Crowdfunding service providers who have received an operating license on the basis of Article 12(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council (hereinafter the Regulation) are required, on the basis of Article 16(1) of the Regulation, to provide to the Finantsinspektsioon confidentially via its platform each year a list of funded projects, specifying for each project:
- the project owner and the amount raised;
- the instrument issued, as defined in points (b), (m) and (n) of Article 2(1) of Regulation;
- aggregated information about the investors and invested amount broken down by fiscal residency of the investors, distinguishing between sophisticated and non-sophisticated investors.
European Securities and Markets Authority (ESMA) has developed uniform standards and formats, established by Commission Implementing Regulation (EU) 2022/2120 laying down implementing technical standards for the application of Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to data standards and formats, templates and procedures for reporting information on projects funded through crowdfunding platforms.
Reporting period and deadlines
The period of the information about the projects is a calendar year (1 January to 31 December) and the information shall be provided to the Finantsinspektsioon within two calendar months after the end of the reporting period. If the last date for providing the information specified in the regulation is a non-working day, the information will be provided on the first working day following the non-working day.
For the first time, the information is provided to the Finantsinspektsioon for the period, which is the period from the moment of obtaining the license to the end of a calendar year.
Reporting format and submission
To provide information, the crowdfunding service provider must submit the following reports to the Finantsinspektsioon:
- Report on crowdfunding offer projects (report code 950)
- Report on project owners (report code 951)
- Report on investors (report code 952)
An empty report shall be submitted if no data is available with regard to the report.
XML schemas for reporting can be found here.
In case of questions related to the content and methodology of the reports, please contact at [email protected]