EUR-Lex Access to European Union law
This document is an excerpt from the EUR-Lex website
Document 32020L1504
Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)
Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)
Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)
PE/36/2020/INIT
OJ L 347, 20.10.2020, p. 50–51
(BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
- Date of document:
- 07/10/2020; Date of signature
- Date of effect:
- 09/11/2020; Entry into force Date pub. +20 See Art 3
- Date of signature:
- 07/10/2020
- Date of transposition:
- 10/05/2021; See Art 2.1
- Date of transposition:
- 10/11/2021; Application See Art 2.2
- Date of end of validity:
- No end date
- Author:
- European Parliament, Council of the European Union
- Form:
- Directive
- Addressee:
- The Member States
- Additional information:
- EEA relevance
- Procedure number:
- Link
- European Parliament - Legislative observatory
- Treaty:
- Treaty on the Functioning of the European Union
- Legal basis:
-
- 12016E053 - P1
- Proposal:
-
- 52018PC0099 Adopted on: 07/10/2020
- Link
- Link
- Link
- Link
- Link
- Select all documents mentioning this document No data available in the table
- Modifies:
-
Relation Act Comment Subdivision concerned From To Modifies 32014L0065 Addition article 2 paragraph 1 point (p) 09/11/2020 - Instruments cited:
- Link
- EUROVOC descriptor:
- Subject matter:
- Directory code:
|
20.10.2020 |
EN |
Official Journal of the European Union |
L 347/50 |
DIRECTIVE (EU) 2020/1504 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 7 October 2020
amending Directive 2014/65/EU on markets in financial instruments
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
After consulting the European Central Bank,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
|
(1) |
Crowdfunding is a financial technology solution that provides small and medium-sized enterprises (SMEs) and, in particular, start-ups and scale-ups, with alternative access to finance in order to promote innovative entrepreneurship in the Union, thereby strengthening the Capital Markets Union. That in turn contributes to a more diversified financial system that is less dependent on bank finance, therefore limiting systemic and concentration risks. Other benefits of promoting innovative entrepreneurship through crowdfunding are the unlocking of frozen capital for investment in new and innovative projects, the acceleration of efficient allocation of resources and a diversification of assets. |
|
(2) |
Regulation (EU) 2020/1503 of the European Parliament and of the Council (3) lays down uniform, proportionate and directly applicable requirements for the provision of crowdfunding services, for the organisation, authorisation and supervision of crowdfunding service providers, for the operation of crowdfunding platforms as well as for transparency and marketing communications in relation to the provision of crowdfunding services in the Union. |
|
(3) |
To provide legal certainty as to the persons and activities falling within the scope of Regulation (EU) 2020/1503 and of Directive 2014/65/EU of the European Parliament and of the Council (4), respectively, and in order to avoid a situation where the same activity is subject to multiple authorisations within the Union, legal persons authorised as crowdfunding service providers under Regulation (EU) 2020/1503 should be excluded from the scope of Directive 2014/65/EU. |
|
(4) |
As the amendment provided for in this Directive is directly linked to Regulation (EU) 2020/1503, the date from which Member States are to apply the national measures transposing this Directive should be deferred in order to coincide with the date of application set out in that Regulation, |
HAVE ADOPTED THIS DIRECTIVE:
Article 1
In Article 2(1) of Directive 2014/65/EU, the following point is added:
|
‘(p) |
crowdfunding service providers as defined in point (e) of Article 2(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council (*1). |
Article 2
1. Member States shall adopt and publish, by 10 May 2021, the laws, regulations and administrative provisions necessary to comply with Article 1 of this Directive.
They shall apply those measures from 10 November 2021.
2. Member States shall communicate to the Commission and to the European Securities and Markets Authority (ESMA) the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 3
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 4
This Directive is addressed to the Member States.
Done at Brussels, 7 October 2020.
For the European Parliament
The President
D.M. SASSOLI
For the Council
The President
M. ROTH
(1) OJ C 367, 10.10.2018, p. 65.
(2) Position of the European Parliament of 27 March 2019 (not yet published in the Official Journal) and position of the Council at first reading of 20 July 2020 (not yet published in the Official Journal). Position of the European Parliament of 5 October 2020 (not yet published in the Official Journal).
(3) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (See page 1 of this Official Journal).
(4) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
