of taking an","investment."],"old":["Irrespective of the results of the","simulation, prospective investors and","investors shall not be prevented from","investing in crowdfunding projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"297","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-298","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 5 \u2013 subparagraph 2 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:09"},"new":["Investors may not invest more than EUR","4 000 per crowdfunding project and EUR","12 000 per annum per crowdfunding","platform."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"298","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-299","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 6 \u2013 introductory part"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:09"},"new":["6. Within six months following the","entry into force of this Regulation, the","Commission shall adopt delegated acts in","accordance with Article 37 to specify the","arrangements necessary to:"],"old":["6. The Commission may adopt","delegated acts in accordance with","Article 37 to specify the arrangements","necessary to:"],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"299","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-300","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 1"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:09"},"new":["1. 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 English."],"old":["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 language","customary in the sphere of international","finance."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"300","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-301","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 1"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:09"},"new":["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 and in English."],"old":["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 language","customary in the sphere of international","finance."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"301","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-302","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 1"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:09"},"new":["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 used in the sphere of","international finance."],"old":["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 language","customary in the sphere of international","finance."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"302","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-303","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 1 \u2013 subparagraph 1 (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:09"},"new":["Crowdfunding service providers who offer","services referred to in point (i) of Article","3(1)(a) of this regulation shall provide","prospective investors with the following:"],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"303","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Jon\u00e1s Fern\u00e1ndez","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-304","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point c"]],"meps":[125046],"meta":{"created":"2019-07-03T06:12:09"},"new":["This is not a saving product and we advise","you not to invest more than 10% of your","net wealth in crowdfunding projects."],"old":["This is not a saving product and you","should not invest more than 10% of your","net wealth in crowdfunding projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"304","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-305","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point c"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:09"},"new":["This is not a saving product and you should","not invest more than 3% of your net wealth","in crowdfunding projects."],"old":["This is not a saving product and you should","not invest more than 10% of your net","wealth in crowdfunding projects."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"305","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Molly Scott Cato","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-306","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point c"]],"meps":[124942],"meta":{"created":"2019-07-03T06:12:10"},"new":["You may not be able to sell the investment","instruments when you wish. If you are","able to sell, you may be subject to losses."],"old":["You may not be able to sell the investment","instruments when you wish."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"306","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-307","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 4 a (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:10"},"new":["4a. The requirement set out in point a","of paragraph 2 shall not apply to","crowdfunding service providers who offer","services referred to in point (ii) of Article","3(1)(a) of this Regulation. Such providers","shall instead draw up a key investment","information sheet regarding the platform,","which shall contain detailed information","on the platform; its systems and controls","for the management of risk and financial","modelling for the crowdfunding offer;","and its historic performance."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"307","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-308","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 4 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:10"},"new":["4a. In order to ensure simplicity and","comparability, when businesses have","available financial statements, they are","obliged to provide financial ratios of","profitability, efficiency and liquidity","calculated with market recognized","methods. The platforms shall inform","investors and prospective investors about","those ratios in a format that allows easy","comparability between firms. Platforms","shall state online with a note that they","have verified the calculation of the ratios.","The ratios shall be amended semi-","annually and platforms shall make sure","that they will provide simplified time-","series charts that depict the financial","dynamic of the firm. The platform may","provide an indicative, not market binding,","estimation of the valuation of the firm","that requests or has received funding."],"old":[""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"308","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Lieve Wierinck, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-309","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 5"]],"meps":[190519,183022,97203],"meta":{"created":"2019-07-03T06:12:10"},"new":["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."],"old":["5. Crowdfunding service providers","shall have in place and apply adequate","procedures to verify the completeness and","the clarity of information contained in the","key investment information sheet."