sou · H6B320 · 2018-03-19 00:00:00 — Undantag från tillståndsplikt gäller för vissa företag som redan har tillstånd enligt annan näringsrättslig lagstiftning på finansmark- nadsområdet, däribland företag som driver bank- och finansierings- rörelse, värdepappersrörelse eller verksamhet med konsumentkre- diter. Undantaget från tillståndsplikten gäller i förekommande fall även för motsvarande utländska företag. Sådana företag får efter anmälan till driva verksamhet som kapitalför- medlare. Beträffande registreringspliktig verksamhet motsvarar kraven dem som gäller för finansiella institut enligt lagen (1996:1006) om valutaväxling och annan finansiell verksamhet. Företag som har tillstånd som kapitalförmedlare och företag som är undantagna från tillståndsplikten enligt den nya lagen ska, i stället för att ansöka om registrering, anmäla till att företaget avser att driva verksamhet som möjliggör belöningsbaserad eller donations- baserad gräsrotsfinansiering. Ett företag som har blivit infört i registret ska tas bort ur det, om företaget har förelagts att upphöra med verksamheten och föreläggandet har fått laga kraft. Detsamma gäller om företaget anmäler att det inte längre ägnar sig åt verksam- het som omfattas av lagen eller om det på något annat sätt framgår att registreringsplikt inte längre gäller. Den föreslagna lagen innehåller vissa verksamhets- och uppför- anderegler som i huvudsak gäller enbart för kapitalförmedlare, dvs. företag som driver tillståndspliktig verksamhet enligt lagen. En kapitalförmedlares verksamhet ska organiseras och drivas på ett sådant sätt att förmedlarens organisationsstruktur, förbindelser med andra företag och ställning kan överblickas. Verksamheten ska även i andra avseenden drivas sunt. Kraven på genomlysning och sundhet ska anpassas till arten och omfattningen av kapitalförmedlarens verksamhet. I lagen finns också bestämmelser om hantering av intressekon- flikter, uppdragsavtal och klagomål. Därutöver finns vissa ytterligare kundskyddsregler. En kapital- förmedlare ska genomföra passandebedömningar av kunder som är konsumenter och som avser att tillhandahålla finansiering genom andelsbaserad eller lånebaserad gräsrotsfinansiering. Vidare ska en kapitalförmedlare, innan tillhandahållande av finansiering genom så- dan gräsrotsfinansiering får inledas, lämna den information som krävs för att varje fysisk eller juridisk person som avser att tillhandahålla finansiering ska kunna fatta välgrundade beslut. Kapitalförmedlaren ska också lämna tydlig information om att tillhandahållen finan- siering inte skyddas genom bestämmelserna i lagen (1995:1571) om insättningsgaranti eller lagen (1999:158) om investerarskydd. En kapitalförmedlare, liksom ett företag som efter registrering tillhanda- håller tjänster som möjliggör belöningsbaserad eller donationsbaser- ad gräsrotsfinansiering, ska också tillgängliggöra viss allmän infor- mation om de tjänster som tillhandahålls samt om priser och avgifter. Om skyldigheten att lämna föreskriven information inte efterlevs ska marknadsföringslagen tillämpas, med undantag av bestämmel- serna om marknadsstörningsavgift. Beträffande kapitalförmedlare som bistår intressenter och parter vid lånebaserad gräsrotsfinansiering gäller dessutom vissa särskilda bestämmelser. Förmedling av sådan finansiering mellan privatpersoner får ske endast om kapitalförmedlaren är ombud för den som till- handahåller finansieringen (dvs. Vid förmedling av finansiering mellan en näringsidkare som kredit- givare och en privatperson som kredittagare eller mellan en privat- person som kreditgivare och en näringsidkare som kredittagare ska kapitalförmedlaren, innan finansieringen tillhandahålls, pröva om den som avser att anskaffa finansiering (dvs. en kredittagare) har ekonomiska förutsättningar att fullgöra sina åtaganden enligt kredit- avtalet. Kreditprövningen ska grundas på tillräckliga uppgifter om kredittagarens ekonomiska förhållanden. Finansieringen får tillhanda- hållas endast om kredittagaren har ekonomiska förutsättningar att fullgöra sitt åtagande. Skyldigheten att utföra en kreditprövning gäller dock inte om den som tillhandahåller finansiering är ett före- tag med tillstånd av att lämna eller förmedla krediter. I sådant fall ska det företaget göra kreditprövningen. Skyl- digheterna att utföra passandebedömning, lämna föreskriven infor- mation och agera ombud eller utföra kreditprövning gäller också sådana företag som driver verksamhet som kapitalförmedlare men som är undantagna från tillståndsplikten, förutsatt att företagen inte redan omfattas av motsvarande skyldighet enligt annan lag. Utredningen har övervägt men inte funnit tillräckliga skäl att i lagen ta in bestämmelser som begränsar storleken av finansiering