The new Regulation on European Crowdfunding Service Providers (ECSPs) will come into effect on November 10, 2021. As of this date, ECSPs can apply for a license from the supervising body, the Dutch Authority for the Financial Markets (AFM). Without this license, the services cannot be continued as of November 2022.

As of November 2, 2021, providers can apply for a ECSP license via a digital portal of the AFM. The AFM will grant licenses for so-called loan-based and equity-based crowdfund platforms.

Enigma Consulting has extensive experience with license application processes. We have, for example, assisted payment service providers, crypto service providers, electronic money institutions, online games of chance and crowdfunding service providers in obtaining a license or exemption.

Currently, the licensing requirements that will apply to the defined ECSPs have not yet been fully elaborated by the European regulator and the AFM. However, based on the published Regulation the applicable conditions and requirements are already clear in outline.

This includes:

  • Setting up a controlled governance structure and organizational setup
  • Procedures and processes to ensure the organizational and operational requirements for controlled and prudent business operations, including:
    • A separation of responsibilities within the company;
    • Ensuring business continuity
    • Preventing conflicts of interest.
  • Ensuring an ethical organization that focuses on customer needs
  • Establishing processes to identify, monitor and, if necessary, report on customers

Enigma Consulting has extensive knowledge and experience in setting up and document a sound and compliant business operation.

Erik van der Leer
Erik van der Leer
Consultant
About Enigma

Enigma Consulting guides and supports organizations in all areas of a license application, whether legal, procedural or administrative.

We work with a multidisciplinary team, so we offer all areas of expertise that are necessary for the license application. The result is an application that meets the quality requirements of the supervisor in all areas, which leads to a faster review and licensing.

Other Risk & Compliance Services

Risk & Compliance
Licence applications
Payments Risk
Compliance
Internal Audit
Compliance Officer
Operational Risk
CDD & AML
License Online Games of Chance

Our Risk & Compliance Experts

Erik van der Leer

Consultant
Geert Blom

Senior Legal Adviseur
Jaap Jan de Jong

Executive Consultant
Lex van Beurden

Consultant
Maarten van Denzen

Senior Legal Consultant
Peter Mulders

Executive Consultant
Roxane van der Laan

Executive Consultant
Thim Donkervoort

Legal Consultant