On 6 October 2020, we reported that the European Parliament issued a press release stating that it had adopted at second reading a Regulation on European crowdfunding service providers for business and a Directive making amendments to MiFID II.

These two pieces of EU legislation were subsequently published in the Official Journal of the EU (OJ) on 20 October 2020:

• Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.
• Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments.

The Regulation enters into force on the twentieth day following its publication in the OJ. It applies from 10 November 2021.

The Directive also enters into force on the twentieth day following its publication in the OJ. Member States are to adopt and publish, by 10 May 2021, the laws, regulations and administrative provisions necessary to comply with the Directive. They shall apply those measures from 10 November 2021. Member States shall also communicate to the Commission and to the European Securities and Markets Authority the text of the main provisions of national law which they adopt in the field covered by this Directive.