FWe are pleased to announce that we are the newest member of FinanceEstonia after the organization decided to make us part of the group. In FinanceEstonia participate fin-tech companies, banks, p2p platforms.
FinanceEstonia is an organization working in the public and private finance sector to support the Estonian economy. It actively supports the internationalization of the financial sector, the innovations, capital increase, etc.
FinanceEstonia aims to raise awareness of the benefits of the financial sector in Estonia in two main areas: capital markets and the export of services. It actively works in six other priority niches: financial markets, crowdfunding, credit providers, financial technology, investment services and international private banking.
Iuvo became a member of FinanceEstonia on the “Crowdfunding” section. Each member company in this niche strictly adheres to “Best Practices for Shared Financing.” At the core of the practices is the “Observe or Explain” principle. According to him, every platform in FinanceEstonia is committed to “Observe” the prescribed practices and to “Explain” publicly if it deviates from them.
Best Practices for Shared Finance are summarized in Eleven Core Points that we observe and apply as a member of FinanceEstonia.
1. Investors’ Funds – Each platform, without exception, is required to keep the funds of investors separately from other assets and to provide timely information to investors on each investor.
2. Data Protection – The collection of personal data must be following all legal requirements. The platform should provide complete information on these processes to all users on its website.
3. Compliance with Measures to Prevent Money Laundering and the Application of International Standards and Rules – The Platform applies appropriate steps to identify its users and prevent money laundering.
4. Quality of Information and Communication – The Supplier undertakes to provide correct and unambiguous information to all its users. Otherwise, it is obliged to return the funds to the investors.
5. Risk warnings – The platform must provide its users with full information about all possible risks in a public place so that each investor depends on his / her economic situation and consult with the relevant specialist before deciding to invest.
6. Consumer protection and advertising – When offering its services, the platform must comply with the relevant legal acts, invite its users to familiarize themselves with the general conditions, the messages are correct and true, etc.
7. Avoiding Conflicts of Interest – The Provider is required to treat all of its users equally, to identify potential conflicts of interest and to provide sufficient information on its site for their resolution and prevention.
8. Sustainable development – The platform is required to develop emergency plans. For example, a Priority Communication Plan that would help with a technical, legal, or financial risk to the platform. The goal is to prevent an adverse impact on the platform and its users.
9. Accountability – Within two calendar months after the end of each calendar year, the provider is required to provide a review of economic performance on its website.
10. Dispute Resolution – The Provider provides on its website an annual overview of the complaints lodged against it, the measures were taken and the results of its examination.
11. Joining and Matching Best Practices – If a platform joins “Best Practices,” FinanceEstonia issues a certificate that it can use on its website and in its marketing materials. Finance Estonia verifies compliance with the practices and issues a new certificate every year.
FinanceEstonia is an international organization and for our entire team membership is a recognition of a well-done job. With satisfaction, we will continue to follow good practices in shared funding and set ourselves ever higher goals.
Iuvo is now alongside members like Deloitte Advisory AS. The company unites companies from around the world to provide quality services in financial consulting, risk management, taxes, and more. Deloitte Clients are mainly businesses in the fields of banking, insurance, manufacturing, infrastructure, energy, real estate, services, wholesale and retail, as well as the public sector.
Another member of the “Crowdfunding” section is Ernst & Young Baltic AS, the world leader in insurance, tax and advisory services. With a team of over 167,000 people, Ernst & Young Baltic’s goal is to inspire and give the right guidance to its customers.
In 2016, Platforms such as Bondora, Crowdestate, Estateguru, Fundwise and Investly Holding have also been awarded Best Practices in Shared Finance.