ESMA_QA_2055
19/12/2023
Subject Matter
Legal person appointed as responsible of the management of a CSP
    Can a legal person be appointed to be responsible of the management of a CSP within the meaning of Article 12(2) of the ECSPR?
    ESMA Answer
    19-12-2023

      No. The ECSPR refers to persons in charge of the management of CSPs in various recitals and articles where this function is limited to natural persons.

      Notably, for the purpose of the authorisation as CSP, Article 12(2) establishes that applicants shall provide the authorising NCA with:

      • the identity of the natural persons responsible for the management of the prospective crowdfunding service provider (point (k) of Article 12(2)), and

      • proof that the natural persons referred to in point (k) are of good repute and possess sufficient knowledge, skills and experience to manage the prospective crowdfunding service provider (point (l) of Article 12(2)).

      The requirements are further detailed in Article 12(3) of the ECSPR and in Field 13 of the Annex to the Commission Delegated Regulation 2022/2112 on the requirements for authorisation as CSPs where the relevant provisions refer to the “natural persons” responsible for the management of the (prospective) CSP.

      Status: Answer Published

      Additional Information

      Level 1 Regulation
      Regulation 2020/1503 - European crowdfunding service providers for business
      Topic
      Appropriateness