REPORTS
Non transposition of Directive (EU) 2020/1504 on crowdfunding services providers by Greece: INFR(2021)0218
1. Each Member State of the European Union shall apply EU law and take appropriate action to that end. The European Commission is the body responsible for detecting possible breaches of EU law.
In the event that a Member State does not apply Union law and fails to fulfill any of the obligations laid down in the EU Treaties, the European Commission may initiate formal infringement proceedings under Articles 258 and 260 TFEU (details of infringement proceedings here).
2.Directive (EU) 2020/1504 amends the Financial Instruments Markets Directive (Directive 2014/65/EU). The purpose of this Directive is to exempt entities authorised under the newly established Regulation on European Crowdfunding Service Providers (ECSP) from requirements under the Directive on markets in financial instruments, and to ensure that all crowdfunding platforms within the scope of the Regulation are subject to the same, coherent set of rules, wherever they operate in the EU. This will benefit both investors, through more investment opportunities and coherent protection measures across the EU, and companies in need of early-stage financing, leading to more innovation and growth in the EU.
The deadline for transposing these rules into national law expired on May 10, 2021. However, as stated in the “December infringement package: main decision/2-12-2021” Greece has failed to notify the national measures taken to transpose the above directive into national law. [infringement number: INFR (2021) 0218]. For this reason, the Commission first sent a letter of formal notice to Greeceon 23-7-2021 and then a reasoned opinion on 2-12-2021, calling on the country to update its legal framework and transpose the provisions of this Directive into national law.
The application of EU law is an obligation of the Member States of the European Union.
If possible breaches of EU law are detected, the European Commission may take a series of actions against that Member State to ensure the correct and full application of EU law by initiating infringement proceedings in accordance with Articles 258 and 260 of the TFEU.
In this case, the European Commission sent a reasoned opinion to Greece due to non-transposition of the provisions of Directive 2020/1504 into national law, calling on the country to update its legal framework.
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