Crowdfunding is currently one of the key specializations of our law firm responding to the current market needs for raising funding for business ventures. We combine our crowdfunding advisory with the experience and practical knowledge we have gained through services provided to entities in other rapidly growing sectors of the financial market, including payments and lending industry. For several years we have been successfully advising one of Europe’s largest providers of a platform based on the debt crowdfunding model.
Recently, our law firm’s practice in the area of crowdfunding has focused in particular on advising on the implementation of Regulation 2020/1503 of October 7, 2020 on European crowdfunding service providers for business (ECSPR) and the Act of July 7, 2022 on crowdfunding. We are committed to representing clients in licensing processes before the Polish Financial Supervison Authority (KNF), designing and analyzing the business models used, and advising on existing litigation.
Our services
Legal services provided by Raczyński Skalski & Partners in the area of crowdfunding are comprehensive and include, in particular:
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Analysis of regulatory requirements
We perform a detailed analysis of our clients’ business models in terms of the regulatory requirements existing at both the EU and national levels. We design and optimize the legal constructions used taking into account the different crowdfunding models – investment (equity), debt or donation crowdfunding. We advise entities integrating crowdfunding activities with other types of business activities, including payment and lending activities.
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Preparation of contracts and regulations
We prepare internal documentation for our clients covering various types of internal regulations and procedures, including activity programs, internal control procedures, descriptions of prudential protection measures, outsourcing procedures, data protection policies and many others. In addition, we prepare contractual documentation, including terms and conditions of crowdfunding offers, project publication agreements on crowdfunding platforms, loan agreements, etc.
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Licensing proceedings
We represent our clients in licensing processes pending before the Polish Financial Supervison Authority (KNF) for a license to operate as a crowdfunding service provider. Our activities include the preparation of the application, including all internal documentation and documents relating to the applicant’s shareholders and bodies, the audit of the company, the exchange of letters with the KNF throughout the proceedings, and all other necessary activities required to start operations.
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Supervisory responsibilities
We assist our clients in fulfilling the ongoing supervisory obligations imposed on crowdfunding service providers, including sending all statistical data and reports to the supervisory authorities, as well as responding to summons to provide necessary documents or explanations. We represent our clients in ongoing inspections and participate in proceedings before administrative courts aimed at challenging decisions issued by supervisory authorities.
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Litigation and debt collection
We offer comprehensive support in litigation between crowdfunding platform providers, project owners and individual investors. We prepare and file lawsuits with the courts, including, in particular, lawsuits for payment and demanding that contracts or parts of their provisions be declared invalid. Court actions in our law firm are handled by a separate financial litigation department with extensive experience in conducting disputes in the financial market.
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Raising capital
Our law firm’s experience in crowdfunding includes not only the representation of crowdfunding service providers. For many years, we have also been efficiently advising entities seeking alternative and innovative ways to finance their businesses. Our practice in this area is based on many years of experience in advising start-up companies in dealing with venture capital funds. We recognize that legal advice is no less important also for owners of crowdfunded projects.
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Training and education
We organize customized training sessions on the latest trends, regulations and practices in crowdfunding. We help the entities we serve acquire the knowledge necessary to function effectively in the dynamically changing legal environment. Among other things, we provide information on how the crowdfunding model in use is affected by legal changes in the area of the law of financial instruments, loans or security over receivables.
Raczyński Skalski & Partners guarantees reliable legal services for crowdfunding
Raczyński Skalski & Partners law firm is committed and passionate about following the legal changes taking place in the field of crowdfunding. Our main goals are to ensure that our clients are fully compliant with the applicable regulations, to effectively obtain the necessary permits for the provision of crowdfunding services, and to ensure transparent relations with regulatory authorities at all stages of their operational activities. The essence of our consulting is to strive for a good understanding of our clients’ needs and to propose legal solutions that will be, on the one hand, safe and effective and, on the other hand, will not impose undue business burdens.