Recital 1

(1)According to Article 48(1) of Regulation (EU) 2020/1503, crowdfunding service providers that have been authorised under national law before 10 November 2021 may continue to offer crowdfunding services in accordance with that national law until 10 November 2022. That transitional period was introduced to provide sufficient time for crowdfunding service providers already operating to adapt their business activities to the new legal regime and to have sufficient time to apply for an authorisation thereunder, and for competent authorities to gather sufficient information and resources to ensure a transition without market disruption.