EU on markets in financial instruments - Main contents

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dossier	COM(2018)99 - Amendment of Directive 2014/65/EU on markets in financial instruments.
document	COM(2018)99
date	October 7, 2020

table>(1)Crowdfunding is a financial technology solution that provides small and medium-sized enterprises (SMEs) and, in particular, start-ups and scale-ups, with alternative access to finance in order to promote innovative entrepreneurship in the Union, thereby strengthening the Capital Markets Union. That in turn contributes to a more diversified financial system that is less dependent on bank finance, therefore limiting systemic and concentration risks. Other benefits of promoting innovative entrepreneurship through crowdfunding are the unlocking of frozen capital for investment in new and innovative projects, the acceleration of efficient allocation of resources and a diversification of assets.

(2)

Regulation (EU) 2020/1503 of the European Parliament and of the Council (3) lays down uniform, proportionate and directly applicable requirements for the provision of crowdfunding services, for the organisation, authorisation and supervision of crowdfunding service providers, for the operation of crowdfunding platforms as well as for transparency and marketing communications in relation to the provision of crowdfunding services in the Union.

(3)

To provide legal certainty as to the persons and activities falling within the scope of Regulation (EU) 2020/1503 and of Directive 2014/65/EU of the European Parliament and of the Council (4), respectively, and in order to avoid a situation where the same activity is subject to multiple authorisations within the Union, legal persons authorised as crowdfunding service providers under Regulation (EU) 2020/1503 should be excluded from the scope of Directive 2014/65/EU.

(4)	As the amendment provided for in this Directive is directly linked to Regulation (EU) 2020/1503, the date from which Member States are to apply the national measures transposing this Directive should be deferred in order to coincide with the date of application set out in that Regulation,