Financial Services, Latvia
International Internet Magazine. Baltic States news & analytics
Thursday, 25.04.2024, 06:23
LAFPA: Standards Adopted to Regulate the Operation of the Crowdfunding Industry in Latvia
“In any industry at this stage of development, we come
across market participants who do not operate according to best market practice.
This can leave a negative impact on the whole industry and its further
development. We have developed guidelines by collating operating standards, to
consolidate investor confidence in the crowdfunding and peer-to-peer lending fields.
We are satisfied that market participants have positively evaluated this
self-regulatory initiative from the field,” pointed out Gints Āboltiņš,
Head of the Alternative Financial Services Association of Latvia, indicating that
this provides greater transparency for investors in evaluating a platform’s
operation.
Guidelines for the Crowdfunding Industry in Latvia will
cover issues such as protection of platform users funds, company corporate
management, information availability and the provision of information for customers,
advertising practice, measures to avoid conflict of interest, and data
protection, as well as a range of other principles.
Companies
which undertake to implement the guidelines in their business practice will
ensure that these are understood by company employees and that the guidelines
are also freely available to investors both in English and Latvian. The
Alternative Financial Services Association of Latvia has the right to forbid companies
from referring to the guidelines if breaches have been established.
“We
are proud that TWINO, as the first participant in Latvia’s peer-to-peer
lending platform field, has undertaken to follow Latvia’s Crowdfunding Industry
Guidelines, which prescribe strict requirements on the protection of platform
users funds, corporate management, business ethics and the availability of
information. We believe that these guidelines will be a great measuring stick to
ensure responsible operations of investment platforms, while also preventing
the potentially dishonest players from joining the P2P lending market,” emphasizes
TWINO Investment Platform Lead, Roberts Lasovskis.
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