What was updated
The European Securities and Markets Authority (ESMA) published a new version of document ESMA35-42-1305 on miscellaneous national reporting under the European Crowdfunding Service Providers for Business Regulation (ECSPR).
Four key reference tables
- company types and instruments that may fall within the ECSPR scope;
- languages accepted for the key investment information sheet (KIIS);
- national rules applicable to advertising and marketing communications;
- contact details and complaint procedures published by competent authorities.
Why national differences remain
ECSPR creates a common European framework, but Member States retain rules covering language, advertising, supervision, sanctions and complaint handling. A provider operating cross-border must also comply with the applicable requirements of the market it targets.
A new step for Liechtenstein
The updated reference states that Liechtenstein’s act and implementing regulation for European crowdfunding service providers apply from 1 August 2026. This extends the practical application of the framework within the EEA.
What this means for investors
KIIS and language
Before investing, check that the KIIS is provided in a language accepted by the relevant national authority and understood by you.
Marketing claims
A marketing communication does not replace the KIIS. Returns, risks, costs and investor rights should be assessed using the official documentation.
Complaints
In the event of a dispute, identify the competent authority and the complaint procedure published for the provider’s jurisdiction.
Authorisation
An ECSPR authorisation provides a regulatory framework, but it does not guarantee repayment of capital or investment returns.
Important: the update is a consolidated reference on national implementation, not a new regulation replacing ECSPR. This material is for information only and does not constitute legal or investment advice.