European Union (Crowdfunding) Regulations 2021.
Statutory Instruments
Source: Statutory Instruments

num: 1
paragraphs: These Regulations may be cited as the European Union (Crowdfunding) Regulations 2021.
num: 2
paragraphs: (1) In these Regulations—
(a) attempting to commit a contravention,
(b) aiding, abetting, counselling or procuring a person to commit a contravention,
(c) inducing, or attempting to induce, a person (whether by threats or promises or otherwise) to commit a contravention,
(d) being (directly or indirectly) knowingly concerned in, or a party to, a contravention, and
(e) conspiring with others to commit a contravention;
(2) A word or expression which is used in these Regulations and is also used in the Crowdfunding Regulation has, unless the context otherwise requires, the same meaning in these Regulations as it has in the Crowdfunding Regulation.
num: 3
paragraphs: The Bank is designated as the competent authority in the State responsible for carrying out the functions of a competent authority referred to in the Crowdfunding Regulation.
num: 4
paragraphs: (1) The Bank shall have the powers specified in points (a) to (c) of Article 30(1) and points (a) to (i) of Article 30(2) of the Crowdfunding Regulation.
(2) The Bank shall not exercise the powers referred to in paragraph (1) in a manner or for a purpose inconsistent with the Bank’s obligations pursuant to the Crowdfunding Regulation or these Regulations.
(3) The powers of the Bank referred to in paragraph (1) are without prejudice to the powers of the Bank under any other provision of these Regulations, the Crowdfunding Regulation or any other enactment.
num: 5
paragraphs: (1) The provisions of this Regulation shall govern responsibility in respect of the contents of a key investment information sheet.
(2) For the purposes of these Regulations and the Crowdfunding Regulation and subject to paragraph (3), responsibility for the information given in a key investment information sheet, attaches to the following (in this Regulation referred to as the “responsible persons”):
(a) the project owner;
(b) where the project owner is a body corporate, each person who is a director of that body corporate when the key investment information sheet is published.
(3) The responsible persons shall be clearly identified in a key investment information sheet—
(a) in the case of a natural person, by their name and functions, and
(b) in the case of a legal person, by their name and registered office.
(4) A key investment information sheet shall contain declarations by the responsible persons that, to the best of their knowledge—
(a) the information contained in the key investment information sheet is in accordance with the facts, and
(b) the key investment information sheet makes no omission likely to affect its import.
(5) The declarations referred to in paragraph (4) shall not be required to be signed but shall be deemed to have been made on publication of the key investment information sheet.
(6) This Regulation does not prejudice Regulation 6.
num: 6
paragraphs: (1) The persons specified in paragraph (2) shall be liable to pay compensation to an investor in respect of a crowdfunding project to which a key investment information sheet (or any translation thereof) relates for losses or damages sustained by the investor by reason of—
(a) the information given in the key investment information sheet (or any translation thereof) being misleading or inaccurate, or
(b) the key investment information sheet (or any translation thereof) omitting key information needed to aid investors when considering whether to finance the crowdfunding project.
(2) The persons referred to in paragraph (1) are—
(a) the project owner, and
(b) where the project owner is a body corporate, each person who is a director of that body corporate when the key investment information sheet is published.
num: 7
paragraphs: (1) The provisions of this Regulation shall govern responsibility in respect of the contents of a key investment information sheet at platform level.
(2) For the purposes of these Regulations and the Crowdfunding Regulation and subject to paragraph (3), responsibility for the information given in a key investment information sheet at platform level, attaches to the crowdfunding service provider.
(3) The crowdfunding service provider shall be clearly identified, by its name and registered office, in a key investment information sheet at platform level.
(4) A key investment information sheet at platform level shall contain declarations by the crowdfunding service provider that, to the best of its knowledge—
(a) the information contained in the key investment information sheet at platform level is in accordance with the facts, and
(b) the key investment information sheet at platform level makes no omission likely to affect its import.
(5) The declarations referred to in paragraph (4) shall not be required to be signed but shall be deemed to have been made on publication of the key investment information sheet at platform level.
(6) This Regulation does not prejudice Regulation 8.
num: 8
paragraphs: The crowdfunding service provider shall be liable to pay compensation to an investor in respect of a crowdfunding project to which a key investment information sheet at platform level (or any translation thereof) relates for losses or damages sustained by the investor by reason of—
(a) the information given in the key investment information sheet at platform level (or any translation thereof) being misleading or inaccurate, or
(b) the key investment information sheet at platform level (or any translation thereof) omitting key information needed to aid investors when considering whether to invest through individual portfolio management of loans.
num: 9
paragraphs: (1) Where the provisions of the Act of 1942 are invoked in relation to a contravention of these Regulations or the Crowdfunding Regulation, any of the sanctions referred to in Article 39(2) of that Regulation may be imposed by the Bank—
(a) following an inquiry under section 33AO of the Act of 1942, or
(b) in accordance with section 33AR or section 33AV of the Act of 1942.
(2) The power of the Bank to impose any of the sanctions referred to in Article 39(2) of the Crowdfunding Regulation is in addition to and not in substitution for its power to impose any of the sanctions specified in section 33AQ of the Act of 1942.
(3) For the purposes of a contravention of these Regulations or the Crowdfunding Regulation, any reference in the Act of 1942 to the sanctions set out in section 33AQ of that Act is to be read as including a reference to the sanctions referred to in Article 39(2) of the Crowdfunding Regulation.
num: 10
paragraphs: (1) A decision of the Bank under the Crowdfunding Regulation shall be properly reasoned.
(2) A decision of the Bank under the Crowdfunding Regulation is an appealable decision for the purpose of Part VIIA of the Act of 1942.
(3) A failure to make a decision in respect of an application for an authorisation under the Crowdfunding Regulation within 6 months after the submission of the application in a case where the application contains all the information required under the Crowdfunding Regulation is an appealable decision for the purpose of Part VIIA of the Act of 1942.
num: 11
paragraphs: The Act of 1942 is amended—
(a) in section 2(2A)—
(i) in paragraph (be), by the substitution of “2019;” for “2019.”, and
(ii) by the insertion of the following paragraph after paragraph (be):
“(bf) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 20203 .”,
(b) in section 33AK(10), in the definition of “supervisory EU legal acts”—
(i) in paragraph (ak), by the substitution of “2019,” for “2019;”, and
(ii) by the insertion of the following paragraph after paragraph (ak):
“(al) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 20204 ;”,
(c) in section 33BC—
(i) by renumbering the second subsection (16) as subsection (17), and
(ii) by the insertion of the following subsection after subsection (17) (as renumbered by subparagraph (i)):
“(18) This section does not apply where Regulation 42 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 20205 applies.”,
and