Crowdfunding within the scope of crowdlending and crowdinvesting. An overview of the legal situation in Poland

Abstract

Background: Along with progressing technological changes, financial and business innovations are gaining in importance, including crowdfunding. Regulation of the European Parliament and of the Council 2020/1503 on October 7, 2020 and the Polish Act of July 7, 2022 on crowdfunding for business ventures and assistance to borrowers fundamentally change the functioning of crowdfunding platforms in Poland, increasing investor protection and requirements for crowdfunding service providers. The Polish Financial Supervision Authority has been endowed with extensive supervisory powers. The current operational freedom of crowdfunding platforms is ending, which therefore raises questions, especially about the new system of supervision over providers of crowdfunding services.

Research purpose: The aim of the article is to present the current functioning of crowdfunding platforms in Poland and to analyze the new legal status, with particular emphasis on the supervisory competences of the Polish Financial Supervision Authority. Detailed research should provide answers to the following questions: 1) What were the characteristics of the crowdfunding campaigns carried out in Poland so far?; 2) What supervision measures does the Polish Financial Supervision Authority have in relation to crowdfunding providers in light of the new regulations?; 3) How can the new legal situation affect crowdlending and crowdinvesting in Poland?

Methods: The most important research methods used in the article are critical analysis of the literature and case studies, used mainly in the first part of the article. The second part of the text analyzes the content of the above-mentioned legal acts using the linguistic and teleological method.

Conclusions: So far, there have been many crowdfunding platforms in Poland with an investment and loan profile of various types. However, none of the platforms operates on the basis of a permit issued by the Polish Financial Supervision Authority. Currently, the Commission has extensive supervisory powers over crowdfunding providers, in particular regulatory measures, disclosure obligations, orders, prohibitions, imposition of fines and personal sanctions. The regulation and the act give the KNF a large.