The European Crowdfunding Network (ECN) abides to a number of core objectives including the promotion of the highest ethical and professional standards within the crowdfunding industry in Europe. ECN members represent a wide range of industry actors pursuing a variety of business models and strategies. It is part of the ECN’s objectives to provide an adequate self-regulatory framework to its members and as part of that the ECN is publishing the following Key Performance Indicators as part of its Code of Conduct for observation and application by its members and the European crowdfunding industry at large.
As part of the increasing need for professional conduct of crowdfunding platforms, ECN is releasing a set of compulsory Key Performance Indicators, which ECN believes will help to establish a minimum level of transparency for the sector. As of 2018 ECN will expect any professional crowdfunding platform to collect the relevant data and make this available to the public on their website. This comes following the work of a Task Force made up of ECN Members on the details and the implementation plan during 2016, on which the ECN Board signed off in Spring 2017.
We therefore ask crowdfunding platforms or organisations operating crowdfunding structures to provide non-confidential or sensitive data on industry and business models, customer protection and general user statistics, as outlined in our own Key Performance Indicators. This information shall be place visibly on the platform websites and also provided subsequently in aggregated format for publication from 2018 on. ECN itself will collect the data of its members and review its members transparency. Only professional and transparent platforms will be able to apply for Full Membership of ECN.
The ECN believes in transparent and open business practices in the field of crowdfunding. We believe that transparency will encourage academic research and provide policy makers and the public with a better understanding of the potential of crowdfunding. The ECN already established a Code of Conduct and a Charter of Crowdfunders Rights in 2015 that remain the most comprehensive and most widely used guidelines for crowdfunding platforms in Europe.