Ansøgning om tilladelse til at fungere som crowdfundingtjenesteudbyder

The memo summarises the important aspects for new and existing crowdfunding services providers who will be obligated to apply for operating permits to the Danish FSA.
#### Requirement for permission
The requirement stems from Regulation (EU) 2020/1503 requiring crowdfunding providers to obtain official permits from their national authority bodies, to increase investor protection. The existing crowdfunding firms have an extended transition period until 10 November 2023, after which it is mandatory to cease operations in case no permit has been obtained. Administrative activities such as accounting and management of contracts can continue operating.
#### Points of attention in the application process
The Danish FSA specifically urges to pay attention to the following matters when submitting a request for a permit:
1. Use and completion of the application form
It is necessary to use the standard form. Compared to the initial version of the annoucement from February 2023, the Danish FSA has provided a link to the standard form and added a column where the provider can include a reference to the relevant information, and removed the e-mail address where the forms should be sent to.
2. Compliance with the requirements at the time of application
All requirements regarding business procedures and documentation stemming from Regulation (EU) 2020/1503 and Commission Delegated Regulation (EU) 2022/2117 must be fulfilled at the time of application. Any draft procedures awaiting implementation must be mentioned, including the planned implementation period.
3. Information forms for assessment of fit & proper
All completed and signed forms used to assess the company’s fit and proper condition must be attached (using the forms here). Persons who own more than 20% of the company’s capital or voting rights will be subject to fairness check.
4. Meeting with the Danish Financial Supervisory Authority
All applicants will be invited to a meeting so that FSA can get to know the company and clarify any necessary information (coming from both counterparties).
5. The expected case processing time
The FSA needs 25 days to assess whether the submitted application is complete. If it isn’t, the authority will ask to submit the missing documents and has then 3 months to review them.