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Crowdfunding is a form of alternative finance for start-ups and small and medium-sized enterprises and represents an increasingly important type of intermediation where a crowdfunding service provider, without taking on own risk, operates a digital platform open to the public in order to match or facilitate the matching of prospective investors or lenders with businesses that seek funding.

This regulatory framework consists of the Crowdfunding Regulation which applies from 10 November 2021 and a set of regulatory technical standards and implementing technical standards (Level 2 Legislation). The Level 2 Legislation should be adopted and published in the Official Journal of the EU in the near future.

The European Securities and Markets Authority (ESMA) has already published a Final report on Level 2 legislation under the Crowdfunding Regulation.

The types of crowdfunding regulated by the Crowdfunding Regulation are:

  • crowdlending (facilitation of granting of loans) and
  • crowdinvesting (facilitation of business financing via securities and admitted instruments for crowdfunding purposes).

According to the Crowdfunding Regulation the provision of crowdfunding services encompasses three types of actors:

  • project owner who seeks funding through a crowdfunding platform (crowdfunding offers with a consideration of less than EUR 5 000 000); in terms of the Slovak Republic the Article No. 49 of the Crowdfunding Regulation should be taken into the account,
  • investors who provide their capital/invest to proposed projects,
  • crowdfunding services provider who operates a digital platform.

Only an authorised legal person can provide crowdfunding services under the Crowdfunding Regulation. The National Bank of Slovakia as the competent public authority of the Slovak republic is responsible for granting authorisation in relation to the Crowdfunding Regulation.

P2P (peer-to-peer) crowdfunding platforms, i.e. a crowdfunding model focused on facilitation of consumer loans, are out of the scope of this regulation