Crowdfunding is already restricted by national regulatory provisions, but the continuing development of the European single market in financial services has and will continue to ensure that there is a small degree of conformity between those national regimes, even absent any Crowdfunding-specific European regulation. It can be anticipated that Crowdfunding could be even more restricted under the future AIFMD regime.
The countries covered in this paper are diverse with regard to Crowdfunding industry and regulatory interpretation of European laws. The analysis on the following pages highlights this. It considers the varying applications of the single market legislation to Crowdfunders across Germany, the UK, Spain and Italy both now and in the foreseeable future.
The European Crowdfunding Network would like to thank all the people involved and Osborne Clarke as a firm for their time and efforts in creating this first comparison of European regulation and its national implementation with regard to Crowdfunding. We believe that this paper will be an important contribution to building a positive framework for European Crowdfunding.