ECSP license requirements

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1. Organization
   • Obtain a business license or adapt an existing license
   • Legal entity established in the EU
2. Prudential requirements, capital
   • Disposition, in the form of own funds, an insurance policy or comparable guarantee or a combination of the two, of the higher of:
     • EUR 25,000
     • One-fourth of the previous year’s fixed indirect costs, subject to annual review, which includes the cost of servicing loans for three months in case the crowdfunding provider also facilitates loans
3. Requirements for managers
   • Good reputation
   • Possession of sufficient knowledge, skills and experience to manage a potential ECSP

Stages of obtaining an ECSP license

1. 1. Verification
      • overview of the organization’s ability to apply for an ECSP license
      • implementation of any adjustments
   2. Preparation
      • qualification of planned crowdfunding services or services already provided in terms of their adaptation to ECSP license requirements
   3. Application
      • provision of model internal documentation and program of activities
      • joint determination of the final content of the internal documentation and program of activities
      • gathering the complete set of source documentation required from the Principal and managers
      • submission of the application to the supervisory authority
   4. Proceedings
      • periodic communication with the authority
      • preparation of responses to summons from the authority
   5. Provision of services
      • commencement of crowdfunding services.