EBA issues Opinion in response to the European Commission’s proposed amendments to the draft technical standards on crowdfunding service providers

14 June 2023

Metadata
Provider: 
EBAEBA
URL: 
https://www.eba.europa.eu/eba-issues-opinion-response-european-commission%E2%80%99s-proposed-amendments-draft-technical-standardshttps://www.eba.europa.eu/eba-issues-opinion-response-european-commission%E2%80%99s-proposed-amendments-draft-technical-standards
Retrieved on: 
Sunday, June 18, 2023
Information
Tags: 
Prejudice, European Banking Authority, Civil service commission, European Data Protection Supervisor, Commission, Opinion, General Data Protection Regulation, Risk management, EBA, Intention, Documentation, European, Time, Authority, EC, European Commission, RTS, Medical device, EU
Summary
Key Points: 
  • 14 June 2023
    The European Banking Authority (EBA) published today an Opinion on the amendments proposed by the European Commission to the EBA final draft Regulatory Technical Standards (RTS) on requirements on credit scoring of crowdfunding projects, pricing of crowdfunding offers, and risk management policies and procedures.
  • In the Opinion, while accepting the change proposed by the Commission on the treatment of personal data, the EBA notes the importance of ensuring that crowdfunding providers can access historical data to improve the assessment of creditworthiness and the performance of their scoring models.
  • In its Opinion, the EBA recognises the importance of treating personal data in accordance with the “storage limitation” principle established under Article 5(1) of the General Data Protection Regulation (EU) 2016/679 (‘GDPR’) and, therefore, accepts the proposed amendment.
  • This Opinion is based on Article 10(1) of Regulation (EU) No 1093/2010 (‘EBA Regulation’), which requires the Authority to submit its response in the form of an opinion to amendments proposed by the European Commission.
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