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Extension of transitional period for implementation of ECSPR (Article 48(3))

by EUROCROWD on 23.03.2022

EUROCROWD anticipated Article 48(3) of the European Crowdfunding Service Provider Regulation (ECSPR) on “Transitional period with respect to crowdfunding services provided in accordance with national law” - which requires the European Commission to assess the possibility to extend the transitional period for implementing ECSPR by an additional full 12 months for those member states that have already national crowdfunding laws implemented.

We closed this survey on 4 April 2022

All contributions have been forwarded un-edited to the relevant contacts at ESMA. We would like to thank all members and non-members that have taken the time to fill in the short form and submitted this. European policy is at its best when fact-based. Your input will be taken into account. Thank you.

This would bring the implementation deadline for ECSPR in those member states forward to 10 November 2023, allowing crowdfunding service providers authorised under national law before 10 November 2021 to continue providing crowdfunding services based on such national regimes.

While this will ease the pressure on both national conduct authorities and platforms in some cases, it might also add cost in others. On top, it might distort competition within the European market. To help a relevant assessment we are collecting views of crowdfunding service providers across the European Union to share with the relevant authorities.

The current transitional period is set to end in November 2022. Should the European Commission decide to extend the transitional period, it should do so through delegated acts, a process which requires some time to be concluded, adding further uncertainty to the market.