Legal Aspects of Crowdfunding

1. Front Matter

   Pages i-vi

   PDF

2. General Report / Rapport général

   1. Front Matter

      Pages 1-1

      PDF

   2. Rapport Général sur la régulation juridique du crowdfunding

      • Caroline Kleiner

      Pages 3-47

   3. General Report: The Legal Regulation of Crowdfunding

      • Caroline Kleiner

      Pages 49-89

3. National Reports / Rapports nationaux

   1. Front Matter

      Pages 91-91

      PDF

   2. Regulation of Crowdfunding in Germany

      • Tobias H. Tröger

      Pages 93-125

   3. Le Financement Alternatif en Droit Belge

      • Enguerrand Marique, Kim Van de Velden, Sébastien Wolff

      Pages 127-150

   4. Crowdfunding in Brazilian Law

      • Aline de Miranda Valverde Terra

      Pages 151-173

   5. L’encadrement juridique du financement participatif au Canada

      • Michelle Cumyn

      Pages 175-200

   6. Ask and you Shall Receive: Crowdfunding in Cyprus

      • Venetia Argyropoulou, Philippe Jougleux, Tatiana-Eleni Synodinou

      Pages 201-227

   7. Crowdfunding in Spain

      • Esther Hernández Sainz

      Pages 229-253

   8. Legal Regulation of Crowdfunding in Estonia

      • Gerd Laub

      Pages 255-269

   9. The Legal Regulation of U.S. Crowdfunding: An Organically Evolving Patchwork

      • Joan MacLeod Heminway

      Pages 271-290

   10. Crowdfunding Act Accelerating the Growth of the Crowdfunding Market in Finland

       • Aki Kallio

       Pages 291-302

   11. Le Crowdfunding, ou l’Adaptation du Droit au Service des Investissements en France

       • François Barrière

       Pages 303-319

   12. Legal Regulation of Crowdfunding in Greece

       • Evi Matthaiou

       Pages 321-330

   13. The Legal Regulation of Crowdfunding in Ireland

       • Cliona Kelly

       Pages 331-341

   14. The Legal Regulation of Crowdfunding in Japan

       • Takahito Kato

       Pages 343-362

   15. Crowdfunding in the Netherlands

       • Lars van Vliet

       Pages 363-375

   16. Crowdfunding in Poland

       • Ewa Bagińska

       Pages 377-393

This book offers a comparative perspective on 18 countries’ legal regulation of crowdfunding. In the wake of the financial crises of 2008, use of this alternative financing method has increased substantially, in various forms. Whereas some states have adopted tailor-made regimes in order to regulate but also encourage this way of financing projects, allowing loans to be made by non-banking institutions, others still haven’t specifically addressed the subject. An analysis of these diverse legislative stances offers readers a range of legal solutions for managing crowdfunding activities with regard to e.g. protecting investors, imposing limits on project owners, and finally the role and duties of intermediaries, i.e., companies operating crowdfunding platforms. In addition, the content presented here provides a legal basis for states and supranational organizations interested in regulating this phenomenon to achieve more legal certainty.  

• Legal Aspects of Crowdfunding
• Regulation of Crowdunding
• Contributions from the Crowd
• Crowdfunding Platforms
• Enhancing of Credit
• Financing Without Banks
• Financing from the Crowd
• Crowddonating
• Crowdlending
• Crowdequity
• Household Finance

• Université de Paris, Paris, France

  Caroline Kleiner

Caroline Kleiner is a full professor of Private international law at the Paris University (formerly University of Paris Descartes). Invited as a guest professor in many Universities (Doshisha (Kyoto), NYU (New York), Edinburgh, High College of Economy (Moscou)) she teaches Private international law as well as International Banking and Financial law. She contributes for almost 10 years to the comments of the French Monetary and Financial Code and publishes regularly on subjects related to financing and international litigation. 

Policies and ethics