Regulatory changes regarding privacy, data protection, and other matters

Bondora Group’s business is subject to a variety of laws and regulations in various jurisdictions that relate to user privacy issues, data protection, advertising, marketing, disclosures, distribution, electronic contracts and other communications, consumer protection, and online payment services. The introduction of new products or expansion of activities in certain jurisdictions may subject Bondora Group to additional laws and regulations. Moreover, the application and interpretation of these laws and regulations is frequently uncertain, particularly in the new and rapidly-evolving e-commerce industry in which Bondora Group operates; they may be interpreted and applied inconsistently, from country to country or in respect to current or past policies and practices. A number of proposals are pending before legislative and regulatory bodies that could significantly affect Bondora Group’s business. For example, the European Commission is currently considering data protection regulation that may include operational requirements for companies that receive personal data that (i) are different than those currently in effect in the European Union and (ii) impose significant penalties for non-compliance. Compliance with current and proposed laws and regulations can be costly and delay or impede the development of new products; create negative publicity; increase operating costs; require significant management time and attention; and subject Bondora Group to inquiries or investigations, claims or other remedies, including demands to modify or cease existing business practices or pay fines, penalties or other damages. This may have a material adverse effect on Bondora Group’s business, financial condition, operational results or prospects, or cash flow.

Although Bondora Group continuously educates its employees on applicable laws and regulations in regard to privacy, data protection, and other matters, there can be no assurance that its employees will at all times comply with such laws and regulations. If Bondora Group fails to follow the law in future, it may be subject to fines or other penalties, which may damage its reputation and may have a material adverse effect on its business, financial condition, operational results or prospects, or cash flow.

Bondora Group actively monitors relevant legislative and policy developments in Estonia, Finland, Spain and endeavors to ensure that its staff complies with their laws and regulations.

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