(3)Following its assessment, which considered the technical advice prepared by ESMA and received on 19 May 2022, the Commission concluded that the extension of the transitional period by 12 months is necessary to avoid disruptions in large national crowdfunding markets. The disruption would be caused by the inability of certain competent authorities to complete authorisation procedures by 10 November 2022 and by the inability for crowdfunding platforms operating under national law to adapt to a more comprehensive framework in time.