Slovenia: Schoenherr advises CONDA on roll-out of crowdinvesting platform in Slovenia

15 March 2016 | deal news

Schoenherr Ljubljana has advised web-based crowdinvesting platform operator CONDA AG on a variety of legal aspects in relation to the successful roll-out and establishment of the first-ever internet crowdinvesting platform in Slovenia.

Since Slovenia has not yet adopted the special set of rules dealing with peer-to-peer financing, as some other EU countries have, the project had to be structured in accordance with (and assessed against) the existing regulatory framework that was not tailor-made for the respective financing regime (ie, regulation of financial services, payment services, banking activity, consumer protection etc). In this regard, Schoenherr held consultations with and obtained clearance from different regulatory and government bodies, which confirmed compliance of the contemplated structure with applicable legislation (without any specific license requirements).

"By breaking the ice, this pioneering project has contributed immensely to market innovation in Slovenia and will pave the way for future alternative means of financing which are of utmost importance for the development of start-up entities in Slovenia", Schoenherr attorney Branko Čevriz proudly stated after the public announcement of the launch of CONDA's crowd-funding platform on 10 March 2016.

Besides Čevriz, who advised CONDA on (banking) regulatory aspects of the project and led the negotiations with the relevant regulators and government bodies, the Schoenherr team involved in this project consisted of Marko Prušnik (partner, Ljubljana, Corporate/M&A), who was in charge of the corporate law aspects of the roll-out, Eva Možina (attorney-at-law, Ljubljana, Corporate/M&A) and Jelena Malnar (associate, Ljubljana, Corporate/M&A).

Schoenherr has been advising CONDA on the structuring of crowdinvesting models in various jurisdictions since 2013.