Description
Book SynopsisThis 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:
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- 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.
Table of ContentsContents: 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
