This morning the EC released:
1. The Proposal for a Regulation on European Crowdfunding Services for Business. It:
- establishes a one-stop-shop access to the EU market and therefore helps crowdfunding platforms in overcoming the barriers they face operating cross-border;
- provides tailored rules for European crowdfunding services providers covering both investment-based and lending-based business models;
- gives more opportunities to European investors while safeguarding a high level of investor protection in relation to crowdfunding services;
- defines the requirements crowdfunding service providers have to fulfil in order to get the authorisation and provides a single point of entry for authorisation and supervision by a single authority, the European Securities and Markets Authority (ESMA).
2. The Financial Technology (FinTech) Action Plan
The Action Plan has three main objectives: to support innovative business models to scale up across the single market; to encourage the uptake of new technologies in the financial sector; and to increase cybersecurity and the integrity of the financial system.
Companies that develop financial technology are currently faced with diverging regulatory and supervisory regimes.
The Action Plan is part of the Commission's efforts to build a Capital Markets Union and a true single market for consumer financial services. It is also an integral part of the Commission's drive for a Digital Single Market.
3. The Action Plan on financing sustainable growth
The Action Plan aims to further connect finance with the specific needs of the European and global economy for the benefit of the planet and our society. The Action Plan has three objectives:
- Re-orient capital flows towards sustainable investment, in order to achieve sustainable and inclusive growth;
- Manage financial risks stemming from climate change, natural disasters, environmental degradation and social issues; and
- Foster transparency and long-termism in financial and economic activity.