On 26 June 2019, the Council of the EU set out its position for a Regulation on European crowdfunding service providers.
The Council position:
- removes barriers for crowdfunding platforms operating cross-border;
- provides tailored rules for EU crowdfunding businesses depending on whether they provide their funding in the form of a loan or an investment (through shares and bonds issued by the company that raises funds);
- provides a common set of prudential, information and transparency requirements to ensure a high level of investor protection; and
- defines common authorisation and supervision rules for national competent authorities.
The European Parliament adopted its first reading position on 27 March 2019. Both co-legislators are now in a position to start trilogue negotiations.
An online briefing note on the proposals will be published shortly.