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Regulation on European Crowdfunding Service Providers for Business

Regulation on European Crowdfunding Service Providers for Business

Author: Eugenia Macchiavello
Publisher: Edward Elgar Publishing
ISBN: 9781802209938
Published In: December 2022
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 4,277.00

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Description
Contents

Details

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.

Foreword

Diego Valiante

Preface and acknowledgments

List of abbreviations

PART I. THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS

Introduction to the Crowdfunding Regulation

Eugenia Macchiavello

The context: the crowdfunding market and its recent developments

Rotem Shneor

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

The scope of the ECSPR: the difficult compromise between harmonization, client protection and the level

playing field (Arts 1–2, 46, 48–9, 51)

Eugenia Macchiavello

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

Sebastiaan Niels Hooghiemstra

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

Federico Ferretti and Francesca Mattassoglio

6. DUE DILIGENCE OF PROJECT OWNERS (Art 5)

Marije Louisse

7. Individual portfolio management of loans (Art 6)

Roberto Ferretti

8. Complaints handling (Art 7)

Roberto Ferretti

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

Diogo Pereira Duarte

10. Outsourcing under the ECSPR (Art 9)

Ella van Kranenburg

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

Sebastiaan Niels Hooghiemstra

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

Marije Louisse

13.

Authorisation procedure, scope of authorisation and register (Arts 12–14)

Tanja Aschenbeck and Lina Engler

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

Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio

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

Tanja Aschenbeck and Lina Engler

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

Vittorio Tortorici

17.

Investor protection and information to clients (Articles 19–20 and 26)

Diogo Pereira Duarte

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)

Joeri De Smet and Veerle Colaert

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

Konstantinos Serdaris

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

Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold

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

Matteo Gargantini

22. The new European rules on advertising crowdfunding campaigns: between proportionality and customer

protection (Arts 27–28)

Tommaso Martini Varvesi and Vittorio Tortorici

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

Anna Maria Agresti

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

Nathan de Arriba-Sellier

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

Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio

26. Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light of

cross-sectoral EU financial regulation and ECJ case law (Art 35)

Eugenia Macchiavello

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

Federico Ferretti

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

Anna Maria Agresti

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

Konstantinos Serdaris

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

Federico Riganti

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

Eugenia Macchiavello

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

Ghazale Mandegarian-Fricke

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

33. The silence of the ECSPR on tax law

Ulrike Bär

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

Ivana Kunda

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

Sebastiaan Niels Hooghiemstra

36. Crowdfunding and DLTS

Filippo Annunziata and Thomaz de Arruda

37. Crowdfunding platforms, competition law and platform sector regulation

Carmen Estevan de Quesada

38. Crowdfunding and consumer credit protection in the EU

Antonella Sciarrone Alibrandi and Edoardo Grossule

39. Invoice trading and regulation: the case of Italy

Umberto Piattelli and Sofia Caruso

40. Beyond the ECSPR and financial return

Eugenia Macchiavello and Chiara Valenti

41. A comparative analysis between the UK and EU regulatory frameworks

Francesco De Pascalis

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

Jean-Marc Moulin

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

Karsten Wenzlaff and Ana Odorović

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

Umberto Piattelli and Sofia Caruso

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

Anne Hakvoort

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

Diogo Pereira Duarte and Joana da Costa Lopes

47. Comparison of Spanish crowdfunding regulation and ECSPR

Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova

48. The regulation of crowdfunding in the Nordic countries

Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen

49. ECSPR implementation in the Baltics

Nikita Divissenko

50. ECSPR versus the United States crowdfunding regime

Elif Härkönen

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

Eugenia Macchiavello

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