eller av investeringar som sker genom andelsbaserad eller lånebaserad gräsrotsfinansiering. I den föreslagna lagen införs också bestämmelser om Finansinspek- tionens tillsyn och ingripandebefogenheter. Bestämmelserna mot- svarar i allt väsentligt det som gäller för annan likvärdig finansiell verksamhet, och de har utformats efter förebild av bestämmelser i andra näringsrättsliga lagar på finansmarknadsområdet. som omfattas av registreringsplikt enligt den nya lagen ska utöva tillsyn med avseende på lagen om åtgärder mot penningtvätt och finansiering av terrorism. Bestämmelserna om ingripande innebär att kraven enligt det fjärde penningtvättsdirektivet1 är genomfört för både kapitalför- medlare och företag som efter registrering driver verksamhet enligt den nya lagen. Utredningen föreslår att den nya lagen ska träda i kraft . Vissa övergångsbestämmelser föreslås som dels ger berörda företag tid att anpassa sig till den nya regleringen, dels föreskriver att sanktionsavgifter enligt den nya lagen får tas ut endast för över- trädelser som sker efter ikraftträdandet. Utredningen anser att ett tillståndskrav för gräsrotsfinansierings- plattformar skapar en mer rättvis konkurrenssituation på de mark- nadssegment där plattformarna agerar och ett större långsiktigt för- troende för de finansiella marknaderna. Ökad tydlighet kring skydd för låntagare och investerare bör dessutom göra gräsrotsfinansiering till en attraktivare finansieringsform. Tillståndskravet riskerar för- visso att verka hämmande på antalet nya gräsrotsfinansieringsplatt- formar som vill etablera sig på den svenska marknaden, men kravet möjliggör också för nya svenska och utländska aktörer att etablera sig i med god legitimitet. kan tillståndskravet ses som ett konkurrensbegränsande inträdeshinder. Utredningen bedöm- er att detta är ett mindre problem än den snedvridning av konkur- rensen som följer av att plattformarna skulle undgå tillstånd. Utredningens föreslagna tillståndskrav medför ökade kostnader för plattformarna. Kostnaderna är betungande, men utredningen an- ser ändå att lagförslagen är väl motiverade för att skapa ett tydligt regelverk för finansieringsformen och för att stärka skyddet för kapitalsökande och investerande privatpersoner. 1 och rådets direktiv (EU) 2015/849 av om åtgärder för att förhindra att det finansiella systemet används för penningtvätt eller finansiering av terrorism, om ändring av och rådets förordning (EU) nr 648/2012 och om upp- hävande av och rådets direktiv /60/EG och kommissionens direktiv /70/EG (Text av betydelse för EES). Utredningens förslag kommer att medföra en utökad tillsyns- verksamhet och därmed också ökade kostnader för Finansinspek- tionen och . Flera aktörer kommer att ansöka om nytt tillstånd. Antalet aktörer är begränsat, men en större regleringsmässig tydlighet kan förhoppningsvis leda till att antalet aktörer växer. The Inquiry’s remit includes surveying the market for crowdfunding platforms and analysing the roles, functions and incentive structures of these platforms and their participants. The Inquiry is also in- structed, while focusing on equity-based crowdfunding and lending- based crowdfunding, to identify the legislative provisions that apply to procuring, providing or mediating such financing, and to assess whether these provisions are appropriate. In this context, the Inquiry is to examine whether there are any barriers to using crowdfunding for businesses operating as limited companies. The classification of companies and the demarcation between the various company classi- fications are not to be reviewed, however. Based on the assessments made, the Inquiry is to consider whether the existing legislation needs to be amended, or whether new com- mercial law regulations are needed. The remit also includes reviewing the need for sanctions. However, it does not include reviewing or proposing amendments to the provisions in the Consumer Credit Act (2010:1846). Rules for taxes and fees also lay outside the Inquiry’s remit. The aim of the remit is to improve the conditions for developing this form of financing as an alternative source of financing for small and medium-sized enterprises (SMEs), and enable individuals to find joint financing solutions in general within civil society. The Inquiry’s proposals should also ensure a high level of consumer and investor protection in general to promote confidence in, and the development of, crowdfunding. The Inquiry’s terms of reference are appended to the report. Regulatory initiatives from the EU The potential need to regulate crowdfunding at EU level has been discussed in recent years. The Commission’s position, however, has been to wait and to refer to the directives that may be relevant to regulating