13 October 2020
We announced it in July when, after two years of study, all that was missing was the consent of the European Parliament to read The European Union's first regulation on crowdfunding ("European Crowdfunding Service Providers", or ECSP).
The approval from Brussels came on Monday, October 5, the regulation will be published in the Official Journal of the Union.
It will come into force about 12 months after its publication but there will be a further year of "transition", at the end of which national regulations will be replaced by ECPS and portals that do not meet the requirements for the new regulation will no longer be able to operate.
The EU crowdfunding regulation will allow small and medium-sized companies to carry out investment rounds in some EU countries, through authorized portals, which will have the possibility to raise up to €5 million per year, in the form of venture capital, loans, debt securities or bonds.
It is also planned to create a European public register that will contain the authorized platforms and will be managed by the European Financial Instruments and Markets Authority.
We report a comment full of satisfaction from the contact persons of European Crowdfunding Network:
"We are extremely happy about the introduction of a harmonised European regulation for crowdfunding. This first important result is the result of the work carried out in the past years, in close cooperation with the European institutions and the main crowdfunding platforms in Europe, which is why we consider it an excellent starting point. We hope that ECSP can finally provide the necessary framework to allow the consolidation of the crowdfunding sector, making the full benefits of a Single Market for Capital in the EU easily accessible to all operators. This is only a first step, we have months of intense work ahead of us to complete the operation of adapting national laws. As ECN, we are ready to extend our efforts and facilitate the dialogue between the regulators who will have to find effective ways to liaise with ESMA, and the market participants who will then have to meet the new requirements."
The authorization to operate, after verification of the requirements of the new regulation, will always be the responsibility of the national reference body, in the Italian case CONSOB. For the portals that, like Mamacrowd, are already authorized, the processes to switch to the new regulation will be simplified, while more in-depth checks will be made for new realities that will want to enter the European market.
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