As explained previously, the European Crowdfunding Regulation took effect on 10 November 2021. At that time the European Securities and Markets Authority also published its related Regulatory Technical Standards. Now, Ireland has done its bit by passing the European Union (Crowdfunding) Regulations 2021, which makes the Central Bank of Ireland the local competent authority. In that role, the CBI has also published its guidance for crowdfunding service providers who wish to apply for authorisation with their head office in Ireland. Existing service providers may continue to operate during a transtion period that ends on 10 November 2022.
The CBI webpage includes background to the regulations, some key FAQs, as well as information on the authorisation process, links to the application form and a more detailed guidance note.
A key element to authorisation is the handling of funds in accordance with payment services regulations, where we also have experience and expertise.
Please let us know if you need further advice on crowdfunding or would like our help in making an application for authorisation.