(2)Article 48(3) of Regulation (EU) 2020/1503 requires the Commission to assess the application of Regulation (EU) 2020/1503 to crowdfunding service providers that provide crowdfunding services only on a national basis and the impact of that Regulation on the development of national crowdfunding markets and on access to finance. On the basis of that assessment, the Commission may extend the transitional period referred to in Article 48(1) of that Regulation once, by a 12-month period.