[ParlTrack]

Proposal for a regulation
Article 2 – paragraph 2 – point d

(d) crowdfunding offers with a consideration of more than EUR 18 000 000 per crowdfunding offer, which shall be calculated over a period of 12 months with in regard to a particular crowdfunding project.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 – paragraph 1

1. Any legal person that intends to ~~provide~~become a crowdfunding service~~s shall apply to ESMA~~ provider in accordance with this Regulation shall apply to the national competent authority of the Member State where it is established for authorisation ~~as a~~to provide crowd funding service ~~provider~~s.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 – paragraph 4

4. ~~ESMA~~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, ~~ESMA~~the national competent authority shall set a deadline by which the prospective crowdfunding service provider is to provide the missing information.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 – paragraph 5

5. Where an application as referred to in paragraph 1 is complete, ~~ESMA~~the national competent authority shall immediately notify the prospective crowdfunding service provider thereof.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 – paragraph 6

6. ~~ESMA~~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. ~~ESMA~~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.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 – paragraph 7

7. ~~ESMA~~The national competent authority shall notify the prospective crowdfunding service provider of its decision within five working days after having taken that decision.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 10 a (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’s 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.

2018/09/13
Committee: ECON

Brian HAYES

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.

2018/09/13
Committee: ECON

Brian HAYES

Proposal for a regulation
Article 12 – paragraph 1

1. CA crowdfunding service providers shall provide ~~their~~its services under the supervision of ~~ESMA~~the national competent authority of the Member State where the crowdfunding service provider has been authorised.

2018/09/13
Committee: ECON

9 Amendments of Brian HAYES related to 2018/0048(COD)

ParlTrack - 2011-2024