crowdfunding, including Directive 2014/65/EU on markets in financial instruments (MiFID II), Directive 2003/71/EC on the prospectus to be published when securities are offered to the pub- lic or admitted to trading (the Prospectus Directive), Directive 2007/64/EC on payment services in the internal market, and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The Commission’s work in this area intensified in the second half of 2017, however, and the development of a framework for re- gulating crowdfunding began. The framework aims to stimulate access to capital for SMEs via lending- and equity-based crowdfunding. The Commission intends, among other things, to create better con- ditions for cross-border crowdfunding. An initial proposal on a frame- work for cross-border lending- and equity-based crowdfunding of SMEs will be presented during the first half of 2018 within the context of the capital markets union. General comments on crowdfunding According to the Encyclopaedia, crowdfunding is a method of funding projects, usually online, by raising small amounts of money from a large number of people. The fundraising may be subject to different terms and conditions. Sometimes, part-owner- ship is given in exchange for funds pledged, although donations- based, lending-based and other types of rewards-based crowdfunding are also common. Crowdfunding is not a market; rather, it is several different methods of raising funds. These methods do not compete directly, but in certain cases can be seen as complementary alternatives. A start-up company seeking backing on a rewards-based crowdfunding platform to develop its product may, at a later stage, seek additional growth capital by offering shares on an equity-based crowdfunding platform. Competition is considerable, however, between crowdfun- ding platforms in each market segment and actors representing more traditional financing channels or other alternative forms of financing. Crowdfunding is usually divided into four categories: dona- tions-based, rewards-based, lending-based and equity-based crowd- funding. Lending- and equity-based crowdfunding models involve three different parties. Capital seekers and each investor enter into a credit agreement or an agreement on the transfer of shares of ownership or debt, issued by the company seeking capital (principal agreement). The parties to the principal agreement also, individually, enter into a user or project agreement with the crowdfunding platform com- pany. The platform company operates as intermediary, linking capital seekers and investors and enabling them to carry out transactions with each other. Development of the crowdfunding market The Chinese crowdfunding market is the largest in the world. ’s crowdfunding turnover far exceeds that of all other markets in the Asia-Pacific region. Similarly, crowdfunding in the dominates the other markets in the , while the holds a unique position in comparison with other markets in the EU. crowdfunding is the most common type of crowd- funding in Europe. Variation in the rate of development across different countries, regions and forms of financing is a function of the variation in individual countries’ regulations and market condi- tions. Access to loans from banks is an important factor in assessing the different growth rates of crowdfunding globally. The growth of lending- and equity-based crowdfunding has been stronger in many of the countries in which banks’ lending has been more restrictive since the 2008 financial crisis. Crowdfunding growth in the Nordic countries has accelerated since 2015. The need for regulation The survey of the crowdfunding market shows that the companies that established the Swedish crowdfunding platforms conduct activities that meet the requirements for a business activity. form company whose focus is equity- or lending-based crowdfund- ing is to be considered as an intermediary that provides support to capital seekers and investors so that a financial contract can be established between the parties, and transactions can be conducted, or at least facilitated, between them. The business model and services provided are decisive for how the activities conducted are to be assessed. Depending on the focus and scope of their activities, some of these business operators are covered by existing commercial law re- gulations. In reviewing the relevant legislation, the Inquiry has found that satisfactory and appropriate regulations are lacking for activities that focus on the mediation of financing procured by private limited companies via equity-based crowdfunding. This also applies to certain elements of lending-based crowdfunding, namely the mediation of loans between private individuals. With