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Regulation on European Crowdfunding Service Providers for Business
A Commentary
9781802209938 Edward Elgar Publishing
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.
More Information
Contributors
Contents
More Information
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.
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.
Contributors
Contributors: Tanja Aschenbeck, Anna Maria Agresti, Segismundo Álvarez Royo-Villanova, Filippo Annunziata, Nathan de Arriba-Sellier, Nikolai Badenhoop, Ulrike Bär, Sofia Caruso, Francesca Chiarelli, Veerle Colaert, Joana da Costa Lopes, Matilde Cuena Casas, Raffaele D’Ambrosio,Thomaz de Arruda, Francesco De Pascalis, Joeri De Smet, Nikita Divissenko, Leonardo Droghini, Lina Engler, Carmen Estevan de Quesada, Federico Ferretti, Roberto Ferretti, Matteo Gargantini, Edoardo Grossule, Elif Härkönen, Cecilie Højvang Christensen, Sebastiaan Niels Hooghiemstra, Ivana Kunda, Marco Lamandini,Marije Louisse, Eugenia Macchiavello, Ghazale Mandegarian-Fricke, Tommaso Martini Varvesi, Francesca Mattassoglio, Jean-Marc Moulin, Thomas Neumann, Ana Odorović, Giuseppe Pala, Diogo Pereira Duarte, Umberto Piattelli, Federico Riganti, Tobias Riethmüller, Antonella Sciarrone Alibrandi, Konstantinos Serdaris, Rotem Shneor, Vittorio Tortorici, Chiara Valenti, Ella van Kranenburg, Patrick Wambold, Karsten Wenzlaff
Contents
Contents:
Foreword xxxv
Diego Valiante
Preface and acknowledgments xli
PART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS
1 Introduction to the Crowdfunding Regulation 2
Eugenia Macchiavello
2 The context: the crowdfunding market and its recent developments 15
Rotem Shneor
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) 44
Eugenia Macchiavello
4 The provision of crowdfunding services under the ECSPR (Art 3) 68
Sebastiaan Niels Hooghiemstra
5 Legal issues in the obligations for an effective and prudent management of crowdfunding service
providers (Art 4) 86
Federico Ferretti and Francesca Mattassoglio
6 Due diligence of project owners (Art 5) 105
Marije Louisse
7 Individual portfolio management of loans (Art 6) 113
Roberto Ferretti
8 Complaints handling (Art 7) 130
Roberto Ferretti
9 Intermediation risk and conflicts of interest (Art 8) 136
Diogo Pereira Duarte
10 Outsourcing under the ECSPR (Art 9) 150
Ella van Kranenburg
11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167
Sebastiaan Niels Hooghiemstra
12 Prudential requirements for crowdfunding service providers (Art 11) 184
Marije Louisse
13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197
Tanja Aschenbeck and Lina Engler
14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229
Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio
15 Causes and procedure of authorisation withdrawal (Art 17) 241
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) 252
Vittorio Tortorici
17 Investor protection and information to clients (Articles 19–20 and 26) 266
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) 280
Joeri De Smet and Veerle Colaert
19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300
Konstantinos Serdaris
20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310
Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold
21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350
Matteo Gargantini
22 The new European rules on advertising crowdfunding campaigns: between proportionality and
customer protection (Arts 27–28) 367
Tommaso Martini Varvesi and Vittorio Tortorici
23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383
Anna Maria Agresti
24 From cooperation to coercion: the relationships between competent authorities under
Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391
Nathan de Arriba-Sellier
25 ESMA and NCAs: cooperation in supervision (Art 32) 409
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) 419
Nikolai Badenhoop
27 The GDPR and the data processing of the competent authorities in performing their duties under
the ECSPR (Art 36) 434
Federico Ferretti
28 Complaint handling: the role of competent authorities (Art 38) 451
Anna Maria Agresti
29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures
(Arts 39–43) 455
Konstantinos Serdaris
30 The delegation of powers to the European Commission within the crowdfunding legal framework
(Art 44) 474
Federico Riganti
31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482
Eugenia Macchiavello
32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497
Ghazale Mandegarian-Fricke
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? 514
Ulrike Bär
34 Crowdfunding in the EU: private international law issues by design 529
Ivana Kunda
35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548
Sebastiaan Niels Hooghiemstra
36 Crowdfunding and DLTs: the imperative need for more clarity 565
Filippo Annunziata and Thomaz de Arruda
37 Crowdfunding platforms, competition law and platform sector regulation 578
Carmen Estevan de Quesada
38 Crowdfunding and consumer credit protection in the EU 591
Antonella Sciarrone Alibrandi and Edoardo Grossule
39 Invoice trading and regulation: the case of Italy 607
Umberto Piattelli and Sofia Caruso
40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfunding
in the EU 619
Eugenia Macchiavello and Chiara Valenti
41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatory
frameworks 646
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 664
Jean-Marc Moulin
43 The crowdfunding regulation in Germany – on the path to self-isolation? 673
Karsten Wenzlaff and Ana Odorović
44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694
Umberto Piattelli and Sofia Caruso
