(Published as Crowdfunding Q&A 3.14)

Article 10(4) of Regulation (EU) 2020/1503 (hereinafter, ‘ECSPR’) sets out that a crowdfunding service provider may itself or through a third party provide payment services, provided that that service provider itself or the third party is a payment service provider in accordance with Directive (EU) 2015/2366 (hereinafter, ‘PSD2’). Article 3(i) PSD2 exempts from its scope payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in point (h) or by investment firms, credit institutions, collective investment undertakings or asset management companies providing investment services and any other entities allowed to have the custody of financial instruments. Yes, it can, insofar as this MiFID firm, authorised under the ECSPR, carries out, in the context of the provision of crowdfunding services, the transactions referred to under Article 3(i) PSD2.