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"309","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-310","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 5"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:10"},"new":["5. Crowdfunding service providers","shall have in place and apply adequate","procedures to verify the correctness,","completeness and the clarity of information","contained in the key investment","information sheet."],"old":["5. Crowdfunding service providers","shall have in place and apply adequate","procedures to verify the completeness and","the clarity of information contained in the","key investment information sheet."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"310","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-311","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 6"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:10"},"new":["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 made,","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."],"old":["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 possible,","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."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"311","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Ashley Fox","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-312","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 9 \u2013 subparagraph 1 (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T06:12:10"},"new":["In drafting the standards, ESMA may","differentiate between services referred to","in Article 3 (1)(a)(i) and Article 3 (1)","(a)(ii).","ESMA shall submit those draft regulatory","technical standards to the Commission by","[XXX]","Power is delegated to the Commission to","adopt the regulatory technical standards","referred to in the first subparagraph in","accordance with the procedure laid down","in Articles 10 to 14 of Regulation (EU)","No1095/2010."],"old":["",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"312","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-313","location":[[" Proposal for a regulation","Article 17 \u2013 paragraph 1"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:11"},"new":["1. Investment-based crowdfunding","service providers that allow their investors","to interact directly with each other to buy","and sell transferable securities or","tokens which were originally crowdfunded","on their platforms, shall inform their clients","that they do not operate a trading system","and that such buying and selling activity on","their platforms is at the client's own","discretion and responsibility."],"old":["1. Crowdfunding service providers","that allow their investors to interact","directly with each other to buy and sell","loan agreements or transferable securities","which were originally crowdfunded on","their platforms, shall inform their clients","that they do not operate a trading system","and that such buying and selling activity on","their platforms is at the client's own","discretion and responsibility."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"313","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Eva Kaili","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-314","location":[[" Proposal for a regulation","Article 17 \u2013 paragraph 1 a (new)"]],"meps":[125109],"meta":{"created":"2019-07-03T06:12:11"},"new":["1a. Lending-based crowdfunding","service providers can facilitate their","investors to sell and buy loan agreements","under binding and non-discretionary","rules provided they are non-","discriminatory and transparently","communicated. The Commission may","adopt delegated acts to specify","requirements in accordance with Article","37 of this Regulation."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"314","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-315","justification":"It is important that a crowdfunding service provider should be able to consolidate prices (so\nthat, in other words, securities or loans may be traded only at the reference price).","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 2"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:11"},"new":["2. Crowdfunding service providers","that supply a reference price for the buying","and selling referred to in paragraph 1 shall","inform their clients whether the suggested","reference price is binding or not and shall","substantiate the basis on which the","reference price has been calculated."],"old":["2. Crowdfunding service providers","that suggest a reference price for the","buying and selling referred to in","paragraph 1 shall inform their clients that","suggested reference price is non-binding","and substantiate the suggested reference","price."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"315","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-316","location":[["Proposal for a regulation","Article 17 a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["Article 17a","Public register of project owners","Crowdfunding service providers shall","establish a register of project owners","registered in their platform. The register","shall be publicly available on their website","and shall be constantly updated. The","register shall indicate the name, the","month and year of birth and the country","of residence and nationality of the project","owner, as well as the final amount of","funding collected per project, in","accordance with data protection rules."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"316","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Lieve Wierinck","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-317","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 1"]],"meps":[190519,183022],"meta":{"created":"2019-07-03T06:12:11"},"new":["1. Crowdfunding service providers","shall ensure that all their marketing","communications to investors are clearly","identifiable as such."],"old":["1. Crowdfunding service providers","shall ensure that all marketing","communications to investors are clearly","identifiable as such."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"317","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-318","justification":"As long as marketing communication is transparent and not misleading, this is an\nunnecessary restriction to the development of marketing strategies and the ability to attract\ninvestors.","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["deleted"],"old":["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","offers."