regard to donations-based crowdfunding and rewards-based crowdfunding, the issue emphasised in the Inquiry’s terms of reference is how such activities relate to regulatory frameworks on counteracting money laundering and terrorist financing. The Commission’s assessment is that crowd- funding activities face particular risk of being misused for such pur- poses. The review of current legislation reveals that anti-money laundering regulations are not applicable to rewards-based or donations-based crowdfunding. The Marketing Act (2008:486) applies to any marketing activities by Swedish crowdfunding platform companies. Swedish business operators intending to procure financing via crowdfunding are also covered by the Act. However, the Marketing Act applies to foreign companies only to a limited extent. Whether relevant consumer protection legislation applies to procuring, providing or mediating financing via crowdfunding de- pends on the constellation of parties in each contractual situation. The review indicates that those providing financing to business operators or private individuals have, in certain respects, limited or no protection. Regarding equity- and lending-based crowdfunding, which are the focus of the Inquiry’s remit, both the asymmetric information risk and liquidity risk are, however, often higher than in other regulated forms of saving or investment targeting con- sumers and other non-professional investors. Moreover, the com- pensation models found in both equity- and lending-based crowd- funding entail the risk of conflicts of interest. In many cases, the investors are private individuals. This means that there is a need and reason to strengthen investor protection by ensuring that the companies mediating contacts and otherwise assisting in financial mediation to private limited companies via crowdfunding are subject to authorisation requirements and supervision, and requirements tailored to this type of activity, such as the duty to provide infor- mation. Stricter legislation may also be warranted for competition reasons and to strengthen confidence in this alternative form of corporate financing and investing. In the mediation of loans pro- cured and provided by exclusively private individuals via lending- based crowdfunding, neither borrowers nor lenders have any regula- tory consumer protection rights or obligations towards each other. Accordingly, this form of lending-based crowdfunding is also in need of regulation that, above all, ensures that a proper credit assessment is carried out. The Inquiry proposes that provisions on crowdfunding be intro- duced in a new commercial law act called the Act on certain financial mediation activities. The act is to contain provisions on a) authori- sation or registration requirements to conduct activities governed by the act, b) how these activities are to be conducted, and c) super- vision and sanctions. (the Swedish financial supervisory authority) will assess matters concerning authorisation or registration, exercise supervision and maintain a register of those entitled to conduct activities under the act. Entities conducting activities under the new act will be governed by the Act on Measures against Money Laundering and Terrorist (2017:630). The proposed new act applies to any business activity that, in return for compensation, seeks to bring together natural persons or legal entities intending to procure financing from natural persons or legal entities intending to provide financing, if the financing is: 1.via such loans, in return for compensation, issued by entities other than companies authorised by to grant or mediate loans (lending-based crowdfunding); 2.in return for the transfer of shares of ownership or debt in the legal entity procuring financing (equity-based crowdfunding); 3.in exchange for a product or service provided by the entity pro- curing financing (rewards-based crowdfunding); or 4.without compensation or any other return provided by the entity procuring financing (donations-based crowdfunding). The Act does not apply, however, to financial mediation services via lending- or equity-based crowdfunding solely between business operators. The act applies to rewards- and donations-based crowdfunding to a limited extent, and instead of an authorisation requirement, it is proposed that companies providing such intermediary services be required to apply for registration with . The act will also include definitions of some terms, including shares of ownership or debt. This term refers to shares and sub- scription rights issued by private limited companies, and to bonds, warrants and other promissory notes issued by such companies that are not intended or able to be traded on capital