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Part VI Managing, Preventing, and Resolving Crowdfunding-Related Disputes, 17 Collective Redress in Crowdfunding »

Tomas Arons
From: The EU Crowdfunding Regulation
Edited By: Pietro Ortolani, Marije Louisse
This chapter explores the use of class action procedures to resolve crowdfunding-related disputes. In collective proceedings, associations or foundations will typically act as claimants, representing a constituency of investors that allegedly suffered the same type of harm, and taking decisions with (legal) consequences for the individual members of this groups. In principle, this type of dispute seems to be suitable for class action schemes, e.g. aggregating the claims of a multitude of investors against a project owner, or a service provider. Yet, the availability of this sort of procedures varies largely among European legal systems. The chapter discusses class actions as a method for the resolution of crowdfunding-related disputes, also in light of the new EU Directive on collective redress.

Part IV Raising Capital on the Capital Markets, 11 Modernizing the Prospectus Directive »

Bas de Jong, Tomas Arons
From: Capital Markets Union in Europe
Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini
On 16 May 2017, the Council adopted the Prospectus Regulation, which repeals the Prospectus Directive. The prospectus rules are an important part of the Capital Markets Union (CMU), and will apply from mid-2019. This chapter analyzes the reforms of the prospectus rules enacted in the new Prospectus Regulation. First, it provides the background and purposes of the Regulation. It then addresses the extension of the exceptions to and exemptions of the duty to publish a prospectus; the special regime for small and medium-sized companies; the reduction of the burden for secondary issues; the special regime for frequent issuers; the increased relevance of the prospectus for investors; and finally the publication of and access point for EU-prospectuses.