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ARTICLE · 06 APRIL 2023

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Developments In Relation To Crowdfunding Service Providers

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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On the 13th March 2023, the Cyprus Securities and Exchange Commission (hereby ‘'CySEC'') published its Policy Statement PS-01-2023 on the application of Regulation (EU) 2020/1503 on European Crowdfunding Service Providers

CyprusCorporate/Commercial Law
Christina Tifa
Christina Tifa
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On the 13th March 2023, the Cyprus Securities and Exchange Commission (hereby ''CySEC'') published its Policy Statement PS-01-2023 on the application of Regulation (EU) 2020/1503 on European Crowdfunding Service Providers for business (hereby the ''Policy Statement'') and Directive DI73-2009-02 for Crowdfunding Service Providers.

1. WHO THIS CONCERNS

The Policy Statement concerns legal entities which intend to provide crowdfunding services from Cyprus, and legal entities which are providing crowdfunding services from Cyprus and were previously authorised under national law, i.e. as CIFs.

Both the Policy Statement and Directive DI73-2009-02 aim to inform the above legal entities of the next steps towards fully implementing Regulation (EU) 2020/1503.

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