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"318","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-319","justification":"Projects should be promoted in such a way as to avoid all discrimination. However, for as\nlong as it has an objective basis, communication should be authorised.","location":[["Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:11"},"new":["2. Crowdfunding 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."],"old":["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 offers."],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"319","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-320","location":[["Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:11"},"new":["2. No marketing communication of","the crowdfunding service providers shall","disproportionately target individual","planned or pending crowdfunding projects","or offers."],"old":["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 offers."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"320","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-321","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 3"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["3. For their marketing","communications, crowdfunding service","providers shall use one or more of the","official languages of the Member State in","which the crowdfunding service provider is","active and in English."],"old":["3. For their marketing","communications, crowdfunding service","providers shall use one or more of the","official languages of the Member State in","which the crowdfunding service provider is","active or a language customary in the","sphere of international finance."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"321","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-322","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 4"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:11"},"new":["4. National competent authorities and","ESMA shall not require an ex ante","notification and approval of marketing","communications."],"old":["4. National competent authorities shall","not require an ex ante notification and","approval of marketing communications."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"322","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Jon\u00e1s Fern\u00e1ndez","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-323","location":[["Proposal for a regulation","Article 20 \u2013 paragraph 6"]],"meps":[125046],"meta":{"created":"2019-07-03T06:12:11"},"new":["6. ESMA shall issue guidelines or","recommendations addressed to national","competent authorities specifying the best","practices of marketing communications","and verifying marketing communications","of crowdfunding service providers."],"old":["6. ESMA may issue guidelines or","recommendations addressed to national","competent authorities specifying the best","practices of marketing communications","and verifying marketing communications","of crowdfunding service providers."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"323","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-324","location":[["Proposal for a regulation","Article 26 \u2013 paragraph 1"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:11"},"new":["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 national competent","authorities and to any other person to","whom ESMA has delegated tasks,","including auditors and experts contracted","by ESMA."],"old":["The obligation of professional secrecy","referred to in Article 76 of Directive","2014/65/EU shall apply to ESMA and all","persons who work or who have worked for","ESMA or for any other person to whom","ESMA has delegated tasks, including","auditors and experts contracted by ESMA."],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"324","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-325","meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["2. The report shall be made public","and shall assess the following:"],"old":["2. The report shall assess the","following:"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"325","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-326","location":[[" Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point a"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["(a) the functioning of the market for","crowdfunding service providers in the","Union, including market development and","trends, taking into account the supervisory","experience and practices of national","competent authorities, and in particular","examining whether any adjustments are","needed to the definitions set out in this","Regulation and whether the scope of","services covered by this Regulation","remains appropriate;"],"old":["(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 set out in this Regulation and","whether the scope of services covered by","this Regulation remains appropriate;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"326","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-327","location":[[" Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point a"]],"meps":[190519,97203],"meta":{"created":"2019-07-03T06:12:11"},"new":["(a) the functioning of the market for","crowdfunding service providers in the","Union, including market development and","trends, taking 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appropriate;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"327","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-328","location":[["Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point b a (new)"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["(ba) the opportunity to provide","incentives to encourage the funding of","sustainable projects with positive social","and environmental return and small","businesses in the field of innovation,","research and development, including","through the setting up of specific","programs enabling those projects to be","eligible for EIB funding and other EU","funds;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"328","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-329","justification":" The fact that there is a second regime poses a problem for Member States which already have\n a national regime, to the extent that the coexistence of two regimes might lead to arbitrage.","location":[["Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point b a (new)"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:11"},"new":["(ba) the potential risks of distortion of","competition and arbitrage arising where","Member States apply two parallel","regimes;"],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"329","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Marco Valli","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-330","location":[[" Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point c"]],"meps":[124778],"meta":{"created":"2019-07-03T06:12:11"},"new":["(c) the implementation