SlideShare une entreprise Scribd logo
1  sur  12
Télécharger pour lire hors ligne
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Respective scopes of EU and national
laws concerning crowdfunding
operations
How to change legal framework at both
levels
France version
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Contents
Introduction................................................................................................................................4
Collection....................................................................................................................................5
EU laws ................................................................................................................................................ 5
The Payment Services Directive ..................................................................................................................... 5
The E-Money Directive................................................................................................................................... 6
The MiF Directive ........................................................................................................................................... 6
The Anti-Laundering Directive........................................................................................................................ 6
National laws....................................................................................................................................... 6
Article L. 312-2 of the CMF – money received from the public...................................................................... 6
Anti-money laundering and anti-terrorist financing ...................................................................................... 7
Investment vehicles....................................................................................................................7
EU laws ................................................................................................................................................ 7
UCITS IV Directive........................................................................................................................................... 7
AIFM Directive................................................................................................................................................ 7
National laws....................................................................................................................................... 8
National legal forms ....................................................................................................................................... 8
Specific Collective Investment Schemes......................................................................................................... 8
Financial Instruments.................................................................................................................8
EU laws ................................................................................................................................................ 8
Securities ........................................................................................................................................................ 8
The Directive relating to the taking up and pursuit of the business of credit institutions............................. 9
National laws....................................................................................................................................... 9
Securities ........................................................................................................................................................ 9
Bank monopoly on the issuance of credits in the CMF .................................................................................. 9
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Our proposals...........................................................................................................................10
Creation of a Crowdfunding Services Provider status....................................................................... 10
Definition of exemptions for certain type of investments and loans ............................................... 10
Securities ...................................................................................................................................................... 11
Loans ............................................................................................................................................................ 11
Creation of a non-UCIT, non AIFM vehicle........................................................................................ 12
Who are we? ............................................................................................................................12
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Introduction
For the last twenty years, regulation of the banking and financial system has drawn more and more of
its content from legal texts issued at the EU level. Mainly defined via harmonisation directives, this
law of EU origin provides a reference framework, aiming to reconcile national legislations which may
vary greatly, for example in the definition of a “credit institution” and to create new regulatory
regimes, for example the one applicable to payment institutions, that are transposed into the law of
each member state.
The French “Code Monétaire et Financier” (CMF) has thus evolved repetitively since its creation in
1999, in order to transpose into French law new elements of the European legal framework and also
to adapt to the constant evolution of financial practices, mainly due to the impact of technological
innovation.
In considering past and future evolution of legislation impacting crowdfunding, a distinction should
be made among rules set out at the supranational level, which govern most fundamental aspects of
banking and financial activities; rules set on at the national level transposing EU legislation, which
include may exceptions and other choices to the extent permitted by the relevant directives; and
rules set on at the national level in areas not governed by EU legal texts.
Crowdfunding, which is subject to a variety of legislation developed initially for a more traditional
financial activities, is impacted by EU directives as transposed in member states and permitted
exceptions and other choices made by member-states legislation, as well as by other national
legislation outside the scope of existing directives.
The goal of this document is to review these three categories of rules applicable today in the context
of crowdfunding.
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Figure 1: Structure of the different operation in crowdfunding
Figure 2: mapping of the different directives within the structure of operations
Collection
The first function of a crowdfunding platform is to facilitate the pooling of funds by funders to jointly
finance a project, in the form of donations, loans (with or without interest) or investments in
securities.
During this collection of intentions, decisions and/or money, performed directly by the issuer, or
facilitated by the platform, several domains of the law may be applicable to communication of
information to the funders, transmission of funders’ decisions, movement of funds, and the
representation of funders’ interests over time. These different functions can be governed by elements
defined in EU laws, can be adjacent to their scope, or be governed – or not – by elements of national
laws.
EU laws
The Payment Services Directive
Concerning the transfer of funds, the first question that arises is to consider if Directive 2007/64/EC
on Payment Services (PSD) is applicable. It should be noted that positions expressed on this matter by
different national regulators are not necessarily consistent: The French regulator takes the position
that donation crowdfunding should be regulated by the rules transposed from the PSD, whereas the
British and Belgium regulators do not seem to agree. Beyond discrepancies that could come from
options taken in the transposition process, it seems that we need a clear statement on this issue
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
from a pure EU law standpoint so that the different regulators can harmonise their respective
interpretations.
The E-Money Directive
Concerning the potential conservation of funds, the question arises of applicability, or not, of
obligations relating to Directive 2009/110/EC on E-Money (EMD2). The issue is complicated because
the delimitation of the PSD and DME2 is blurry in many respects. There are on-going deliberations on
the harmonisation of these two legal texts, with even suggestions that they should be merged.
On the subject of the conservation of funds, Directive 2006/48/EC relating to the taking up and
pursuit of the business of credit institutions should also be mentioned. Even though the original text
should not create any ambiguity on the non-applicability of the obligations of this directive to
crowdfunding, discrepancies in the national transpositions could create adverse effects.
In the written position of May 2013, published jointly by the French financial-services and securities
regulators, the “Autorité du Contrôle Prudentiel” (ACP) and the “Autorité des Marchés Financiers”
(AMF), stated that the bank monopoly on fund collection does not apply on this part of the activity of
crowdfunding platforms since they collect the funds for someone else (the project).
The MiF Directive
Relationship with funders, in particular when dealing with financial instruments, also raises the
question on the applicability of Directive 2008/10/EC on markets in financial instruments (MiFID 2).
