ECSPR: European Crowdfunding Service Providers Regulation
The ECSPR, Regulation (EU) 2020/1503, is the EU licence for business crowdfunding platforms offering loans or securities for projects of up to EUR 5 million a year per project owner. An authorised crowdfunding service provider needs prudential safeguards of at least EUR 25,000 and can passport its platform across the EU.
At a glance
| Official title | Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business1 |
|---|---|
| English title | European Crowdfunding Service Providers Regulation |
| Citation | Regulation (EU) 2020/1503 |
| Jurisdiction | European Union (applies in every EU/EEA state) |
| Type | regulation |
| Adopted | 2020-10-07 |
| In force from | 2020-11-09 |
| Status | In force; applies from 10 November 2021 (transitional period ended 10 November 2023) |
Full text
Official full text: European Crowdfunding Service Providers Regulation (PDF, en)1 · 857 KB · file checked 2026-09-24
Official page: eur-lex.europa.eu1
Summary
The ECSPR creates a single EU licence for platforms that match businesses seeking funding with investors, through loans or transferable securities, for offers of up to EUR 5 million per project owner over 12 months. Authorised crowdfunding service providers must meet prudential, governance and investor-protection requirements, including a key investment information sheet and an entry knowledge test for non-sophisticated investors, and can passport their services across the EU.
Summary written by the Atlas from the official text; the law itself prevails.
Main articles
- Art. 1: Scope: offers up to EUR 5 million per project owner over 12 months.
- Art. 11: Prudential safeguards: the higher of EUR 25,000 and a quarter of fixed overheads.
- Art. 12: Authorisation as a crowdfunding service provider.
- Art. 18: Cross-border provision of crowdfunding services.
- Art. 23: Key investment information sheet.
Licences it governs
- FM · Cyprus
Alternative Investment Fund Manager (AIFM) authorisation
CySEC
- FM · Cyprus
Sub-threshold Alternative Investment Fund Manager registration
CySEC
- FM · Cyprus
UCITS Management Company authorisation
CySEC
- FM · Czech Republic
Sub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF (zápis osoby provádějící správu majetku srovnatelnou s obhospodařováním podle § 15 ZISIF)
CNB
- FM · Czech Republic
Investment Company / Fund Manager licence (povolení k činnosti investiční společnosti)
CNB
- FM · Estonia
Small fund manager registration without activity licence
FI
- FM · Estonia
Operating licence as a fund management company
FI
- FM · Spain
Sociedad Gestora de Instituciones de Inversión Colectiva (SGIIC) licence
CNMV
- FM · France
Société de gestion de portefeuille (SGP) / Portfolio management company authorisation
AMF
- FM · Ireland
Alternative Investment Fund Manager (AIFM) Authorisation/Registration
CBI
- FM · Ireland
UCITS Management Company Authorisation
CBI
- FM · Luxembourg
Alternative investment fund manager (AIFM) authorisation
CSSF
- FM · Luxembourg
Management company authorised under Chapter 15 of the Law of 17 December 2010
CSSF
- FM · Netherlands
Alternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU
AFM
- FM · Netherlands
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC
AFM
- FM · Poland
Investment Fund Company licence (towarzystwo funduszy inwestycyjnych - TFI)
KNF
- FM · Poland
Alternative Investment Company Manager registration / licence (zarządzający alternatywną spółką inwestycyjną - ZASI)
KNF
- Credit · Cyprus
European Crowdfunding Service Provider authorisation
CySEC
- Credit · Czech Republic
Non-bank Consumer Credit Provider licence (oprávnění k činnosti nebankovního poskytovatele spotřebitelského úvěru)
CNB
- Credit · Czech Republic
Crowdfunding Service Provider authorization under ECSPR (povolení k činnosti poskytovatele služeb skupinového financování)
CNB
- Credit · Estonia
Authorisation as a crowdfunding service provider under ECSPR
FI
- Credit · Spain
Proveedor de servicios de financiación participativa / European crowdfunding service provider authorization
CNMV
- Credit · France
Prestataire de services de financement participatif (PSFP) / European crowdfunding service provider authorization
AMF
- Credit · Ireland
Crowdfunding Service Provider Authorisation (ECSPR)
CBI
- Credit · Italy
Fornitore di servizi di crowdfunding / European crowdfunding service provider authorization (ECSPR)
CONSOB
- Credit · Lithuania
Crowdfunding service provider authorization
LB
- Credit · Luxembourg
Crowdfunding service provider authorisation
CSSF
- Credit · Latvia
Crowdfunding service provider authorization
LB
- Credit · Netherlands
European Crowdfunding Service Provider (ECSPR) authorisation under Regulation (EU) 2020/1503
AFM
- Credit · Poland
Crowdfunding Service Provider authorization under ECSPR (dostawca usług finansowania społecznościowego)
KNF
- Credit · Poland
Lending Institution registration (instytucja pożyczkowa - RIP)
KNF
- Credit · Slovakia
Crowdfunding service provider authorisation under ECSPR (povolenie na činnosť poskytovateľa služieb kolektívneho financovania)
NBS
Regulators that apply it
- Netherlands
Authority for the Financial Markets (AFM)
The Autoriteit Financiële Markten (AFM) is the Netherlands' autonomous conduct-of-business supervisory authority (zelfstandig bestuursorgaan
- France
Financial Markets Authority (AMF)
The Autorité des marchés financiers (AMF) is France's independent financial markets authority, tasked with safeguarding savings invested in
- Lithuania
Bank of Lithuania (LB)
The Bank of Lithuania operates as the central bank of the Republic of Lithuania and member of the Eurosystem, conducting integrated prudenti
- Ireland
Central Bank of Ireland (CBI)
The Central Bank of Ireland serves the public interest by maintaining monetary and financial stability while ensuring that the financial sys
- Czech Republic
Czech National Bank (CNB)
The Czech National Bank acts as the central bank and unified supervisory authority of the Czech financial market under Act No. 6/1993 Coll.
- Spain
National Securities Market Commission (CNMV)
The National Securities Market Commission is the Spanish agency responsible for supervising and inspecting secondary securities markets, inv
- Italy
National Commission for Companies and the Stock Exchange (CONSOB)
CONSOB is Italy's independent administrative authority tasked with safeguarding investor protection, market transparency, fair conduct among
- Luxembourg
Commission de Surveillance du Secteur Financier (CSSF)
The CSSF operates as the unified public supervisory authority for the Luxembourg financial centre, conducting prudential supervision and mar
- Cyprus
Cyprus Securities and Exchange Commission (CySEC)
The Cyprus Securities and Exchange Commission is the independent public supervisory authority responsible for the regulation and supervision
- European Union
European Securities and Markets Authority (ESMA)
ESMA operates as an independent European Union supervisory authority that protects the public interest by contributing to the stability and
- Estonia
Finantsinspektsioon (FI)
Finantsinspektsioon is Estonia's independent financial supervision and crisis resolution authority operating with autonomous responsibilitie
- Poland
Polish Financial Supervision Authority (KNF)
KNF ensures the proper functioning, stability, security, and transparency of the Polish financial market, safeguards public confidence in fi
- Latvia
Latvijas Banka (LB)
Latvijas Banka is the central bank of the Republic of Latvia and member of the Eurosystem, operating as the single integrated financial supe
- Slovakia
National Bank of Slovakia (NBS)
Národná banka Slovenska acts as the central bank and integrated financial supervisory authority of the Slovak Republic. It safeguards price
Sources
- eur-lex.europa.eu: TXT (32020R1503) · retrieved 2026-09-24
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