Reporting by crowdfunding service providers

Crowdfunding service providers who have received an operating license on the basis of Article 12(1) and 12(2) of Regulation (EU) 2020/1503 of the European Parliament and of the Council  (hereinafter the Regulation) are required, on the basis of Article 16(1) of the Regulation, to provide to the competent authority (to the Finantsinspektsioon) confidentially via its platform each year a list of funded projects, specifying for each project:

  • the project owner and the amount raised;
  • the instrument issued, as defined in points (b), (m) and (n) of Article 2(1) of Regulation;
  • aggregated information about the investors and invested amount broken down by fiscal residency of the investors, distinguishing between sophisticated and non-sophisticated investors.

To provide this information, the European Securities and Markets Authority (ESMA) has developed uniform standards and formats, established by Commission Implementing Regulation (EU) 2022/2120  (Crowdfunding reporting ITS).

Reporting period and deadlines

The period of the information about the projects is a calendar year (1 January to 31 December). The information shall be provided to the Finantsinspektsioon within two calendar months after the end of the reporting period. If the last date for providing the information specified in the regulation is a non-working day, the information will be provided on the first working day following the non-working day. 

For the first time, the information is provided to the Finantsinspektsioon for the period, which is the period from the moment of obtaining the license to the end of a calendar year. 

Crowdfunding service providers who received an operating license in 2022 will provide the information for the first time on 29th of February 2024 for the period of, which is the period from the moment of obtaining the operating license to 31.12.2023.

Reporting format and submission 

The information is submitted to the Finantsinspektsioon electronically as documents formatted in XML (eXtensible Markup Language) according to the Decree No 4 “Requirements for the electronic submission of reports” of the Governor of Eesti Pank of 29.05.2018.

The information is submitted through the data collection portal , which is an application managed jointly by Eesti Pank and Finantsinspektsioon for receiving and processing reports electronically (see more information here)

To provide information, the crowdfunding service provider must submit the following reports to the Finantsinspektsioon through the data collection portal:

  1. Report on crowdfunding offer projects 
  2. Report on project owners 
  3. Report on investors 

An empty report shall be submitted if no data is available with regard to the report. 

XML schemas for reporting can be found at 

In case of questions related to the content and methodology of the reports, please contact at [email protected]