of the","technological innovation in the","crowdfunding sector, including the","application of the new innovative business","models and blockchain-technologies to","increase the transparency, security and","traceability of data relating to","crowdfunding projects and offers","intermediated on crowdfunding platforms,","in order to more effectively prevent fraud","and financial crime as well as to minimise","the risks of money laundering or","terrorism financing;"],"old":["(c) the implementation of the","technological innovation in the","crowdfunding sector, including the","application of the new innovative business","models and technologies;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"330","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Caroline Nagtegaal, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-331","location":[[" Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point c"]],"meps":[190519,97203],"meta":{"created":"2019-07-03T06:12:12"},"new":["(c) the implementation of the","technological innovation in the","crowdfunding sector, including the","application of non-bank financing","methods (including initial coin offering),","innovative business models and","technologies;"],"old":["(c) the implementation of the","technological innovation in the","crowdfunding sector, including the","application of the new innovative business","models and technologies;",""],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"331","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Caroline Nagtegaal","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-332","location":[["Proposal for a regulation","Article 38 \u2013 paragraph 2 \u2013 point g a (new)"]],"meps":[190519],"meta":{"created":"2019-07-03T06:12:12"},"new":["(ga) the cooperation between ESMA","and the national competent authorities","and the appropriateness of ESMA as the","supervisor of this Regulation;"],"orig_lang":"en","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"332","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":"Anne Sander","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-333","justification":" The purpose of this amendment is to alter the \u2018Prospectus\u2019 Regulation to enable the threshold\n to be raised to EUR 8 million and prevent the national thresholds authorised by the\n Prospectus Regulation from interfering with the \u2018Crowdfunding\u2019 Regulation.","location":[["Proposal for a regulation","Article 38 a (new)"],["Regulation (EU) 2017/1129","Article 1 \u2013 paragraph 4 \u2013 point k a (new)"]],"meps":[24594],"meta":{"created":"2019-07-03T06:12:12"},"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. \u201d"],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"333","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"},{"authors":" Anne Sander, Tom Vandenkendelaere","changes":{},"committee":["ECON"],"date":"2018-09-13T00:00:00","id":"PE627.793-334","justification":" In many Member States SMEs are not obliged to publish their accounts. Such documents\n should not, therefore, be treated as public information.","location":[[" Proposal for a regulation","Annex II \u2013 part A \u2013 point c"]],"meps":[24594,129164],"meta":{"created":"2019-07-03T06:12:12"},"new":["(c) Key financial figures and ratios for","the project owner for the last three years;"],"old":["(c) A hyperlink to the most recent","financial statement of the project owner, if","available;"],"orig_lang":"fr","peid":"PE627.793v01-00","reference":"2018/0048(COD)","seq":"334","src":"http://www.europarl.europa.eu/doceo/document/ECON-AM-627793_EN.pdf"}],"changes":{"2018-03-23T04:25:50":[{"data":[{"body":"EC","commission":[{"Commissioner":"DOMBROVSKIS Valdis","DG":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}}],"date":"2018-03-08T00:00:00","docs":[{"celexid":"CELEX:52018PC0113:EN","title":"COM(2018)0113","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2018/0113/COM_COM(2018)0113_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[{"body":"EC","commissioner":"DOMBROVSKIS Valdis","dg":{"title":"Financial Stability, Financial Services and Capital Markets Union","url":"http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en"}}],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"IMCO","committee_full":"Internal Market and Consumer Protection","responsible":false},{"body":"EP","committee":"ITRE","committee_full":"Industry, Research and Energy","responsible":false},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"instrument":"Regulation","legal_basis":["Treaty on the Functioning of the EU TFEU 114"],"reference":"2018/0048(COD)","stage_reached":"Preparatory phase in Parliament","subject":["2.50.03 Securities and financial markets, stock exchange, CIUTS, investments","2.50.08 Financial services, financial reporting and auditing","3.45.03 Financial management of undertakings, business loans, accounting"],"subtype":"Legislation","summary":["See also"],"title":"European crowdfunding service providers (ECSP) for business","type":"COD - Ordinary legislative procedure (ex-codecision procedure)"},"path":["procedure"],"type":"added"}],"2018-09-12T15:21:10":[{"data":["
PURPOSE: to establish common rules at Union\nlevel on crowdfunding.
\nPROPOSED ACT: Regulation of the European\nParliament and of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure on an equal footing with the Council.
\nBACKGROUND: crowdfunding has emerged as an\nestablished practice of funding a project or a venture,\ntypically by a large number of people or organisations, through\nonline platforms on which citizens, organisations and\nbusinesses, including business start-ups, raise relatively small\namounts of money. Crowdfunding can thus provide an alternative\nto unsecured bank lending, which are currently the main sources\nof external finance for SMEs.
\nThe provision of crowdfunding services\ngenerally relies on three types of actors: the project owner that\nproposes the project to be funded, investors who fund the proposed\nproject, generally by limited investments, and an intermediating\norganisation in the form of a service provider that brings together\nproject owners and investors through an online platform.
\nSeveral Member States have already introduced\ndomestic bespoke regimes on crowdfunding.
\nThose regimes are tailored to the\ncharacteristics and needs of local markets and investors. As a\nresult, the national rules diverge as regards the conditions\nof operation of crowdfunding platforms, the scope of permitted\nactivities and the licencing requirements.
\nThe differences between the existing national\nrules are such as to obstruct the cross border provision of\ncrowdfunding services. It is therefore necessary to address the\nexisting obstacles to the proper functioning of the internal market\nin crowdfunding services.
