THE SCOPE OF THE ECSPR: THE DIFFICULT COMPROMISE BETWEEN HARMONIZATION, CLIENT PROTECTION AND THE ‘LEVEL PLAYING FIELD’ (ARTS 1–2, 46, 48–9, 51)

The Chapter, in commenting on the first two Articles of the ECSPR, discusses the scope of the Regulation and its key terms, anticipating some topics further developed in subsequent Chapters. It starts by shedding light on the legislative history of these Articles, underlying the shift from the voluntary to the mandatory nature of the new regime and from centralisation of supervisory powers within ESMA to national competent authorities-based regime. Moreover, it analyses the details of the timing for the entry into force and application, including the transitional period. It then clarifies the required characteristics of project owners, investors and crowdfunding service provider and some issues in terms of applicable law (eg consumer acquis; B2B law). Moreover, it discusses the types of services, products and offers covered by the EU Regulation, underlying some loopholes and obstacles hindering effective harmonization as well as ambiguity and uncertainty deserving interpretative clarifications from the EU.