Following the article in the Handelsblatt of May, 15th, on possible liability claims by private investors arising from ineffective qualified subordination clauses (‚qualifizierte Nachrangdarlehen‘) and the inquiries that have reached our headquarters in this regard, we are very pleased to point out that our association exclusively represents the interests of digital lending.
We are happy to repeat our basic position at this point: From our point of view, it is central to consumer protection that either a fronting bank is involved in the lending process, or that the platform falls within the scope of a regulation such as the European Crowdfunding Service Provider Regulation, where the fronting bank plays no role. In all these cases, a high level of accountability, supervision and investor protection is guaranteed.
What else is important to know here, however: With the German ‚Schwarmfinanzierung-Begleitgesetz‘ of 2022, the German legislator is virtually driving certain providers into the qualified subordinated loan. In doing so, it has done a disservice to consumer protection. Please find our position paper on the respective provisions here.
Click here for the article.