45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711
Anne Hakvoort
46 The Portuguese crowdfunding regime and the impact of the ECSPR 729
Diogo Pereira Duarte and Joana da Costa Lopes
47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751
Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova
48 The regulation of crowdfunding in the Nordic countries 765
Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen
49 ECSPR implementation in the Baltics 784
Nikita Divissenko
50 ECSPR versus the United States crowdfunding regime 796
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 808
Eugenia Macchiavello
Annex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822
Eugenia Macchiavello
Index 825
Foreword xxxv
Diego Valiante
Preface and acknowledgments xli
PART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS
1 Introduction to the Crowdfunding Regulation 2
Eugenia Macchiavello
2 The context: the crowdfunding market and its recent developments 15
Rotem Shneor
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) 44
Eugenia Macchiavello
4 The provision of crowdfunding services under the ECSPR (Art 3) 68
Sebastiaan Niels Hooghiemstra
5 Legal issues in the obligations for an effective and prudent management of crowdfunding service
providers (Art 4) 86
Federico Ferretti and Francesca Mattassoglio
6 Due diligence of project owners (Art 5) 105
Marije Louisse
7 Individual portfolio management of loans (Art 6) 113
Roberto Ferretti
8 Complaints handling (Art 7) 130
Roberto Ferretti
9 Intermediation risk and conflicts of interest (Art 8) 136
Diogo Pereira Duarte
10 Outsourcing under the ECSPR (Art 9) 150
Ella van Kranenburg
11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167
Sebastiaan Niels Hooghiemstra
12 Prudential requirements for crowdfunding service providers (Art 11) 184
Marije Louisse
13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197
Tanja Aschenbeck and Lina Engler
14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229
Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio
15 Causes and procedure of authorisation withdrawal (Art 17) 241
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) 252
Vittorio Tortorici
17 Investor protection and information to clients (Articles 19–20 and 26) 266
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) 280
Joeri De Smet and Veerle Colaert
19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300
Konstantinos Serdaris
20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310
Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold
21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350
Matteo Gargantini
22 The new European rules on advertising crowdfunding campaigns: between proportionality and
customer protection (Arts 27–28) 367
Tommaso Martini Varvesi and Vittorio Tortorici
23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383
Anna Maria Agresti
24 From cooperation to coercion: the relationships between competent authorities under
Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391
Nathan de Arriba-Sellier
25 ESMA and NCAs: cooperation in supervision (Art 32) 409
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) 419
Nikolai Badenhoop
27 The GDPR and the data processing of the competent authorities in performing their duties under
the ECSPR (Art 36) 434
Federico Ferretti
28 Complaint handling: the role of competent authorities (Art 38) 451
Anna Maria Agresti
29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures
(Arts 39–43) 455
Konstantinos Serdaris
30 The delegation of powers to the European Commission within the crowdfunding legal framework
(Art 44) 474
Federico Riganti
31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482
Eugenia Macchiavello
32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497
Ghazale Mandegarian-Fricke
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? 514
Ulrike Bär
34 Crowdfunding in the EU: private international law issues by design 529
Ivana Kunda
35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548
Sebastiaan Niels Hooghiemstra
36 Crowdfunding and DLTs: the imperative need for more clarity 565
Filippo Annunziata and Thomaz de Arruda
37 Crowdfunding platforms, competition law and platform sector regulation 578
Carmen Estevan de Quesada
38 Crowdfunding and consumer credit protection in the EU 591
Antonella Sciarrone Alibrandi and Edoardo Grossule
39 Invoice trading and regulation: the case of Italy 607
Umberto Piattelli and Sofia Caruso
40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfunding
in the EU 619
Eugenia Macchiavello and Chiara Valenti
41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatory
frameworks 646
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 664
Jean-Marc Moulin
43 The crowdfunding regulation in Germany – on the path to self-isolation? 673
Karsten Wenzlaff and Ana Odorović
44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694
Umberto Piattelli and Sofia Caruso
45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711
Anne Hakvoort
46 The Portuguese crowdfunding regime and the impact of the ECSPR 729
Diogo Pereira Duarte and Joana da Costa Lopes
47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751
Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova
48 The regulation of crowdfunding in the Nordic countries 765
Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen
49 ECSPR implementation in the Baltics 784
Nikita Divissenko
50 ECSPR versus the United States crowdfunding regime 796
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 808
Eugenia Macchiavello
Annex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822
Eugenia Macchiavello
Index 825
