CSSF Issues Updates Related to Crowdfunding Services and SFDR
The Financial Sector Supervisory Commission of Luxembourg (CSSF) issued a statement on the extension of transitional period for crowdfunding service providers and published the frequently asked questions (FAQs) to provide clarification on certain aspects of the Sustainable Finance Disclosure Regulation (SFDR or 2019/2088).
The CSSF statement on crowdfunding service providers highlights that the transitional period provided for in Article 48(1) of the Regulation on European Crowdfunding Service Providers (2020/1503) has been extended until November 10, 2023, through the adoption of a Commission Delegated Act (2022/1988). Pursuant to Article 48 of the Regulation on European Crowdfunding Service Providers, existing crowdfunding service providers active before November 10, 2021 and operating under the national law may continue to provide crowdfunding services, which fall within the scope of the Regulation until they have obtained their approval in accordance with the provisions of the Regulation until November 10, 2023 at the latest. The statement also reminds that any legal person established in Luxembourg that intends to provide crowdfunding services within the meaning of the Regulation on European Crowdfunding Service Providers, having not yet started its activities before November 10, 2021, must imperatively have obtained an authorization from the CSSF before providing any provision of crowdfunding service.
Keywords: Europe, Luxembourg, Banking, FAQ, Sustainable Finance, SFDR, Crowdfunding Service Providers, Crowdfunding Regulation, Disclosures, ESG, CSSF
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