ESMA_QA_795
25/02/2021
Subject Matter
Use of Special Purpose Vehicles (SPV)
Original question
Can an SPV give exposure to more than one underlying asset?
ESMA Answer
25-02-2021
Original language
No. According to Article 3(6) of the ECSPR, an SPV cannot serve the purpose of enabling the offering to investors of exposure to more than one illiquid or indivisible asset.
[Crowdfunding Q&A 1.3]
Status: Answer Published
Additional Information
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
Additional Legal Reference
Article 3(6)
Topic
Underwriting and placing