On 26 February, the EBA published an opinion setting out the need for regulation in crowdfunding throughout the EU. It noted that because crowdfunding is at quite an early stage, regulatory convergence should be based on existing EU legislation. This should help drive investor confidence in this relatively new platform. EBA considers the Payment Services Directive to be the most readily applicable EU legislative text to lending-based crowdfunding. It did, however, point out that this leaves some lending based aspects of it not covered by EU law, which would result in lending related risks.