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posted 3 years ago
Major changes are envisaged regarding crowdfunding in Poland from autumn this year. As of 10 November 2021, in Poland, as in the other EU countries, Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (“Regulation”), will take effect. Moreover, the Polish government is already working to draft provisions to implement that Regulation.
The main aim of EU lawmakers when adopting this Regulation was to create a common legal framework for crowdfunding to function in the EU. A crowdfunding service, which is at the core of the new legislation, connects investors interested in financing business ventures with owners of such projects via a crowdfunding platform. The Regulation regulates only two out of four main kinds of crowdfunding, which are the investment and lending (debt) variations. Hence, in addition to the strict rules, there is donation-based crowdfunding and rewards-based crowdfunding.
The most important elements of these include:
There is to be an important addition to the Regulation, which is the Regulatory Technical Standards. These are intended to regulate in detail conflict of interest, complaint review, or for instance credit risk assessment, and other issues. The first of these are due to be published after 10 November 2021.
In addition, the Regulation amends the Whistleblower Protection Directive (Directive 2019/1937), and this means that crowdfunding service providers will be subject to a range of obligations under that directive, such as the obligation to establish internal and anonymous channels for reporting breaches of law.
On 5 May 2021, the Council of Ministers published a project of bill on monitoring of providers of crowdfunding services for commercial ventures, and this was the first time the Polish legislature took measures to implement the Regulation into the Polish legal system. Under the proposal, the Polish government will make the Polish Financial Supervision Authority (KNF) the competent authority for monitoring providers of crowdfunding services. This will mean that the KNF will have a range of regulatory powers, such as suspending specific crowdfunding offers or suspending providers’ operations.
In addition to the above, the bill also envisages:
The project of bill is due to be approved by the Council of Ministers in Q III 2021.
Cracow University of Economics Professor (PhD Habil.) Jan Byrski attorney-at-law,
Michał Słuszniak, trainee attorney-at-law
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