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- Preliminary Material
- Main Text
- Part I Sketching a Legal Taxonomy of Crowdfunding
- 1 Introduction: Keep Calm and Continue Crowdfunding
- Preliminary Material
- I The Road to an EU Crowdfunding Regulation
- II The Rise of Crowdfunding
- III Varieties of Crowdfunding
- IV Crowdfunding Vehicles and Techniques: The Role of Platforms
- V National Regulation of Crowdfunding
- VI Germany
- VII The Netherlands
- VIII France
- IX Italy
- X The Introduction of the Crowdfunding Regulation
- XI Overview of the Book
- 1 Part I: Sketching a Legal Taxonomy of Crowdfunding
- 2 Part II: Defining and Assessing the Scope of the Crowdfunding Regulation
- 3 Part III: Regulating the Crowdfunding Service Providers Under the Crowdfunding Regulation
- 4 Part IV: The Position of Project Owners Under the Crowdfunding Regulation and Beyond
- 5 Part V: Protecting the Crowd Under the Crowdfunding Regulation and Beyond
- 6 Part VI: Managing, Preventing, and Resolving Crowdfunding-Related Disputes
- 2 The Crowdfunding Regulation in the Context of the Capital Markets Union
- Preliminary Material
- I Putting the Crowdfunding Regulation in Context: Capital Markets Union and Recent Challenges
- II Distinctive Features of Crowdfunding and Other Funding Options
- III Recent Evolution of the CMU and Implications for the Crowdfunding Regulation
- IV Conclusions
- 1 Introduction: Keep Calm and Continue Crowdfunding
- Part II Defining and Assessing the Scope of the Crowdfunding Regulation
- 3 The Scope of the Crowdfunding Regulation and the Impact of Brexit
- Preliminary Material
- I Introduction
- II The Scope of the Crowdfunding Regulation
- III The UK and the EU Crowdfunding Regulation
- 4 Crowdfunding and UK Law
- 5 EU Consumer Law and the Boundaries of the Crowdfunding Regulation
- Preliminary Material
- I Introduction
- II The Consumer in the Crowdfunding Market
- III Protection of Consumers as Project Owners
- 1 Crowdfunding Regulation 2020/1503
- 2 Consumer Credit Directive 2008/48
- 3 Mortgage Credit Directive 2014/17
- 4 Financial Services Distance Selling Directive 2002/65
- 5 Protection under National Law
- IV Protection of Consumers as Investors
- 5.69
- 1 Crowdfunding Regulation 2020/1503
- 2 MiFID II Directive 2014/65
- 3 Prospectus Regulation 2017/1129
- 4 PRIIPs Regulation 1286/2014
- 5 Investor Compensation Schemes Directive 97/9
- 6 Protection under National Law
- V General Consumer Protection Laws and Crowdfunding
- VI Summary
- 6 Is the Crowdfunding Regulation Future-Proof?: Forms of Blockchain-based Crowdfunding Falling Outside of the Scope of the Regulation
- Preliminary Material
- I The Problem of Token and Cryptocurrency Classification
- II Token Classification within the European Union
- III Token Classification outside the European Union
- IV Definitions of Token Offerings
- V Laws and Guidelines on Token Offerings
- VI The EU Digital Finance Package
- VII The Scope of the MICA Regulation
- VIII Categories of Crypto-assets Falling into the MICA Regulation Scope
- IX Requirements to be Fulfilled by Crypto-asset Issuers under the MICA Regulation
- X Authorization and Obligations of Crypto-asset Service Providers
- XI Will a Financial Regulatory Framework (Inclusive of the Crowdfunding Regulation and the MICA Regulation) be effectively omni-comprehensive?
- 3 The Scope of the Crowdfunding Regulation and the Impact of Brexit
- Part III Regulating the Crowdfunding Service Providers Under the Crowdfunding Regulation
- 7 Authorization and Supervision of Crowdfunding Service Providers
- Preliminary Material
- I Introduction
- II The Authorization of Crowdfunding Service Providers
- III Supervision by the Competent Authorities
- IV Other Activities by Crowdfunding Service Providers
- 7.44
- 1 Investment Services
- 7.45
- A Exemption of MiFID II?
