The National Securities Market Commission is the entity that will authorize the platforms for participatory financing, following a mandatory and binding report by the Bank of Spain. The requirements which have to be met in order to perform this activity are as follows:
1.- The sole social object for carrying out the activities of the platforms for participatory financing;
2.- Be in possession of a business address in national territory or another state which is member of the EU;
3.- Constituted for an indefinite period;
4.-Social Capital fully paid in cash;
5.-Recognized business or professional reputation of the administrators of the platform and possession of adequate knowledge and experience in necessary materials for the exercise of their functions;
6.- Having good administrative and accountant skills or disposal of adequate internal control procedures;
7.- Be in a sufficient means to ensure the security, confidentiality, reliability and services which are provided electronically;
8.- Have an internal code of conduct;
9.- Provide mechanisms to ensure that in case of cessation of the activity, the services for participatory financing continue being provided which were committed;
10.- And sufficient financial means.
The application for authorization and registration of the Platforms for participatory financing must be accompanied by draft statutes and negative registration certificate; the services which will be executed by the assistants have to be indicated; accompanied by a description of the administrative and accounting organization; indicating the shares in the share capital; the ratio of administrators; internal code of conduct; description of the procedures and means for filing complaints and claims; repute statement duly signed by each of the managers and CEOs; and description of procedures and systems which will be forwarded to the developer funds from investors, and the investors will receive a return on the invested capital.
08-ene-2024 / ARTICULO
We are very happy with all aspects of the work done on our behalf.
2020-05-21
No suggestions to improve the service. It has been fantastic. The Lawyers have done a great job and we have appreciated their support in some of the issues we have had after the purchase. We would very happy recommend ILLESLEX to other UK clients.
2015-06-04
Very happy with the service.
2015-02-13