markets. Entities authorised under the act to mediate equity- or lending- based crowdfunding are designated as capital intermediaries. Authorisation and registration requirements The proposed act specifies the requirements for authorisation or registration. Authorisation to act as a capital intermediary will only be granted to Swedish limited companies or Swedish economic asso- ciations, or to foreign companies with a branch in . This also applies to entities applying for registration to conduct intermediary services in respect of rewards- and donations-based crowdfunding. Other conditions for authorisation correspond to what generally applies to other equivalent financial activities, including the need for grounds to assume that the planned activities will be conducted in accordance with the new act and other regulations governing the An appropriateness assessment of the company’s owner and management is also required. A capital intermediary must have at least one authorised public accountant. However, there is no capital requirement for authorisation. After notifying , any Swedish company con- ducting activities as a capital intermediary is entitled to establish a branch in another country. Exemption from the authorisation requirement applies to certain companies already authorised under other commercial law legislation pertaining to financial markets. This includes companies engaged in banking and financing, securities trading or consumer credit activi- ties. Where relevant, exemption from the authorisation requirement also applies to corresponding foreign companies. Such companies may, after notifying , conduct activities as capital intermediaries. Regarding activities that must be registered, the requirements correspond to those that apply to financial institutions under the Act on currency exchange and other financial services (1996:1006). Companies authorised to act as capital intermediaries and com- panies exempt from the authorisation requirement under the new act must, instead of applying for registration, notify Finansinspek- tionen that the company intends to conduct activities that enable rewards- or donations-based crowdfunding. company that has been entered into the register is to be removed from the register if the company has been ordered to cease activities and the order has come into force. This also applies if the company provides notific- ation that it no longer engages in activities governed by the act or if it is clear, in any other , that compulsory registration no longer applies. Rules of procedure and conduct The proposed act contains certain rules of procedure and conduct that mainly apply only to capital intermediaries, i.e. companies that conduct activities requiring authorisation under the act. A capital intermediary’s activities must be organised and con- ducted in such a way that the intermediary’s organisational structure, relations with other companies and status are transparent. Activities must be conducted in a sound also in other respects. The requirements relating to operational insight and sound- ness will be tailored to the nature and scope of the capital inter- mediary’s activities. The act also contains provisions on managing conflicts of interest, project agreements and complaints. Moreover, there are certain additional consumer protection regu- lations. Capital intermediaries must carry out appropriateness assess- ments of clients that are consumers and that intend to provide financing through equity- or lending-based crowdfunding. More- over, before the provision of financing through such crowdfunding services can commence, capital intermediaries must provide the in- formation needed to enable each natural person or legal entity that intends to provide financing to make informed decisions. Capital intermediaries must also provide clear information that the financing provided is not protected by the provisions of the Deposit Guarantee Act (1995:1571) or the Investor Compensation Act (1999:158). Capital intermediaries – and companies that, following registration, provide services enabling rewards- or donations-based crowdfunding – must also make available certain general information on the services provided, and on prices and fees. If the obligation to provide the prescribed information is not met, the Marketing Act is to be applied, with the exception of the provisions on market disturbance fees. Regarding capital intermediaries that assist stakeholders and parties with lending-based crowdfunding, certain special provisions also apply. The mediation of such financing between private indivi- duals can only take place if the capital intermediary is a represen- tative of the person providing financing (i.e. the lender).