Regulation on European crowdfunding service providers for business : a commentary / edited by Eugenia Macchiavello.

Format:

Book

Contributor:

Macchiavello, Eugenia, editor.

Edward Elgar Publishing, publisher.

Series:

Elgar Commentaries in Financial Law

Language:

English

Subjects (All):

European Parliament. Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.

European Parliament.

Business enterprises--Finance--Law and legislation.

Business enterprises.

Physical Description:

1 online resource (928 pages)

Place of Publication:

Northampton : Edward Elgar Publishing, 2022.

Summary:

"This innovative Commentary boasts contributions from internationally renowned experts with extensive and diverse backgrounds, providing a comprehensive, critical, article-by-article and thematic analysis of the EU Regulation No 1503/2020 on European Crowdfunding Service Providers for Business (ECSPR). Chapters analyse Member States' adaptation of their legal frameworks to the ECSPR, underlying similarities, divergences, additional problematic issues and residual regulatory fragmentation. Key Features: - A theoretical and cross-sectoral approach to crowdfunding services and relative regulations - Constant comparison of ECSPR's provisions with other similar or interrelated EU frameworks - An article-by-article and thematic analysis of the ECSPR, underlying its strengths, innovative characters, and problematic aspects. - Analysis of the implementation of the ECSPR in different countries and adaptation of their legal frameworks, including France, Germany, Italy, Portugal, Spain, the Netherlands, Nordic countries and the Baltics The Commentary is a fundamental companion to the interpretation and application of the ECSPR which will appeal to a diverse range of readers. Academics, scholars, practitioners and professionals interested in financial regulation, EU law, technology law, business law, law of contracts, competition law, international law and comparative law will find this a beneficial resource"-- Provided by publisher.

Contents:

Front matter

Copyright

Contents

Extended contents

Contributors

Foreword

Preface and acknowledgments

Abbreviations

Table of cases

Table of legislation

Table of treaties

PART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS

1. Introduction to the Crowdfunding Regulation

2. The context: the crowdfunding market and its recent developments

PART II THE REGULATION ON EUROPEAN CROWDFUNDING SERVICE PROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS

3. The scope of the ECSPR: the difficult compromise between harmonization, client protection and the 'level playing field' (Arts 1-2, 46, 48-9, 51)

4. The provision of crowdfunding services under the ECSPR (Art 3)

5. Legal issues in the obligations for an effective and prudent management of crowdfunding service providers (Art 4)

6. Due diligence of project owners (Art 5)

7. Individual portfolio management of loans (Art 6)

8. Complaints handling (Art 7)

9. Intermediation risk and conflicts of interest (Art 8)

10. Outsourcing under the ECSPR (Art 9)

11. The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10)

12. Prudential requirements for crowdfunding service providers (Art 11)

13. Authorisation procedure, scope of authorisation and register (Arts 12-14)

14. Supervision and reporting obligations of crowdfunding service providers (Arts 15-16)

15. Causes and procedure of authorisation withdrawal (Art 17)

16. The EU passporting system for crowdfunding service providers: towards a new type of passport for digital financial services? (Art 18)

17. Investor protection and information to clients (Articles 19-20 and 26)

18. Between investor protection and access to crowdfunding: the entry knowledge test and the simulation of the ability to bear loss (Art 21 and Annex II).

19. Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22)

20. On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23-24 and Annex I)

21. Secondary markets for crowdfunding: bulletin boards (Art 25)

22. The new European rules on advertising crowdfunding campaigns: between proportionality and customer protection (Arts 27-28)

23. Competent authorities: their power and their coordination (Arts 29-30 and 33)

24. From cooperation to coercion: the relationships between competent authorities under Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37)

25. ESMA and NCAs: cooperation in supervision (Art 32)

26. Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light of cross-sectoral EU financial regulation and ECJ case law (Art 35)

27. The GDPR and the data processing of the competent authorities in performing their duties under the ECSPR (Art 36)

28. Complaint handling: the role of competent authorities (Art 38)

29. Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures (Arts 39-43)

30. The delegation of powers to the European Commission within the crowdfunding legal framework (Art 44)

31. The Commission's interim report and prospective adaptations of the ECSPR (Art 45)

32. The protection regime of the Whistleblower Directive (Arts 47 and 50)

PART III A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR

33. The silence of the ECSPR on tax law - reduction of hurdles in the distant future?

34. Crowdfunding in the EU: private international law issues by design

35. Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD

36. Crowdfunding and DLTs: the imperative need for more clarity.

37. Crowdfunding platforms, competition law and platform sector regulation

38. Crowdfunding and consumer credit protection in the EU

39. Invoice trading and regulation: the case of Italy

40. Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfunding in the EU

41. Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatory frameworks

PART IV THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGAL FRAMEWORK IN SELECTED COUNTRIES

42. Crowdfunding in France after the adoption of the ECSPR

43. The crowdfunding regulation in Germany - on the path to self-isolation?

44. The impact of the ECSPR on the crowdfunding legal framework in Italy

45. Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective

46. The Portuguese crowdfunding regime and the impact of the ECSPR

47. A comparative analysis of Spanish crowdfunding regulation and the ECSPR

48. The regulation of crowdfunding in the Nordic countries

49. ECSPR implementation in the Baltics

50. ECSPR versus the United States crowdfunding regime

51. Conclusions about the ECSPR and its harmonization force: a brief summary of the objectives achieved and the remaining 'grey' areas from a comparative law perspective

Annex: The evolution of the ECSPR text - overview of the main revisions in trilateral negotiations

Index.

Notes:

Includes bibliographical references and index.

Description based on print version record.

Other Format:

Print version: Macchiavello, Eugenia Regulation on European Crowdfunding Service Providers for Business

ISBN:

9781802209945