On 25 February 2021, the European Securities and Markets Authority (ESMA) published Questions and Answers (Q&As) regarding the understanding of Special Purpose Vehicle (SPV) aspects under the Regulation on European crowdfunding service providers for business (ECSPR).

The Q&As provide clarifications on the use of SPV under the ECSPR. It addresses the following topics:

• The circumstances and conditions in which a SPV can be created for the provision of crowdfunding services.
• The types of instruments that can be offered to investors via a SPV.
• Whether a SPV can give exposure to more than one underlying asset.
• The type of underlying asset a SPV can give exposure to.
• When an asset should be deemed to be illiquid or indivisible within the meaning of the ECSPR.