- B Investment Services and Activities
- C The Facilitation of Granting Loans
- D Placing without a Firm Commitment Basis
- E The Reception and Transmission of Orders in Relation to One or More Financial Instruments and Executing Orders on Behalf of Clients
- F Investment Advice
- G The Operation of a Multilateral Trading Facility or an Organized Trading Facility
- 2 Managing an AIF or UCITS
- 3 Payment Services
- 4 Market Access under National Regimes
- V Conclusion
- 8 Organizational and Operational Requirements for Crowdfunding Service Providers
- 7 Authorization and Supervision of Crowdfunding Service Providers
- Part IV The Position of Project Owners Under the Crowdfunding Regulation and Beyond
- 9 The Regulatory Position and Obligations of Project Owners
- Preliminary Material
- I Introduction
- II Meet the Project Owner
- 9.04
- 1 (Legal) Person Acting in the Course of Its Business or Profession
- 2 Funding through Investment or Loan-based Crowdfunding
- 3 Attraction of Loans or Issuance of Transferable Securities or Other Admitted Instruments for Crowdfunding Purposes
- 4 Crowdfunding Offers with a Maximum Amount of EUR 5 Million
- 5 Shareholders, Managers, and Employees Cannot Act as Project Owners
- III Obligations of Crowdfunding Service Providers in Relation to Project Owners
- IV No Authorization Requirement for Project Owners?
- 9.21
- 1 Exemption from Authorization Requirement for Credit Institutions
- 2 Exemption from the Prohibition to Take Deposits and Other Repayable Funds
- 3 Project Owners that Accept Funds through Loans or the Issuance of Debt Securities
- 4 Project Owners that Accept Funds through the Issuance of Equity Securities
- V Main Obligations of the Project Owner under the Crowdfunding Regulation
- VI Protection of the Project Owner: The Missing Piece?
- 9.41
- 1 Multi-Layered Relationship between Project Owner and Crowdfunding Service Provider
- 2 Civil Liability Aspects of Crowdfunding
- 3 Issues Requiring Clarity in Respect of Exemption from Authorization and Prospectus Requirements
- 4 Dependence on National Regimes Due to Restrictive Scope of Crowdfunding Regulation
- 5 No Differentiation between Sophisticated and Non-Sophisticated Project Owners
- VII Conclusion
- 10 Crowdfunding and Intellectual Property Protection
- Preliminary Material
- I Introduction
- II Crowdfunding and Intellectual Property as Innovation Facilitators
- III Copying Exposure in Crowdfunding and Potential Intellectual Property Solutions
- IV Signalling Intellectual Property Protection and Crowdfunding Success
- V Conclusion and Takeaways
- 11 Non-Profit Project Owners: Crowdfunding and Public Interest Litigation in the Digital Age
- 9 The Regulatory Position and Obligations of Project Owners
- Part V Protecting the Crowd Under the Crowdfunding Regulation and Beyond
- 12 Investor Protection on Crowdfunding Platforms
- Preliminary Material
- I Introduction
- II Investor-focused Objectives of Crowdfunding
- III Investor Protection and the Scope of the Regulation
- IV Categorization of Investors: Sophisticated and Non-Sophisticated
- V Information to Clients
- VI Default Rate Disclosure
- VII Entry Knowledge Test, Simulation of the Ability to Bear Loss and Investment Limits
- VIII Pre-contractual Reflection Period
- IX Key Investment Information Sheet
- X Conclusion
- 13 Secondary Trading of Crowdfunding Investments
- Preliminary Material
- I Introduction
- II The Scope of the Crowdfunding Regulation Compared with the MiFID II Framework
- III Secondary Trading of Crowdfunding Investments
- IV Full Regulation: Just a Matter of Time?
- 14 Marketing Communications and the Digital Single Market
- Preliminary Material
- I Introduction
- II Requirements Regarding Marketing Communications
- 14.06
- 1 Origin of the Provision—Comparison with MiFID II
- 2 Identifiability of Marketing Communications: A Comparison with the EU Consumer Acquis
- 3 Outsourcing to Third Parties
- 4 Fair, Clear, and Not Misleading Content
- 5 Cross-border Dissemination of Marketing Communications and Translation
- 6 Disproportionate Targeting
- 7 Role of Competent Authorities in Overseeing Compliance
- III Publication of National Provisions
- IV Conclusions
- 15 Reward-based Crowdfunding, the Digital Single Market, and EU Consumer Law
- Preliminary Material
- I Introduction
- II A Brief Overview of Reward-based Crowdfunding
- III Applicability of the EU Consumer Protection Law Acquis to RBC
- IV The Unfair Commercial Practices Directive in RBC: Protective Thresholds and Interpretative Challenges
- V Unfair Contract Terms Directive: ‘Good Faith’ in the Brave New World of RBC
- VI Conclusion
- 12 Investor Protection on Crowdfunding Platforms
- Part VI Managing, Preventing, and Resolving Crowdfunding-Related Disputes
- 16 Civil and Commercial Jurisdiction in Crowdfunding-Related Litigation
- 17 Collective Redress in Crowdfunding
- Preliminary Material
- I Introduction
- II Directive on Representative Actions for the Protection of the Collective Interests of Consumers
- III French Collective Redress Model: Action de Groupe
- IV German Collective Redress Model
- V Dutch Collective Redress Models
- VI Conclusion
- Part I Sketching a Legal Taxonomy of Crowdfunding
- Further Material
- [44.192.92.49]
- 44.192.92.49
