Regulation on European Crowdfunding Service Providers for Business

Foreword xxxiv
Diego Valiante
Preface and acknowledgments xl
List of abbreviations xliii

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 ecps and third parties (Art 10) 167
Sebastiaan Niels Hooghiemstra
12 Prudential requirements for crowdfunding service providers (Art 11) 183
Marije Louisse
13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 196
Tanja Aschenbeck and Lina Engler
14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 228
Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio
15 Causes and procedure of authorisation withdrawal (Art 17) 240
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) 251
Vittorio Tortorici
17 Investor protection and information to clients (Articles 19–20 and 26) 265
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) 279
Joeri De Smet and Veerle Colaert
19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 299
Konstantinos Serdaris
20 On the Merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 309
Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold
21 Secondary markets for crowdfunding: bulletin boards (Art 25) 349
Matteo Gargantini
22 The new European rules on advertising crowdfunding campaigns: between proportionality and customer protection (Arts 27–28) 366
Tommaso Martini Varvesi and Vittorio Tortorici
23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 382
Anna Maria Agresti
24 From cooperation to coercion: the relationships between competent authorities under Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 390
Nathan de Arriba-Sellier
25 ESMA and NCAs: cooperation in supervision (Art 32) 408
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) 418
Eugenia Macchiavello
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 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 565
Filippo Annunziata and Thomaz de Arruda
37 Crowdfunding platforms, competition law and platform sector regulation 577
Carmen Estevan de Quesada
38 Crowdfunding and consumer credit protection in the EU 590
Antonella Sciarrone Alibrandi and Edoardo Grossule
39 Invoice trading and regulation: the case of Italy 606
Umberto Piattelli and Sofia Caruso
40 Beyond the ECSPR and financial return 618
Eugenia Macchiavello and Chiara Valenti
41 A comparative analysis between the UK and EU regulatory frameworks 645
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 663
Jean-Marc Moulin
43 The crowdfunding regulation in Germany – on the path to self-isolation? 672
Karsten Wenzlaff and Ana Odorović
44 The impact of the ECSPR on the crowdfunding legal framework in Italy 693
Umberto Piattelli and Sofia Caruso
45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 710
Anne Hakvoort
46 The Portuguese crowdfunding regime and the impact of the ECSPR 728
Diogo Pereira Duarte and Joana da Costa Lopes
47 Comparison of Spanish crowdfunding regulation and ECSPR 750
Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova
48 The regulation of crowdfunding in the Nordic countries 764
Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen
49 ECSPR implementation in the Baltics 783
Nikita Divissenko
50 ECSPR versus the United States crowdfunding regime 795
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 806
Eugenia Macchiavello

Annex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 820

Index