Resolution on Approval of the Rules for Handling the Public List of Crowdfunding Platform Operators

[pic] |BOARD OF THE BANK OF LITHUANIA | |RESOLUTION |

ON THE APPROVAL OF THE RULES FOR HANDLING THE PUBLIC LIST OF CROWDFUNDING PLATFORM OPERATORS

29 November 2016 No 03-171 Vilnius

20 November 2018 Resolution No 03-226

Acting in accordance with Article 42(3)(1) of the Republic of Lithuania Law on the Bank of Lithuania, Article 8 and Article 11(8) of the Republic of Lithuania Law on Crowdfunding, the Board of the Bank of Lithuania has resolved: 1. To approve the Rules for Handling the Public List of Crowdfunding Platform Operators (attached). 2. To establish that this Resolution shall enter into force on 1 December 2016.

Chairman of the Board Vitas Vasiliauskas

APPROVED by Resolution No 03-171 of the Board of the Bank of Lithuania of 29 November 2016

RULES FOR HANDLING THE PUBLIC LIST OF CROWDFUNDING PLATFORM OPERATORS

CHAPTER I GENERAL PROVISIONS

1. The Rules for Handling the Public List of Crowdfunding Platform Operators (hereinafter – the Rules) define the procedure for including crowdfunding platform operators in the public list of crowdfunding platform operators and removing them from this list, the data contained in the list and the requirements for handling this list. 2. The terms used in the Rules shall be understood as they are defined in the Republic of Lithuania Law on Crowdfunding (hereinafter – the Law). 3. Documents submitted to the Bank of Lithuania and actions carried out by the Bank of Lithuania in accordance with the Rules shall be subject to the requirements of the General Regulations on the Submission and Examination of Applications for Authorisation of Financial Market Participants Supervised by the Bank of Lithuania and on the Granting of Authorisation approved by Resolution No 58 of the Board of the Bank of Lithuania of 6 May 2004 on the approval of the general regulations on the submission and examination of applications for authorisation of financial market participants supervised by the Bank of Lithuania and on the granting of authorisation.

CHAPTER II INCLUSION OF CROWDFUNDING PLATFORM OPERATORS IN THE LIST

4. A person shall be included in the public list of crowdfunding platform operators if they meet the requirements of the Law and of legal acts of the Bank of Lithuania and submit the documents, data and information listed in Article 11(1) of the Law, and in the case of a credit institution or an investment service provider licensed in the Republic of Lithuania or other Member State – the documents, data and information listed in Article 11(2) of the Law, according to the form of the request to include in the public list of crowdfunding platform operators provided in the Annex to the Rules, and when the Bank of Lithuania takes the decision to include the person in the public list of crowdfunding platform operators. 5. A person shall be included in the public list of crowdfunding platform operators within 3 working days of the day on which the Bank of Lithuania adopts the decision to include the person in the public list of crowdfunding platform operators. 6. The Bank of Lithuania shall inform the applicant by electronic means and in writing of its decision to include or refuse to include the person in the public list of crowdfunding platform operators within 3 working days of the day of taking the decision.

CHAPTER III DATA IN THE PUBLIC LIST OF CROWDFUNDING PLATFORM OPERATORS

7. The following data about the crowdfunding platform operator shall be specified in the public list of crowdfunding platform operators: 7.1. the name and code of the legal person; 7.2. the registered office address; 7.3. phone, email; 7.4. a link to the website of the crowdfunding platform operator where an active link to the public list of crowdfunding platform operators published on the website of the supervisory authority is available. 8. Where the activities of the crowdfunding platform operator are carried out by persons established in other Member States who have the right to mediate in concluding financing transactions without having a registered office in the Republic of Lithuania, the following shall be indicated in the public list of crowdfunding platform operators: 8.1. the name of the legal person (or its branch in the Republic of Lithuania); 8.2. the address of the registered office (or a branch in the Republic of Lithuania); 8.3. phone, email; 8.4. details of the supervisory authority of the Member State carrying out supervision of the person.

---

Annex to the Rules for Handling the Public List of Crowdfunding Platform Operators

FORM OF THE APPLICATION FOR INCLUSION IN THE PUBLIC LIST OF CROWDFUNDING PLATFORM OPERATORS

I. DATA ON THE APPLICANT REPRESENTING THE CROWDFUNDING PLATFORM OPERATOR

1. Person’s name and surname (name) |||||||||||||||||||||||||||| 2. Person’s residence (registered office) address, including postal code |||||||||||||||||||||||||||||||||||||||||||||||||||| 3. Person’s contact details (phone, fax, email) |||||||||||||||||||||||||||||||||||||||||||||||||||| 4. Documents supporting the rights and responsibilities of the representative Enclosed || pages

II. DATA ON THE CROWDFUNDING PLATFORM OPERATOR

5. Name ||||||||||||||||||||||||||| 6. Code of legal entity ||||||||||||||||||||||||| 7. Registered office address, including postal code ||||||||||||||||||||||||||||||||||||||||||||||||||||| 8. Details of the register where the crowdfunding platform operator is registered (register name, registrar and address) ||||||||||||||||||||||||||||||||||||||||||||||||||||| 9. Contact details: 9.1. phone |||||||||||||||||||||||||||||||||||||||||||||| 9.2. fax |||||||||||||||||||||||||||||||||||||||||||||||| 9.3. email ||||||||||||||||||||||||||||||||||||||||| 10. Website address |||||||||||||||||||||||||||||||||||| 11. Trademarks used (to be used) in carrying out the crowdfunding platform operator’s activities ||||||||||||||||||||||||||||||||||||||||||||||||||||_|

6. Articles of incorporation of the crowdfunding platform operator Enclosed |_| pages

7. Information on compliance with prudential requirements set out in Article 7 of the Law Enclosed |_| pages

8. Description of the operating model of the crowdfunding platform Enclosed |_| pages

9. Rules for reliability assessment of project owners Enclosed |_| pages

10. Business continuity plan Enclosed |_| pages

III. MANAGERS AND PARTICIPANTS OF THE CROWDFUNDING PLATFORM OPERATOR

17. (As amended by Resolution No 03-226 of the Board of the Bank of Lithuania of 20 November 2018) Data on the managers of the crowdfunding platform operator (provided in accordance with the Guidelines on the Assessment of Members of the Management Body and Key Function Holders of Financial Market Participants Supervised by the Bank of Lithuania approved by Resolution No 03-181 of the Board of the Bank of Lithuania of 14 November 2013 on the approval of the guidelines on the assessment of members of the management body and key function holders of financial market participants supervised by the Bank of Lithuania) and natural or legal persons, or persons acting in concert who directly or indirectly hold 20% or more of the authorised capital and/or voting rights or who can exercise a direct and/or indirect decisive influence over the activities of the crowdfunding platform operator (provided in accordance with the Description of the Procedure for Implementing Requirements for the Participants of Consumer Credit Providers, Creditors, Peer-to-Peer Lending Platform Operators, Crowdfunding Platform Operators and Currency Exchange Operators approved by Resolution No 03-219 of the Board of the Bank of Lithuania of 20 November 2018 on the approval of the description of the procedure for implementing requirements for the participants of consumer credit providers, creditors, peer-to-peer lending platform operators, crowdfunding platform operators and currency exchange operators).

Enclosed |_| pages