On 1 November, the Supervision Committee of Latvijas Banka decided to issue authorisation to provide crowdfunding services to SE Capitalia pursuant to Regulation (EU) 2020/1503.
SE Capitalia is registered with the register of crowdfunding service providers with the right to facilitate the granting of loans.
Upon obtaining authorisation, SE Capitalia has expressed its intention to also provide crowdfunding services cross-border or in other European Union Member States.
On the provision of crowdfunding services
A crowdfunding service provider is a company that maintains an online platform bringing together investors and companies that intend to raise funding for business and propose the project to be funded.
To provide crowdfunding services, a company has to obtain authorisation in line with the uniform European Union framework: Regulation (EU) 2020/1503. The Regulation is applicable as of 10 November 2021, and November 2023 marks the end of the transition period during which the crowdfunding platforms having started their operation before the adoption of the uniform European Union framework should adapt to the new requirements and obtain authorisations issued by supervisory authorities.
The uniform crowdfunding services framework offers the providers of this service equal opportunities within the European Union Member States regardless of the country where the service provider has obtained authorisation, i.e. enables passporting.
Latvijas Banka maintains on its website the national register which includes the crowdfunding service providers that have obtained authorisation in Latvia. Meanwhile, the European Securities and Markets Authority maintains a comprehensive register of crowdfunding services providers in the European Union which is published on its website. This register contains information on the services that the particular service provider is entitled to provide and on the Member States where it may operate.
The businesses wishing to obtain authorisation to provide crowdfunding services in Latvia should submit an application to Latvijas Banka. Latvijas Banka provides support and advice to businesses during the entire process of obtaining authorisation. More information on obtaining authorisation is available in the licensing guide published on Latvijas Banka's website.