\nThis initiative is part of the Commission's\npriority of establishing a Capital\nMarket Union (CMU), which aims to broaden access to finance for\ninnovative companies, start-ups and other unlisted\nfirms.
\nIMPACT ASSESSMENT: the impact assessment\nconcluded that EU crowdfunding markets for business finance are\nlargely underdeveloped compared to other major economies but - and\nmost importantly - unable to properly operate\ncross-border.
\nAmongst the options studied, the preferred\noption consists of introducing an EU-label for crowdfunding\nservice providers, which would be authorised and supervised at EU\nlevel under an EU regime.
\nCONTENT: the Commissions proposal\nintroduces an optional EU scheme that allows crowdfunding\nplatforms to easily deliver their services across the EU single\nmarket. It establishes a one-stop-shop access to the EU\nmarket and therefore helps crowdfunding platforms in overcoming the\nbarriers they face operating cross-border.
\nThe proposal does not intend to interfere with\nnational bespoke regimes or existing licenses, including those\nunder the Markets in Financial Instruments Directive (MiFID\nII), the Payment Services Directive (PSD)\nand the Alternative Investment Fund Managers Directive (AIFMD),\nbut rather to provide crowdfunding service providers with the\npossibility to apply for an EU label that empowers them to scale up\ntheir operations throughout the Union under certain\nconditions.
\nScope: the proposal applies to crowdfunding services\ninvolving financial remuneration for investors. Donation and\nreward-based crowdfunding are excluded from the scope of this\ninitiative, as they cannot be considered financial services. The\nproposal does not include in its scope consumers lending for\nconsumption purposes.
\nEffective and prudent\nmanagement:\ncrowdfunding service providers must at all times comply with the\norganisational requirements, while natural persons having the power\nto manage a crowdfunding service provider should have\nappropriate skills and professional experience. A\ncrowdfunding service provider must maintain and operate effective\norganisational and administrative arrangements with a view to\ntaking all reasonable steps designed to prevent conflicts of\ninterest from adversely affecting the interests of its\nclients.
\nAuthorisation and\nmonitoring: the\nproposal provides uniform, proportionate and directly applicable\nrequirements for authorisation and a single point of\nsupervision. Crowdfunding service providers will provide their\nservices under the supervision of the European Securities and\nMarkets Authority (ESMA).
\nInvestor protection and\ntransparency: the\nproposal also aims to provide investors with the necessary\ninformation on crowdfunding, including the underlying risks.\nAccordingly, all information, including marketing communications,\nfrom crowdfunding service providers to clients must be complete,\nclear and correct. The proposal sets out an initial assessment\nof the appropriateness of a potential client and provides that\nplatforms shall offer investors the possibility to simulate their\nability to bear losses.
\nThe proposed regulation also provides for\nadequate safeguards to minimize the risk of money laundering and\nterrorist financing.
\nBUDGETARY IMPLICATIONS: the preferred option\nholds implications in terms of costs and administrative burden for\nESMA.
\nAssuming that ESMA will be in charge of\nauthorising and supervising 25 providers in the first full year of\nimplementation (2020), there will be a cost impact (net of fees\ncharged on the industry) of approximately EUR 1 637 000 in\nthat year. This estimate also includes half of EUR 500 000 in\none-off costs to be split over the first two years, used to setup\nthe necessary IT systems.
\nDELEGATED ACTS: the proposal contains\nprovisions empowering the Commission to adopt delegated acts in\naccordance with Article 290 of the Treaty on the Functioning of the\nEuropean Union.
\nPURPOSE: to establish common rules at Union\nlevel on crowdfunding.
\nPROPOSED ACT: Regulation of the European\nParliament and of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the European\nParliament decides in accordance with the ordinary legislative\nprocedure on an equal footing with the Council.
\nBACKGROUND: crowdfunding has emerged as an\nestablished practice of funding a project or a venture,\ntypically by a large number of people or organisations, through\nonline platforms on which citizens, organisations and\nbusinesses, including business start-ups, raise relatively small\namounts of money. Crowdfunding can thus provide an alternative\nto unsecured bank lending, which are currently the main sources\nof external finance for SMEs.
