A quick note to let you know that the European Securities and Markets Authority has published an initial set of Questions & Answers on the European Crowdfunding Service Providers Regulation

The purpose of the Q&A is to help harmonise national regulators' supervision and practice in the application of the Regulation across the EU by responding to questions from the public, crowdfunding service providers and authorities. It is not exhaustive and does not constitute new policy. 

The ESMA Q&A supplements the recent guidance from the Central Bank of Ireland on its authorisation process for crowdfunding service providers.

So far, the ESMA Q&A deals with issues relating to the use of special purpose vehicles (SPVs); transitional arrangements; scope; the interpretation of "routing orders"; and various aspects of investor protection (most of which are new).

Please let us know if you need further advice on the EU Crowdfunding Regulation or would like our help in making an application for authorisation.