Financial Services

PwC Legal Business Solutions supports the European Crowdfunding Network and its members with an inaugural report on the implementation of the EU’s Crowdfunding Service Provider Regulation

Frankfurt, 6th September 2023

A team of financial services regulatory and corporate lawyers from PwC’s Legal Business Solutions Financial Services team across the EU have jointly authored, a comparative multi-jurisdictional report on the on-going implementation of the European Crowdfunding Service Provider Regulation (ECSPR).      

Commissioned by the European Crowdfunding Network (EUROCROWD) at a time of change across all EU 27 Member States, the report is designed to raise awareness of opportunities for crowdfunding service providers and other market participants. The report also highlights issues that policymakers may still need to consider and address in ensuring the ECSPR can ensure crowdfunding continues to grow as an attractive alternative to bank-intermediated lending and facilitate the financing of start-ups through to small-to-medium sized enterprises driving innovation and growth.  

Led by Dr. Michael Huertas, the PwC Legal Business Solutions’ Financial Institutions Regulatory Europe (FIRE) Team coordinated the legal, regulatory and tax review together across the EU-27. This inaugural edition of the report provides a comprehensive state of the art evaluation of the current ECSPR’s legal implementation and integration with other existing (and forthcoming) financial services and tax legislation both at an EU-level as well as in individual Member States. The report is available upon request from EUROCROWD.  

Oliver Gajda, Executive Director, EUROCROWD commented in its own press release: “With this new study, EUROCROWD aims to create a fresh starting point for the crowdfunding market, provide easier access to new markets for crowdfunding service providers. We also aim to raise issues on what are likely to become significant operational hurdles, if not properly addressed by policymakers. We are looking forward to expanding on this work in continuous discussion and regular detailed and impactful research in the coming years - with the support of our members.” 

We are delighted to have supported EUROCROWD and its members with this inaugural report at a time of great change, but also opportunity, across the crowdfunding sector. Over the next five years the ECSPR aims to encourage crowdfunding’s growth across more EU Member States and to also ensure that crowdfunding is integrated as a vital component of the EU’s efforts on building a true Capital Markets Union.

Dr. Michael Huertas

Financial Services Legal Leader - Global Legal Network, Financial Services Legal Leader Europe, Head of the Financial Institutions Regulatory Europe Team, Head of Legal Financial Services Germany

He added:Much now rests on the national competent authorities as well as market participants in pursuing a timely and compliant transition to this new regime. Equally, legislative, regulatory and tax policymakers will also want to consider where they may need to provide even greater certainty on specific topics so as to support both project owners as well as investors in a meaningful manner. We hope the breadth of our coverage and legal, regulatory and tax expertise of contributing authors across the EU-27 will empower those interested or already active in crowdfunding.”

Contributors from PwC Legal Business Solutions – Financial Services and Tax Teams

Country contributions across the EU-27 include authors from: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden


EUROCROWD has been advocating for the professional European crowdfunding sector since 2013 and is continuing to do so going forward. More than a decade ago, the EUROCROWD published its co-authored white paper outlining the opportunities and hurdles of pan-European crowdfunding market. This was followed by several legal reviews of existing regulations applying to crowdfunding across all 27 EU Member States (and beyond), creating a benchmark for constructive legal discussion, and with dedicated research by EUROCROWD for DG FISMA in 2017 leading to the creation of the proposal for ECSPR in 2018. Since then, EUROCROWD has led recurring and ongoing exchanges with European institutions both through research and direct interactions and created a path to what in 2021 became the ECSPR. The ECSPR has become an integral part of EU law, and a valuable opportunity to provide much needed access to finance for Europe’s 20 million small businesses and overall innovation drive. 

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