With the entry into force of the ECSPR, the services regulated therein as well as the acceptance and transmission of client orders are subject to a separate licensing requirement. This licensing obligation takes precedence over the licensing obligation pursuant to § 34f GewO and § 15 WplG.
In November 2022, the transitional period for existing providers will expire, by which time at the latest all crowdfunding platforms within the meaning of the ECSPR must have obtained authorisation under the Regulation in order to be able to offer the services covered by the scope of the Regulation in accordance with the rules.
The ECSPR applies to crowdfunding services, which are the intermediation of loans or placements without a firm underwriting obligation and the acceptance and transmission of client orders of transferable securities and instruments eligible for crowdfunding purposes. The intermediation or placement must be offered through a publicly accessible internet-based crowdfunding platform.