ANNOUNCEMENT concerning the provision of crowdfunding services without authorisation after 10.11.2023

According to Regulation (EU) 2020/1503, all companies which, in accordance with applicable national law, provide equity financing services and which do not obtain authorisation in accordance with Regulation (EU) 2020/1503 by 10.11.2023 will no longer be able to issue new equity financing offers or accept new investors.

Thus, in order to avoid a situation where the mobilisation of the target level of capital in relation to a particular equity financing project is not completed by 10.11.2023, we bring to the attention of these companies, investors and project developers who have opened accounts with these companies that all current funding applications will have to be closed by that date, after which it will only be possible to administer existing contracts, collect and transfer receivables, provide asset safekeeping services or process corporate events.

Therefore, all companies offering equity crowdfunding services on the territory of Romania that will not obtain authorisation under Regulation (EU) 2020/1503 by 10.11.2023 must ensure that pending funding applications will be closed and that there will be no new open offers falling within the scope of Regulation (EU) 2020/1503 after 10.11.2023, specifying this on the platform's website in a visible location.

We recall that, according to Art. 6 para. (1) of Law no. 244/2022, in order to provide equity financing services, it is necessary to obtain an authorisation from the A.S.F. as a provider of equity financing services and, according to the provisions of art. 28 of Law no. 244/2022, the conduct without the authorisation referred to in art. 6 para. (1) of participatory financing services, as defined in Art. 2 para. (1) (a) of Regulation (EU) 2020/1.503, constitutes the offence of unlawful exercise of a profession or activity and is punishable under Article 348 of Law No. 286/2009 on the Criminal Code, as amended.