8 Amendments of Tom VANDENKENDELAERE related to 2018/0048(COD)
Amendment 141 #
Proposal for a regulation
Recital 2
Recital 2
(2) Obtaining finance is challenging for small and nascent firms, particularly when they move from a start-up into the expansion phase. Crowdfunding can contribute to provideing access to finance for such firms and so to completeing the Capital Markets Union (CMU). Lack of access to finance for such firms constitutes a problem even in Member States where access to bank finance has remained stable throughout the financial crisis. Crowdfunding has emerged as an established practice of funding a project or a venture, typically by a large number of people or organisations, through online platforms on which citizens, organisations and businesses, including business start- ups, raise relatively small amounts of money. Within the CMU and concerning the development of alternative funding sources, the Commission could assess the need to propose a separate European legislative framework for initial coin offerings, bearing in mind that this practice is becoming more widespread in Member States as well as internationally.
Amendment 153 #
Proposal for a regulation
Recital 12
Recital 12
(12) Given the risks associated with crowdfunding investments, it is appropriate, in the interest of the effective protection of investors, to impose a threshold for a maximum consideration for each crowdfunding offer. That threshold should be set at EUR 18 000 000, because that threshold corresponds to the threshold set out in Regulation (EU) 2017/1129 of the European Parliament and of the Council9 for the mandatory drawing up and approval of a prospectus above that threshold. This Regulation lays down the content of a key investment information document to be supplied to potential investors for every crowdfunding offer. As the key investment information document is designed to be tailored to the specific features of a crowdfunding offer and the information needs of investors, it should replace the prospectus required by Regulation (EU) 2017/1129 when securities are offered to the public. Crowdfunding offers under this Regulation should therefore be excluded from the scope of Regulation (EU) 2017/1129. Regulation (EU) 2017/1129 should be amended accordingly. _________________ 9 Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12).
Amendment 193 #
Proposal for a regulation
Article 2 – paragraph 2 – point d
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.
Amendment 286 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Crowdfunding service providers shall, before giving prospective investors full access to their crowdfunding offers and the opportunity to invest in them, assess whether and which crowdfunding services offered are appropriate for the prospective investors.
Amendment 287 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. Prospective investors shall be given access to the details of crowdfunding offers only if they have supplied their particulars, read of the risks involved in crowdfunding, and expressly accepted them.
Amendment 288 #
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. For the purposes of the assessment pursuant to the first paragraph 1a, crowdfunding service providers shall request information about the prospective investor’s basic knowledge, experience, investment goals, financial situation, and understanding of risk in investing in general and in the types of investments offered on the crowdfunding platform, including information about:
Amendment 329 #
Proposal for a regulation
Article 38 – paragraph 2 – point b a (new)
Article 38 – paragraph 2 – point b a (new)
(ba) the potential risks of distortion of competition and arbitrage arising where Member States apply two parallel regimes;
Amendment 334 #
Proposal for a regulation
Annex II – part A – point c
Annex II – part A – point c
(c) A hyperlink to the most recent financial statement of the project owner, if availableKey financial figures and ratios for the project owner for the last three years;