THE COMMISSION’S INTERIM REPORT AND PROSPECTIVE ADAPTATIONS OF THE ECSPR (ART 45)

This Chapter, commenting on Art 45 and on the expected Commission’s interim Report, takes the opportunity to discuss the possible future evolutions of the ECSPR. It will group these prospective changes into five categories, critically analysing each of them and relative measures: 1) monitoring of market growth and innovations (eg transitional period extension; cross-border operations; token and DLT-based crowdfunding; real estate crowdfunding); 2) adjustments in the light of the level-playing field; 3) difficult balance between different interests involved and possible future increase in platforms’ requirements or, on the contrary, prospective facilitations (including impact on SMEs); 4) further harmonization and adjustments to the supervisory architecture and passport (including in terms of admitted instruments identification); 5) extension of the ECSPR’s scope to areas not covered yet (eg invoice trading).