A team of financial services regulatory and corporate lawyers from PwC’s Legal Business Solutions’ Financial Services team across the EU-27 Member States have jointly authored, under the leadership of Dr. Michael Huertas and PwC Legal Business Solutions’ Financial Institutions Regulatory Europe (FIRE) Team, a comparative multi-jurisdictional report on the on-going implementation of the European Crowdfunding Service Provider Regulation (ECSPR).
The report was commissioned by the European Crowdfunding Network (EUROCROWD) for the benefit of its members and to raise awareness of opportunities for market participants as well as points that policymakers may still need to consider and address. The FIRE Team coordinated the legal, regulatory and tax review together with PwC Legal Business Solutions Financial Services and Tax teams across the EU-27 countries.
This inaugural edition of the report provides a comprehensive state of the art evaluation of the current ECSPR’s implementation and integration with other existing (and forthcoming) financial services and tax legislation both at the EU-level as in individual EU Member States. The report is available upon request from EUROCROWD.
Oliver Gajda, Executive Director, EUROCROWD stated: “With this new study, EUROCROWD aims to create a fresh starting point for the crowdfunding market, provide easier access to new markets for crowdfunding service providers and raise issues on what are likely to become significant operational hurdles, if not properly addressed by policymakers. We are looking forward to expanding on this work in continuous discourse and repeated, stringent research in the coming years - with the support of our members.”
“We are delighted to have supported EUROCROWD and its members with this inaugural edition of this report at a time of great change but also opportunity across the crowdfunding sector. Over the next five years the ECSPR aims to encourage crowdfunding’s growth across more EU Member States and to also ensure that crowdfunding is integrated as a vital component of the EU’s efforts on building a true Capital Markets Union. Much now rests on the national competent authorities as well as market participants in pursuing a timely and compliant transition to this new regime. Equally, legislative, regulatory and tax policymakers will also want to consider where they may need to provide even greater certainty on specific topics so as to support both project owners as well as investors in a meaningful manner. We hope the breadth of our coverage and legal, regulatory and tax expertise of contributing authors across the EU-27 will empower those interested or active in crowdfunding.”
About EUROCROWD
EUROCROWD has been advocating for the professional European crowdfunding sector since 2013 and is continuing to do so going forward. More than a decade ago, the EUROCROWD published its co-authored white paper outlining the opportunities and hurdles of pan-European crowdfunding market. This was followed by several legal reviews of existing regulations applying to crowdfunding across all 27 EU Member States (and beyond), creating a benchmark for constructive legal discussion, and with dedicated research by EUROCROWD for DG FISMA in 2017 leading to the creation of the proposal for ECSPR in 2018. Since then, EUROCROWD has led recurring and ongoing exchanges with European institutions both through research and direct interactions and created a path to what in 2021 became the ECSPR. The ECSPR has become an integral part of EU law, and a valuable opportunity to provide much needed access to finance for Europe’s 20 million small businesses and overall innovation drive.
Contributors from PwC Legal Business Solutions – Financial Services and Tax Teams
Country contributions across the EU-27 include authors from: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden
About PwC Legal Business Solutions
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