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Such schemes in Portugal continue to expand. Country’s regulator has registered six management companies operating crowdfunding resources, predominantly in area of lending. As industry develops and the number of participants grows, changes are possible due to the adoption of the Regulation on European agents providing crowdfunding services for business-projects. There may also be a move towards securitization of loan portfolios arising from these platforms in the medium to long term.
Legislative basis establishes certain rules and conditions for legal entities managing such firms that are under the control of the CMVM if their operation is related to the collective use of shares or loans. These organizations require pre-registration and regulatory approval. In addition, various documents must be provided, such as corporate information, structure and beneficial ownership, identification of management, adequate statements, business plan and model, and evidence of meeting minimum financial requirements. Clarity is also required on whether they should be treated as a financial intermediary or its agent. Minimum financial standards include:
In accordance with the active rules on securitization (Law No. 453/99 as further amended), the state and public legal entities such as credit institutions, financial firms, insurance organizations, pension funds and pension fund management companies have the exclusive right to act as sources of receivables for securitization purposes. However, it is possible to transfer loans for securitization by firms whose accounts have been properly certified by registered auditors for the last three years.
This opportunity opens up new prospects for crowdfunding firms in the area of structured finance transactions that were previously only open to banking institutions. However, given the specifics of the organizations involved in crowd lending and their management composition, it may take some time for this trend to be fully realized.
In June 2019, legislation passed by the EU Parliament came into effect to improve fairness and transparency for business users using online intermediary services. This regulation was created for providers of Internet intermediary services who simultaneously:
Obligations include:
Such practice is becoming increasingly popular in this jurisdiction, giving possibilities to raise funds through financial investments from many clients, most often carried out using Internet platforms. This method of collective financing covers a variety of forms such as donations, rewards, loans and investments.
The basis of the legal parameters for crowdfunding in this country is defined in Law No. 102/2015, which details the permitted types of this practice in the state:
Privileges are next-mentioned:
The challenges of operating such a company are that there is a risk of fraud in crowdfunding industry, so appropriate measures are important to protect capital-holders. Crowdfunding spaces must maintain a high level of transparency and responsible operations to avoid misunderstandings and conflicts between participants.
Legislative framework for crowdfunding in Portugal therefore sets the necessary framework for the balanced development of this form of finance, stimulating creativity and innovation, while also ensuring the security of capital-holders.
It is important that platforms, project-organizers and capital-holders are aware of these rules and strictly comply with their legal obligations. If you are interested in this area, check out the ready-made businesses for sale that we offer. We will help you become familiar with the latest changes in legislation and provide general advice for more detailed information.
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