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Commission urges the NETHERLANDS, ITALY, LITHUANIA, ESTONIA, FINLAND, LATVIA, BULGARIA, GREECE and SPAIN to update national laws exempting entities authorised under the Regulation on European Crowdfunding service providers
The Commission has today decided to send reasoned opinions to the Netherlands, Italy, Lithuania, Estonia, Finland, Latvia, Bulgaria, Greece and Spain on the grounds of failure to notify the national measures transposing Directive 2020/1504, which amends the Directive on markets in financial instruments (Directive 2014/65/EU). The purpose of this Directive is to exempt entities authorised under the newly established Regulation on European Crowdfunding Service Providers (ECSP) from requirements under Directive on markets in financial instruments, and to ensure that all crowdfunding platforms within the scope of the Regulation are subject to the same, coherent set of rules, wherever they operate in the EU. This will benefit both investors, through more investment opportunities and coherent protection measures across the EU, and companies in need of early-stage financing, leading to more innovation and growth in the EU. The deadline for the transposition of these rules into national law was 10 May 2021. To date, the concerned Member States have not notified any transposition measures. Without a satisfactory response from these Member States within two months, the Commission may decide to refer the matter to the Court of Justice of the European Union.
02/12/2021_December infringements package: key decisions_https://ec.europa.eu/commission/presscorner/detail/en/inf_21_6201
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