Central Bank of Ireland Consultation Paper on Crowdfunding Marketing Requirements

Under Regulation (EU) 2020/1503 (the Crowdfunding Regulation), National Competent Authorities are permitted to apply domestic marketing communications.  The Central Bank therefore proposes to apply some additional crowdfunding marketing requirements and have issued a Consultation Paper on 13 April in respect to same.  The consultation is open for responses until 13 July 2021.

We are proposing to amend the Consumer Protection Code 2012 (the Code) so that relevant advertising requirements will be applied to crowdfunding marketing communications in Ireland, as we consider it important that Irish consumers receive the same protections in relation to advertising by crowdfunding service providers (CSPs) as is required for the providers of other financial services.

Once the consultation process is concluded, we propose to introduce the additional advertising requirements outlined in the Consultation Paper through an Addendum to the Code.