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NOTICE TO MEMBERS Petition No 0862/2019 by O.G.D. (Romanian) on Revolut trading services in Romania - PE650.426v01-00

04/14/2020 | 09:28am EST

European Parliament

2019-2024

Committee on Petitions

8.4.2020

NOTICE TO MEMBERS

Subject: Petition No 0862/2019 by O.G.D. (Romanian) on Revolut trading services in Romania

  1. Summary of petition
    The petitioner states that, since August 2019, the British fintech firm Revolut Ltd. has launched a trading service that allows users to buy or sell popular US stocks and "fractional shares." The petitioner claims that neither Revolut Ltd. nor DriveWealth LLC, the US company that will execute the trades, have obtained securities licenses to offer financial services in Romania. The petitioner raises concerns regarding investor protection and unfair competition at EU level, given that, unlike "lightly-regulated fintech companies," traditional securities brokers have to observe a heavy regulatory system.
  2. Admissibility
    Declared admissible on 15 January 2020. Information requested from Commission under Rule 216(6).
  3. Commission reply, received on 8 April 2020 The Commission's observations
    The petition concerns a company named 'Revolut Ltd.', providing investment services in Romania, which it is not authorised to do so. It seems that Revolut is composed of several entities; each authorised to carry out a specific activity. The press article attached to the petition concerns the entity 'Revolut Trading Ltd', and not 'Revolut Ltd.'.
    The Financial Conduct Authority (FCA) register indicates that 'Revolut Trading Ltd' has the status of Appointed Representative and Tied Agent from the company named 'Sapia

CM1202829EN.docx

PE650.426v01-00

EN

United in diversity

EN

Partners LLP'1.

The concept of Tied Agent is defined under Directive 2014/65/EU2. Tied agents may promote the services of an investment firm, solicit business or receive orders from clients or potential clients and transmit them, place financial instruments and provide advice in respect of such financial instruments and services offered by that investment firm. The investment firm remains fully and unconditionally responsible for any action or omission on the part of the tied agent when acting on behalf of the investment firm. Sapia Partners LLP is authorised for advising, arranging and managing investments. The full details of its authorisations are available using the link below.

Conclusion

It is the competence of national authorities and courts to investigate individual cases of alleged breaches of Union law in a Member State to ensure its enforcement. In case the citizen has any concern as to the operation of the company named 'Revolut Trading Ltd' in Romania, the Commission invites him to contact the Romanian Financial Supervisory Authority (Autoritatea de Supraveghere Financiară - ASF). Contact details are as follows: https://asfromania.ro/despre-asf/contact.

1 Please see

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMWxiAAH#ShPo_Permi ssionsAnchor

2 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU Text with EEA relevance, OJ L 173, 12.6.2014, p. 349-496.

PE650.426v01-00 2/2 CM1202829EN.docx

EN

Disclaimer

European Parliament published this content on 14 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2020 13:27:04 UTC


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