CEE Attorneys/Boanță, Gîdei și Asociații assisted fintech Fagura in the project launching the Fagura.ro platform

CEE Attorneys / Boanță, Gîdei and Associates announced today that it has assisted the fintech Fagura in the project launching the Fagura.ro platform, a loan-based participatory finance provider authorised by the Financial Supervisory Authority (ASF). Fagura is a platform offering loans to small and medium-sized companies, but where you also have the possibility to invest in these loans.

The Fagura project was a special one and a real challenge for the lawyers and the Fagura team, given the novelty of the legislative framework, the analysis, design and implementation of such a complex platform with multiple legal and business implications.

The CEE Attorneys team comprised partners Nicolae Ursu, Radu Boanță and Krisztina Voicu, managing partners Madalina Ivan and Lisaura Ungureanu, associate Denis Jignea and of counsel Adrian Natoi. CEEA lawyers assisted Fagura on issues such as: setting up the company, defining and preparing the contractual package for project developers and investors, preparing the procedures and policies necessary for Fagura’s authorization in relation to the requirements of Regulation (EU) 1503/2021 (on European providers of equity financing services), assistance in dealing with the ASF, assistance in the process of proposals to amend the Romanian legislative framework implementing Regulation (EU) 1503/2021.

“CEE Attorneys also played an important role in the process of drafting the terms and conditions (platform T&C) under which the crowdfunding platform will operate, the terms and conditions under which investments in the platform will be made (loan documentation), the implementation of data protection requirements from the perspective of Regulation 679/2016 and secondary legislation (including, data processing policies, cookie policy), discussions and contract negotiations with business partners that provide support solutions for the fagura.ro platform (payment service provider, data hosting, KYC etc),” said Nicolae Ursu.

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The authorization from the ASF makes Fagura.ro one of the first loan-based equity providers authorized by the ASF.

“This project brings us enormous professional satisfaction given that our team has once again managed to deliver a complex project that has raised multiple challenges from diverse areas of expertise such as corporate, FinTech, crowdfunding, e-commerce, data protection, AML and confirms our expertise in these areas. We are grateful to the Fagura team for choosing us as a partner in this project, which will contribute to the development of the business environment in Romania and provide a new tool for alternative financing,” added Radu Boanță.