最有看点的互联网金融门户

最有看点的互联网金融门户
全新的互联网金融模式国际资讯监管与政策

葡萄牙推出最新众筹法例

紧跟众筹行业的发展,葡萄牙近日也出台了相关新法规。

葡萄牙的该法规相当于美国的《JOBS法案》。此番出台的法规定义了所有众筹活动(奖励、贷款、捐赠和股权众筹),并为每种活动进行了具体规定。

其中重点如下:

- 平台上所有权无限制。无论业务领域,任何个人或公司均可拥有所属权。

- 平台可以提供多于一种类型的众筹活动。参与者需要分别遵守每种众筹活动的规定。

- 平台严禁泄露用户个人信息。

- 平台不能进行推荐投资,不可向员工支付任何形式的销售佣金。

- 平台不能提供投资资金也不能保留证券。所有证券须直接由申请资金的公司提供。

- 贷款和股权众筹活动不能同时在多个平台进行。

- 奖励和捐赠众筹筹款总额不能超过初始目标的十倍。

- 奖励和捐赠众筹开始之前需要与葡萄牙消费者保护局联系。

- 贷款和股权众筹开始之前需要与CMVM(Comiss?o do Mercado de Valores Mobiliários)联系。CMVM相当于葡萄牙的证券交易委员会。

- 无论目标如何,贷款和股权众筹都必须设立最大筹款额。

- CMVM可设定年度股权众筹筹资最大额或投资者投资最高额。

新规不止一次写到,引起利益冲突的情况需要特别注意。平台必须尽自己的最大努力来避免利益冲突, 这种情况可能源于平台内部人员参与了众筹活动,并可能因此与投资者或筹款人存在冲突。

As crowdfunding kicks in everywhere in the world, Portugal introduces new rules on crowdfunding this week.

The text is the Portuguese equivalent to the American JOBS Act. It defines all types of crowdfunding (reward, loan, donation and equity) and establishes rules for each of them.

Below are key highlights of the new legislation:

- There are no restrictions on platform ownership. Any person or company can own them, regardless of their business area

- Platforms can operate in more than one crowdfunding type. They must obey to the rules specific to each mode

- Platforms must ensure confidentiality of every information present in them

- Platforms cannot recommend investments nor offer any kind of sales commission to their personnel

- Platforms cannot offer investment funds nor keep securities. All securities must be issued directly by the companies seeking funds

- Loan and equity campaigns cannot be present in more than one platform

- Rewards and donation based crowdfunding initiatives cannot raise more than 10 times their initial goal

- Rewards and donation based campaigns must communicate Dire??o Geral do Consumidor, the consumer protection authority before they start their activities

- Loan and equity types must all be communicated to CMVM (Comiss?o do Mercado de Valores Mobiliários), the Portuguese equivalent to Securities and Exchange Commission

- Loan and equity types must establish a maximum raising value, regardless of the goal

- CMVM can establish a maximum annual value that an entity can raise or an investor can invest

Attention should be given to situations that cause conflicts of interest, which are cited several times in the law. It says that platforms must do their best efforts to avoid such situations, which can arise when personnel involved with the platform participate in crowdfunding campaigns within it, in any roles, when their interests are contrary to that of investors or beneficiaries.


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