ESMA · ESMA_QA_794 Answer Published
Use of Special Purpose Vehicles (SPV)
- Regulation
- Regulation 2020/1503 - European crowdfunding service providers for business
- Article
- point (44) of Article 4(1) of MIFID II
- Topic
- Underwriting and placing
- Submitted
- 2021-02-25
- Answered
- 2021-02-25
Question
What type of instruments can be offered to investors via an SPV?
Answer
Where a crowdfunding offer is made via an SPV, the instruments offered to investors can be either transferable securities within the meaning of point (44) of Article 4(1) of MIFID II or admitted instruments for crowdfunding purposes within the meaning of point (n) of Article 2(1) of the ESCPR. Conversely, the ECSPR does not envisage the possibility of loan-based crowdfunding offers made via an SPV. [Published as Crowdfunding Q&A 1.2]
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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