In March the European Commission submitted two legislative proposals to the Council of the European Union (“the Council“). The final compromise text of the proposals has now been published:
- Proposal for a Regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business – setting out the authorisation and operating conditions for equity and loan based crowdfunding and aiming to address the problems that lack of consistent regulation has caused; and
- Proposal for a Directive of the European Parliament and of the Council amending MiFID 2 to exclude authorised crowdfunding service providers from the scope of MiFID 2.
The Council has published a note dated 13 March 2020 in which it confirmed that the technical finalisation process had concluded and invited the Permanent Representatives Committee to endorse the finalised texts. Austria has indicated that it intends to object and Germany to abstain.