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18 raises

All regulations

Investor limits under ECSPR

  • No fixed cap. The regulation says non-sophisticated investors shall not be prevented from investing. Larger amounts bring extra steps. ECSPR Art. 21(6) (opens in a new tab)
  • Above the higher of EUR 1,000 or 5% of net worth. In one offer, a non-sophisticated investor must first receive a risk warning, give explicit consent and show the platform an understanding of the investment and its risks. ECSPR Art. 21(7) (opens in a new tab)
  • Reflection period. A non-sophisticated investor can revoke an offer to invest or an expression of interest for four calendar days, without giving a reason and without a penalty. ECSPR Art. 22 (opens in a new tab)
  • Sophisticated investors. The EUR 1,000 or 5% steps and the reflection period are written for non-sophisticated investors only. ECSPR Arts. 21 and 22 (opens in a new tab)

What ECSPR is

The European Crowdfunding Service Providers Regulation, ECSPR for short, is Regulation (EU) 2020/1503. It sets uniform rules across the EU for investment-based and lending-based crowdfunding for business financing. A platform can apply for an EU passport, which lets it offer its services across the EU under one authorisation. European Commission (opens in a new tab) The European Securities and Markets Authority keeps the public register of providers. ESMA register (opens in a new tab)

The regulation covers offers of up to EUR 5 million over 12 months. That sum counts what one project owner has raised through crowdfunding platforms, along with certain public offers it made under an exemption from the prospectus rules. An offer above it falls outside the regulation. ECSPR Art. 1(2)(c) (opens in a new tab) ESMA Q&A 2437 (opens in a new tab)

Investors are either sophisticated or non-sophisticated. A sophisticated investor is a professional client, or someone a platform has approved under the criteria in the regulation's Annex II, such as income, portfolio size and experience. Everyone else is non-sophisticated, and most of the protections below are for them. ECSPR Art. 2 and Annex II (opens in a new tab)

Before full access, a platform assesses a non-sophisticated investor's knowledge, experience and financial situation, and has them simulate their ability to bear loss, calculated as 10% of net worth. It reviews the assessment every two years and the simulation every year. The results do not stop anyone from investing. ECSPR Art. 21 (opens in a new tab)

Each offer comes with a key investment information sheet drawn up by the project owner. By law it opens with a statement that neither the competent authorities nor ESMA have verified or approved the offer, and it carries a risk warning about partial or entire loss of the money invested. ECSPR Art. 23 (opens in a new tab)

Questions about ECSPR

Is there a limit on how much I can invest under ECSPR?

There is no fixed cap. Above the higher of EUR 1,000 or 5% of net worth in one offer, a non-sophisticated investor must first receive a risk warning, give explicit consent and show the platform an understanding of the investment and its risks.

Source: ECSPR Art. 21 (opens in a new tab)

Can I change my mind after investing under ECSPR?

A non-sophisticated investor can revoke an offer to invest or an expression of interest for four calendar days, without giving a reason and without a penalty.

Source: ECSPR Art. 22 (opens in a new tab)

What is a sophisticated investor under ECSPR?

A professional client, or a person or company a platform has approved under the criteria in the regulation's Annex II. An individual has to meet at least two of three criteria, on income or portfolio size, on professional experience, and on past transactions.

Source: ECSPR Annex II (opens in a new tab)

How much can a company raise under ECSPR?

Up to EUR 5 million over 12 months. An offer above that falls outside the regulation.

Source: ECSPR Art. 1(2)(c) (opens in a new tab) · ESMA Q&A 2437 (opens in a new tab)

Has a regulator approved an ECSPR offer?

The key investment information sheet has to state that neither the competent authorities nor ESMA have verified or approved the offer. The sheet is drawn up by the project owner.

Source: ECSPR Art. 23 (opens in a new tab)

General information, not advice. A platform’s own terms, and the rules where you live, may differ. Sources read .