Under EU regulations, all co-financing service providers must be licensed before 10 November 2022, or they may no longer operate.

The Estonian Financial Supervision Authority, Finantsinspektsioon, fear that many crowdfunding platforms are already in delay with their compliance work and are at risk of not being authorized on time before the deadline.

The co-financing service licensing process can take some four months in the most positive scenario. This is on the assumption that all documents that have been submitted are correct and at the right level and that the FSA does not have too many questions. Experience from another type of FSA licensing show that the procedures almost always take longer than initially planned. Therefore, there is not much time left to submit your application.

In case you missed the information seminar in November 2021 held by the FSA, you can find a link to the slides here.

Read more about the changes here.

If you are looking for legal support in the licensing process, NJORD Law Firm’s Banking & Finance team, headed by attorney Virgi Nael, may still be able to find you some slots before the deadline.