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Decree Law No. 56/2021


Publication: Republic Diary No. 125/2021, Series I of 2021-06-30
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 56/2021
  • Pages: 5 - 19

Summary in plain english

What is it?

It transposes the EU Directive on insurance and reinsurance activity, data service providers and the prevention of money laundering and the EU Directive on Crowdfunding Service Providers:

What is going to change?

Regarding the Directive on insurance and reinsurance activity, data service providers and the prevention of money laundering:

    • It improves cooperation and interconnection between national and European authorities, as well as the intervention of European supervisory authorities, in the sectors:
      • Insurance and reinsurance;
      • Data reporting service providers;
      • Prevention of money laundering.
    • In the insurance sector, this directive strengthens cooperation mechanisms between national supervisors and the European Insurance and Occupational Pensions Authority, in particular for cross-border activity.
    • In the financial markets sector, it reflects the centralisation in the European Securities Markets Authority of certain supervisory powers in relation to the activity of data reporting services providers.
    • Finally, across the financial sector, this Directive concentrates supervisory powers on the European Banking Authority in relation to the prevention of money laundering or terrorist financing.

As for the EU Directive on Crowdfunding Service Providers:

    • Complementing the European Union law directly applicable to crowdfunding, this Directive allows clarifying which scheme is applicable to this subject.
    • This guideline essentially corresponds to the national law currently in force provided in a national law that, in its current wording, establishes a specific scheme applicable to crowdfunding, to which the financial intermediation scheme provided in the Securities Code is not applicable.
What advantages does it bring?

Regarding the Directive on insurance and reinsurance activity, data service providers and the prevention of money laundering:

    • Reinforcement of the relations between supervisory institutions within the Union;
    • Increase of the supervision in various sectors, between supervisory bodies in each country;
    • Prevention of money laundering and the fight against terrorist financing are strengthened.

As for the EU Directive on Crowdfunding Service Providers:

    • Ease of interpretation of the scheme to be applied to crowdfunding;
    • Greater understanding of the scheme to be applied to crowdfunding.
When does it enter into force?

This decree-law enters into force on the day following its publication.

Original Version

LEGAL TRANSLATOR

  • Legal translator is the translation of texts within the field of law

CONSOLIDATED LEGISLATION

Legislative consolidation integrates the various amendments and rectifications made into an original legal diploma in order to make its consultation more accessible to the citizen.