On 10 November 2021, Regulation (EU) 2020/1503 on European crowdfunding service providers for business (the “ECSPR”) and Directive (EU) 2020/1504 amending MIFID II (the “Crowdfunding Directive”) will apply. This new framework will provide for a harmonised Pan-European regulatory framework for crowdfunding service providers (“CSPs”) established in one of the member states of the European Economic Area.
In this series of blogs, we aim to give existing CSPs a gap analysis which they will encounter when applying for authorisation under the ECSPR. Due to the current deviating regimes applicable to crowdlending platforms in comparison to crowdinvesting platforms, the actual implications of the ECSPR on the business processes and internal organisation of existing CSPs may differ. Taken this current distinction in regulatory frameworks applicable to crowdlending platforms versus crowdinvesting platforms, we will differentiate between these two types of CSPs as a central theme when discussing the gaps between the current Dutch framework and the new European framework. We emphasize though that the ECSPR provides for a general framework applicable to CSPs irrespective of the type of crowdfunding services that they offer.
In this first issue, we will give an introduction on crowdlending and crowdinvesting and the most important changes that the ECSPR will bring for existing CSPs operating a crowdlending platform.
In this second issue, we will give an overview of the most important changes that the ECSPR will bring for existing CSPs operating a crowdinvesting platform.
In this third issue, we we will dive into the do’s and don’ts of a CSP when offering a bulletin board on its crowdfunding platform.
