Law no. 244/2022 implementing Regulation (EU) 2020/1503 on European Crowdfunding Service Providers for Business and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 has been adopted, and on this occasion, slight changes have been made to the draft law published in May 2022.
In addition to what the draft law stipulated, in order for the shares of limited liability companies to be used as eligible instruments for crowdfunding, Law no. 244/2022 stipulates that the Articles of Association of the issuing limited liability company shall allow the transfer of shares to third parties without the approval of the shareholders, as well as provisions which do not restrict the right to the free transfer of shares and which include the manner in which such shares may be offered or presented to the public.
Other provisions of the law stipulate that the crowdfunding service provider will have both the obligation to report to the Credit Risk Centre of the National Bank of Romania (CRC) and the right to access the information provided by the CRC.
Last but not least, if the Financial Supervisory Authority (Autoritatea de Supraveghere Financiara) (“FSA”) does not issue and communicate to the applicant a decision regarding its request, the applicant may file a complaint at the Bucharest Court of Appeal.
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