Crowdfunding intermediation made subject to authorisation
The Regulation on European Crowdfunding Service Providers for business (2020/1503, EU Crowdfunding Regulation) is applicable from 10 November 2021. The Regulation requires a separate authorisation for the provision of crowdfunding services, which means that investment firms and payment institutions providing crowdfunding intermediation as well as registered crowdfunding intermediaries are required to apply for an authorisation if they intend to continue their current crowdfunding activities in Finland.
The EU Crowdfunding Regulation contains a transitional provision according to which existing crowdfunding intermediaries providing services in Finland may continue to provide crowdfunding services under the Crowdfunding Act until 10 November 2023 or until they are granted an authorisation under the Regulation, whichever date is sooner.
Application for authorisation must be made either in Finnish or Swedish.