On 14 June 2023, the European Banking Authority (EBA) published an opinion on the European Commission’s amendments to the final draft technical standards on requirements on credit scoring of crowdfunding projects, pricing of crowdfunding offers, and risk management policies and procedures supplementing the EU Crowdfunding Regulation, having regard in particular to Article 19(7) thereof.

In a letter of 2 May 2023, the Commission informed the EBA of its intention to endorse, with amendments, the draft technical standards that the EBA submitted. The letter described one substantive amendment to the draft technical standards, which the EBA feels amends the technical standards in a significant manner from a policy perspective and therefore warrants a formal opinion. The substantive amendment was made by the Commission in light of comments received by the European Data Protection Supervisor that the wording in Article 5 of the draft technical standards may not be in line with the ‘storage limitation’ principles established under the General Data Protection Regulation (GDPR).

In its opinion, the EBA recognises the importance of treating personal data in accordance with the ‘storage limitation’ principles established under Article 5(1) of the GDPR and, therefore, accepts the proposed amendment.