European Crowdfunding Network Review of Crowdfunding Regulation

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  • Review of Crowdfunding Regulation Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel A Publication of the Tax & Legal Work Group of the European Crowdfunding Network
  • Review of Crowdfunding Regulation - October 2013 . DISCLAIMER The content on this publication is offered only as a public service and does not constitute solicitation or provision of legal advice. This publication should not be used as a substitute for obtaining legal advice from an attorney licensed or authorised to practice in your jurisdiction. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. The comments and opinions expressed on this site are of the individual author and may not reflect the opinions of the firm or any individual attorney. IMPRESSUM Review of Crowdfunding Regulation. Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel, 2013 Published by the European Crowdfunding Network AISBL Editor: Oliver Gajda. Legal Editors: Tanja Aschenbeck-Florange, Thomas Nagel This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License. www.europecrowdfunding.org Page |1
  • Review of Crowdfunding Regulation - October 2013 . FOREWORD ................................................................................................................................. 7 INTRODUCTION ........................................................................................................................... 9 AUSTRIA ..................................................................................................................................... 10 1 2 3 4 5 Current Market of Crowdfunding platforms in Austria ................................................ 10 Current Regulation of Crowdfunding platforms in Austria .......................................... 11 Possible Regulation of Crowdfunding Platforms under the AIFMD Regime in Austria ........................................................................................................................ 15 Conclusion ................................................................................................................. 18 Contact details of the authors: ................................................................................... 19 BELGIUM..................................................................................................................................... 20 1 2 3 4 5 Current Market of Crowdfunding platforms in Belgium .............................................. 20 Current Regulation of Crowdfunding platforms in Belgium ........................................ 21 Possible regulation of Crowdfunding platforms under the AIFMD regime in Belgium ...................................................................................................................... 25 Conclusion ................................................................................................................. 26 Contact details of the author: ..................................................................................... 27 BULGARIA................................................................................................................................... 28 1 2 3 4 5 Current Market of Crowdfunding platforms in Bulgaria .............................................. 28 Current Regulation of Crowdfunding platforms in Bulgaria........................................ 29 Status of AIFMD implementation ............................................................................... 30 Conclusion ................................................................................................................. 30 Contact details of the authors: ................................................................................... 31 CANADA ...................................................................................................................................... 32 1 2 3 4 5 Current market of Crowdfunding platforms in Canada .............................................. 32 Current Regulation of Crowdfunding Platforms in Canada ........................................ 34 Possible regulation of Crowdfunding platforms under the AIFMD regime in Canada ....................................................................................................................... 40 Conclusion ................................................................................................................. 40 Contact details of the author: ..................................................................................... 41 CROATIA ..................................................................................................................................... 42 1 2 3 4 5 Current Market of Crowdfunding platforms in Croatia ............................................... 42 Current Regulation of Crowdfunding platforms in Croatia ......................................... 42 Possible regulation of Crowdfunding platforms under the AIFMD regime in Croatia 45 Conclusion ................................................................................................................. 46 Contact details of the authors: ................................................................................... 47 CZECH REPUBLIC ..................................................................................................................... 48 1 2 3 4 Current Market of Crowdfunding platforms in the Czech Republic ............................ 48 Current Regulation of Crowdfunding platforms in the Czech Republic ..................... 48 Possible regulation of Crowdfunding platforms under the AIFMD regime in the Czech Republic .......................................................................................................... 51 Conclusion ................................................................................................................. 53 www.europecrowdfunding.org Page |2
  • Review of Crowdfunding Regulation - October 2013 . 5 Contact details of the authors: ................................................................................... 54 DENMARK ................................................................................................................................... 55 1 2 3 4 5 Current Market of Crowdfunding platforms in Denmark ............................................ 55 Current Regulation of Crowdfunding platforms in Denmark ...................................... 56 Possible regulation of Crowdfunding platforms under the AIFMD regime in Denmark ..................................................................................................................... 58 Conclusion ................................................................................................................. 58 Contact details of the author: ..................................................................................... 59 ESTONIA ..................................................................................................................................... 60 1 2 3 4 5 Current Market of Crowdfunding platforms in Estonia ............................................... 60 Current Regulation of Crowdfunding platforms in Estonia ......................................... 61 Possible regulation of Crowdfunding platforms under the AIFMD regime in Estonia ....................................................................................................................... 64 Conclusion ................................................................................................................. 65 Contact details of the authors: ................................................................................... 66 FINLAND ..................................................................................................................................... 67 1 2 3 4 5 Current Market of Crowdfunding platforms in Finland ............................................... 67 Current Regulation of Crowdfunding platforms in Finland ......................................... 67 Possible regulation of Crowdfunding platforms under the AIFMD regime in Finland 71 Conclusion ................................................................................................................. 73 Contact details of the authors: ................................................................................... 74 FRANCE ...................................................................................................................................... 75 1 2 3 4 5 Current Market of Crowdfunding platforms in France ................................................ 75 Current regulation of Crowdfunding platforms in France ........................................... 76 Possible regulation of Crowdfunding platforms under the AIFMD regime ................. 80 Conclusion ................................................................................................................. 81 Contact details of the authors: ................................................................................... 82 GERMANY................................................................................................................................... 84 1 2 3 4 5 Current Market of Crowdfunding platforms in Germany ............................................ 84 Current Regulation of Crowdfunding platforms in Germany ...................................... 85 Possible regulation of Crowdfunding platforms under the AIFMD regime in Germany .................................