ESMA · ESMA_QA_793 Answer Published
Use of Special Purpose Vehicles (SPV)
- Regulation
- Regulation 2020/1503 - European crowdfunding service providers for business
- Article
- point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank
- Topic
- Underwriting and placing
- Submitted
- 2021-02-25
- Answered
- 2021-02-25
Question
In which circumstances and subject to which conditions can an SPV be created for the provision of crowdfunding services?
Answer
According to the ECSPR, an SPV is an entity created for the sole purpose of securitisation within the meaning of point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank. An SPV can only be created if (i) it is interposed between the project owner and investors and (ii) serves the sole purpose of enabling investors to acquire an interest in one illiquid or indivisible underlying asset which could otherwise not or not easily be offered to investors. [Published as Crowdfunding Q&A 1.1]
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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