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CMVM announces mandatory registration of entities that manage equity or loan crowdfunding platforms


8 January 2018

CMVM announces the mandatory registration of entities that manage equity or loan crowdfunding platforms. The dossier defining the terms of the registration application at the CMVM, is available on same’s website.

The entry into force of norms of the legal framework of the equity or loan crowdfunding platforms (RJFCCE) and the CMVM Regulation No. 1/2016, relied on the entry into force of the relevant sanctionary framework. A transitory framework has not been envisaged, thus the entry into force of the sanctionary framework will imply the entry into force of the RJFCCE and of the CMVM Regulation and at said moment, the entities that manage equity or loan crowdfunding platforms ought to be registered with the CMVM in order to carry out or continue to carry out the intermediation activity pertaining to equity or loan crowdfunding platforms.  

The Draft Law No. 97/XIII/3.ª (GOV), defining the sanctionary framework applicable to crowdfunding activity was approved at the plenary sitting of the Portuguese Parliament on 21 December 2017 and awaits enactment by the President of the Republic and its publication in the Official Gazette (Diário da República).

The CMVM has 30 business days to decide as to granting registration, as from the date of reception of all the data provided for in Article 4/1 of the CMVM Regulation No. 1/2016 or as from receiving the additional information that may be required of the applicant.

ADDITIONAL INFORMATION

·     Law No. 102/2015 OF 24 August – establishes the legal framework of equity and loan crowdfunding (RJFCCE), which requires prior registration at the CMVM of the management entities that carry out the intermediation activity of equity or loan crowdfunding

 

·     Regulation No. 1/2016 – explains a set of issues concerning the RJFCCE – access to the mentioned activity and the relevant registration procedure of the managing entities of electronic crowdfunding platforms

 

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