Regulation of the European Parliament and of the Council on European crowdfunding service providers for business shall apply

As of 10 November 2021, Regulation (EU) 2020/1503 of the European Parliament and of the Council on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (after that – the Regulation), shall apply.

The Regulation regulates the activities of crowdfunding platforms and their operators at the European Union level. This Regulation lays down uniform requirements for the provision of crowdfunding services, for the organisation, authorisation and supervision of crowdfunding service providers, for the operation of crowdfunding platforms as well as for transparency and marketing communications in relation to the provision of crowdfunding services in the European Union.

The Regulation will replace the Law on Crowdfunding of the Republic of Lithuania. As of 10 November 2021, one-year transition period will be set for operators of crowdfunding platforms operating in accordance with the Law on Crowdfunding of the Republic of Lithuania to re-license and continue to operate in accordance with the Regulation.

A more detailed overview of the Regulation and its requirements can be found in this overview prepared by law firm TESET:

https://www.tesetlaw.com/wp-content/uploads/2021/04/Crowdfunding.2020-10-07.pdf