Where a crowdfunding offer is made via an SPV, the instruments offered to investors can be either transferable securities within the meaning of point (44) of Article 4(1) of MIFID II or admitted instruments for crowdfunding purposes within the meaning of point (n) of Article 2(1) of the ESCPR. Conversely, the ECSPR does not envisage the possibility of loan-based crowdfunding offers made via an SPV.

[Published as Crowdfunding Q&A 1.2]