Terms and conditions for crowdfunding / peer-to-peer platforms

Regulation (EU) 2020/1503 concerns business crowdfunding within its limits. A model involving consumer lending, payments, investments or digital assets may trigger other regimes and authorities.

In Romania, Law No. 244/2022 designates ASF as the competent authority for authorising and supervising covered providers. An operator from another Member State may provide services under passporting arrangements, which can be checked in the official registers.

• who the provider is and what service it provides;
• who the project owner is and who invests;
• a loan, admitted instrument or another product;
• who manages payments and funds;
• which authorisations, passports and registers are relevant.

The document establishes formation of the relationship, the account, eligibility, checks, publication of projects, orders, allocation, fees and termination. It must clearly state whether the platform recommends, intermediates, manages or merely facilitates particular actions.

Limitations of liability cannot contradict statutory obligations and must not create the impression that the investment is guaranteed. The risk of loss, lack of liquidity and default are communicated distinctly and accessibly.

The European framework provides specific requirements for non-sophisticated investors, including assessments and a pre-contractual reflection period in the regulated situations. The interface must retain evidence of the information displayed, consents and the time of the order.

For offers marketed in Romania, the language requirements and KIIS must be checked under Law No. 244/2022. The procedure for selecting and checking project owners must be described without suggesting certification of the project’s success.

The T&Cs must follow the actual flow of funds and the payment service provider’s role. Cancellations, refunds, fees, reconciliation and the effect of platform unavailability are established.

For loans, the terms describe due dates, arrears, recovery, restructuring and any servicing function. Conflicts of interest, complaints, data protection, security and continuity must be supported by operational policies, not merely mentioned.