Crowdfunding service providers
An entity providing crowdfunding services must apply for a separate authorisation in accordance with the Regulation on European Crowdfunding Service Providers for business (2020/1503, EU Crowdfunding Regulation). Applicants should note that it takes several months to process an authorisation. Application for an authorisation is made to the competent authority of the Member State in which the applicant is established.
A written application is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contacts the FIN-FSA before applying to clarify the procedure. Application for an authorisation must be made either in Finnish or Swedish.
Delivery of authorisation application documents to the Financial Supervisory Authority
An entity providing crowdfunding services applying for an authorisation must submit the application document to FIN-FSA Registry: kirjaamo(at)finanssivalvonta.fi.
Provision of services on a cross-border basis from Finland to another EEA country
A crowdfunding service provider authorised in Finland may provide crowdfunding services in another EEA country by providing services across the border. The commencement of activities is contingent on a notification procedure where the service provider must submit information under Article 18 of the EU Crowdfunding Regulation (2020/1503) to the FIN-FSA using the form below. A notification must also be submitted if there is any change in this information.
The FIN-FSA will submit the information within ten working days to the competent authorities of the countries where the crowdfunding service provider intends to provide the service, as well as to the European Securities and Markets Authority (ESMA). Activities may be commenced immediately when the FIN-FSA has made this notification or at the latest after 15 calendar days.
Provision of other loan-based crowdfunding from Finland to abroad
Where a service provider is providing other loan-based crowdfunding referred to in section 1(2) of the Finnish Act on the Provision of Crowdfunding Services (2022/203), it may provide it from Finland to another country if allowed in the country concerned.
The provision of other loan-based crowdfunding must be notified in the services of the above form as other activity not covered by the EU Crowdfunding Regulation. The service provider must notify to the FIN-FSA well in advance the services or activities it intends to provide, and in which country and how they are to be provided. A notification must also be submitted if there is any change in this information.
Provision of service to Finland from the EEA
A crowdfunding service provider authorised in another EEA country may provide services on a cross-border basis to Finland. The cross-border provision of services is contingent on a notification by the supervisory authority of the home state to the FIN-FSA. The notifications can be found in the notification register.