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Article 1: In Article 2(1) of Directive 2014/65/EU, the following point is added:
‘p
crowdfunding service providers as defined in point (e) of Article 2(1) of ECSPBR of the European Parliament and of the Council ( *1 ) .
Article 2: Member States shall adopt and publish, by 10 May 2021, the laws, regulations and administrative provisions necessary to comply with Article 1 of this Directive.
They shall apply those measures from 10 November 2021.
2
Member States shall communicate to the Commission and to the European Securities and Markets Authority (ESMA) the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 3: This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union . Official Journal of the European Union
Article 4: This Directive is addressed to the Member States.
Recital 1
Crowdfunding is a financial technology solution that provides small and medium-sized enterprises (SMEs) and, in particular, start-ups and scale-ups, with alternative access to finance in order to promote innovative entrepreneurship in the Union, thereby strengthening the Capital Markets Union. That in turn contributes to a more diversified financial system that is less dependent on bank finance, therefore limiting systemic and concentration risks. Other benefits of promoting innovative entrepreneurship through crowdfunding are the unlocking of frozen capital for investment in new and innovative projects, the acceleration of efficient allocation of resources and a diversification of assets.
Recital 2
ECSPBR of the European Parliament and of the Council ( 3 ) lays down uniform, proportionate and directly applicable requirements for the provision of crowdfunding services, for the organisation, authorisation and supervision of crowdfunding service providers, for the operation of crowdfunding platforms as well as for transparency and marketing communications in relation to the provision of crowdfunding services in the Union.
Recital 3
To provide legal certainty as to the persons and activities falling within the scope of ECSPBR and of MIFID of the European Parliament and of the Council ( 4 ) , respectively, and in order to avoid a situation where the same activity is subject to multiple authorisations within the Union, legal persons authorised as crowdfunding service providers under ECSPBR should be excluded from the scope of MIFID.
Recital 4
As the amendment provided for in this Directive is directly linked to ECSPBR, the date from which Member States are to apply the national measures transposing this Directive should be deferred in order to coincide with the date of application set out in that Regulation,
Footnote p0: Done at Brussels, 7 October 2020.