ESMA_QA_793
25/02/2021
Subject Matter
Use of Special Purpose Vehicles (SPV)
Original question
In which circumstances and subject to which conditions can an SPV be created for the provision of crowdfunding services?
ESMA Answer
25-02-2021
Original language
According to the ECSPR, an SPV is an entity created for the sole purpose of securitisation within the meaning of point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank. An SPV can only be created if (i) it is interposed between the project owner and investors and (ii) serves the sole purpose of enabling investors to acquire an interest in one illiquid or indivisible underlying asset which could otherwise not or not easily be offered to investors.
[Published as Crowdfunding Q&A 1.1]
Status: Answer Published
Additional Information
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
Additional Legal Reference
point (2) of Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank
Topic
Underwriting and placing