(Published as Crowdfunding Q&A 5.15)

Yes, the provision set out in Article 8(1) only applies to the CSP. Entities linked to the crowdfunding service provider can be accepted as investors in crowdfunding projects offered on its platforms provided that the requirements set out in Article 8 of the ECSPR and especially paragraphs (2), (3), (4), (5) and (6) are duly complied with. However, the provision of Article 8(4) shall not be used a mean to circumvent the rule set out in Article 8(1). NCAs will notably monitor that CSPs do not set up ad hoc entities for the purpose of circumventing the prohibition of Article 8(1).