\nThe provision of crowdfunding services\ngenerally relies on three types of actors: the project owner that\nproposes the project to be funded, investors who fund the proposed\nproject, generally by limited investments, and an intermediating\norganisation in the form of a service provider that brings together\nproject owners and investors through an online platform.
\nSeveral Member States have already introduced\ndomestic bespoke regimes on crowdfunding.
\nThose regimes are tailored to the\ncharacteristics and needs of local markets and investors. As a\nresult, the national rules diverge as regards the conditions\nof operation of crowdfunding platforms, the scope of permitted\nactivities and the licencing requirements.
\nThe differences between the existing national\nrules are such as to obstruct the cross border provision of\ncrowdfunding services. It is therefore necessary to address the\nexisting obstacles to the proper functioning of the internal market\nin crowdfunding services.
\nThis initiative is part of the Commission's\npriority of establishing a Capital\nMarket Union (CMU), which aims to broaden access to finance for\ninnovative companies, start-ups and other unlisted\nfirms.
\nIMPACT ASSESSMENT: the impact assessment\nconcluded that EU crowdfunding markets for business finance are\nlargely underdeveloped compared to other major economies but - and\nmost importantly - unable to properly operate\ncross-border.
\nAmongst the options studied, the preferred\noption consists of introducing an EU-label for crowdfunding\nservice providers, which would be authorised and supervised at EU\nlevel under an EU regime.
\nCONTENT: the Commissions proposal\nintroduces an optional EU scheme that allows crowdfunding\nplatforms to easily deliver their services across the EU single\nmarket. It establishes a one-stop-shop access to the EU\nmarket and therefore helps crowdfunding platforms in overcoming the\nbarriers they face operating cross-border.
\nThe proposal does not intend to interfere with\nnational bespoke regimes or existing licenses, including those\nunder the Markets in Financial Instruments Directive (MiFID\nII), the Payment Services Directive (PSD)\nand the Alternative Investment Fund Managers Directive (AIFMD),\nbut rather to provide crowdfunding service providers with the\npossibility to apply for an EU label that empowers them to scale up\ntheir operations throughout the Union under certain\nconditions.
\nScope: the proposal applies to crowdfunding services\ninvolving financial remuneration for investors. Donation and\nreward-based crowdfunding are excluded from the scope of this\ninitiative, as they cannot be considered financial services. The\nproposal does not include in its scope consumers lending for\nconsumption purposes.
\nEffective and prudent\nmanagement:\ncrowdfunding service providers must at all times comply with the\norganisational requirements, while natural persons having the power\nto manage a crowdfunding service provider should have\nappropriate skills and professional experience. A\ncrowdfunding service provider must maintain and operate effective\norganisational and administrative arrangements with a view to\ntaking all reasonable steps designed to prevent conflicts of\ninterest from adversely affecting the interests of its\nclients.
\nAuthorisation and\nmonitoring: the\nproposal provides uniform, proportionate and directly applicable\nrequirements for authorisation and a single point of\nsupervision. Crowdfunding service providers will provide their\nservices under the supervision of the European Securities and\nMarkets Authority (ESMA).
\nInvestor protection and\ntransparency: the\nproposal also aims to provide investors with the necessary\ninformation on crowdfunding, including the underlying risks.\nAccordingly, all information, including marketing communications,\nfrom crowdfunding service providers to clients must be complete,\nclear and correct. The proposal sets out an initial assessment\nof the appropriateness of a potential client and provides that\nplatforms shall offer investors the possibility to simulate their\nability to bear losses.
\nThe proposed regulation also provides for\nadequate safeguards to minimize the risk of money laundering and\nterrorist financing.
\nBUDGETARY IMPLICATIONS: the preferred option\nholds implications in terms of costs and administrative burden for\nESMA.
\nAssuming that ESMA will be in charge of\nauthorising and supervising 25 providers in the first full year of\nimplementation (2020), there will be a cost impact (net of fees\ncharged on the industry) of approximately EUR 1 637 000 in\nthat year. This estimate also includes half of EUR 500 000 in\none-off costs to be split over the first two years, used to setup\nthe necessary IT systems.
\nDELEGATED ACTS: the proposal contains\nprovisions empowering the Commission to adopt delegated acts in\naccordance with Article 290 of the Treaty on the Functioning of the\nEuropean Union.
\n