Furthermore, a proposal of a new Directive by the Commission, dating from the 20th
of October 2010
creates confusion that is detrimental to crowdfunding. The main subject of these various directives is
very remote from the operating conditions faced by crowdfunding platforms and it would be
beneficial that the applicability, or not, of obligations relating to these directives on financial market
is clearly stated.
The Anti-Laundering Directive
Finally, transversal to all financial activities, Directive 2005/60/EC on anti-money laundering and anti-
terrorist financing (AMLD) sets out real obligations that should be considered applicable to
crowdfunding platforms. In this matter, the lack of clear guidelines is detrimental to new financial
activities (payment services or crowdfunding), that basically involve money flows between
institutions on the EU territory that already comply with these necessary obligations.
National laws
Article L. 312-2 of the CMF – money received from the public
We have already mentioned the French transposition of the Directive relating to the taking up and
pursuit of the business of credit institutions, and the discrepancies between the original text and the
national reference text. Nevertheless, the French regulator in this position dating of May 2013 a
clearly expressed his position, and article L. 312-2 does not apply to the crowdfunding activity.
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Anti-money laundering and anti-terrorist financing
The rules in the battle against money laundering and terrorist activity are also governed by national
texts such as Decree n° 2013-183. Beyond the variations due to the combination of legal texts from
different origins, a variety of doctrines and market practices can arise in different national contexts
which create a very opaque situation. It would be beneficial to fix simple rules in order not to
hamstring crowdfunding with because of uncertainty in this area..
Investment vehicles
The goal of crowdfunding is to establish a direct and transparent link between funders and projects.
For various reasons (governance, management of funds, representation, etc.) funders can come to
the point of deciding to group within a legal entity, capable at the same time to maintain the direct
link and to facilitate operations during the life of the project. Several legal forms are regularly used
today to meet those needs. These forms depend on the context, but have not reached a market
consensus on the most adequate ones. In response to that, we propose the creation of a specific
vehicle, so-called a FinPart Fund, that could offer an adequate answer, at low cost and with ease of
setting up that could support the development of crowdfunding.
In face of this problem of mutualising as illustrated on the above figures, several EU Directives, or
national dispositions are potentially relevant.
EU laws
UCITS IV Directive
Even though mutual vehicles for crowdfunding belong to a logic establishing a direct link between
funders and projects, and that this mutualisation is more involved with a logic of management of
operations, rather than a logic of mutualisation of financial risks – which is at the heart of collective
investments schemes (CIS) – some of the legal forms that are used could be governed by Directive
2009/65/CE on undertakings of collective investment in transferable securities (UCITS IV).
It should be noted that we consider that the FinPart Fund should not be governed by the UCITS IV
Directive.
AIFM Directive
For the management of vehicles, who are clearly not governed by the UCITS IV Directive, the question
of the applicability of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) can
be raised. Vehicles currently used for crowdfunding in France (e.g. SAS, cooperatives) are not a priori
concerned by this directive, which - it should be recalled - had the primary objective of controlling
hedge funds.
It should be noted that the FinPart Fund that we propose would belong to the family of non-UCITS
funds as we indicated before, but we think that the management of these Funds should not be
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
governed by AIFMD, because of the explicit nature of the projects to be funded will be known before
the fund is actually created.
National laws
National legal forms
As mentioned above, several legal entities (e.g. SAS, cooperatives, associations), governed only by
national laws are currently used in an ad-hoc manner to offer a mutual vehicle for crowdfunding
financing. These different forms have a very well-known body of legal precedents but, because of
their wide scope, they do not always offer the necessary flexibility and low cost that would facilitate
the development of crowdfunding on our national territory.
Specific Collective Investment Schemes
There also exist local Collective Investment Schemes (e.g. the French “fonds d’investissement de
proximité” or FIP) who are only governed by national laws because they fall outside of the scope of
UCITS IV and AIFMD.
We then recommend for France the creation of a local variety of the proposed FinPart Fund, which
could be created at the level of national legislation, while being a forerunner of a form that would be
eventually created at the EU level independently from UCITS and AIFM Directives.
Financial Instruments
Transaction to finance a project can take the form of a donation, a loan or investment in a security.
Applicable laws, at the EU or national levels, are today in very distinct legal silos. The relationship
between natural or legal persons looking for financing and those providing financing on a regular
basis belong are also governed by very distinct legal texts, depending on the form of the transaction
(donation, loan or security).
Depending on the nature of the instrument, different legal texts are then potentially applicable.
EU laws
Securities
The Prospectus Directive
Concerning securities (equities and obligations), issuing of these instruments is governed by Directive
2003/71/EC (amended by Directive 2011/73/EU), called the Prospectus Directive because of the
obligations relating to the information of investors defined for any issuance superior to 5 million
euros.
The Prospectus Directive also defines several cases where issuance is exempted from any formality
(e.g. total amount raised below 100 000 euros, offer to a limited circle of investors). These
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
exemptions have been necessarily incorporated in national texts because of the nature of maximal
harmonisation of the directive.
Finally, the Prospectus Directive has explicitly left to national laws the governance of issuance
between 100 000 and 5 million euros, with a limit calculated over a period of 12 months.
The MiF Directive
We mentioned above the MiF Directive concerning the obligations relating to the presentation of
information and the reception of funds. Firms performing on a regular basis activities related to
transactions on financial securities (investment firms) are also governed by this directive. Legislation
transposing the directive impose obligations relating to the amount of capital they need to have,
depending on the nature of their activity (advisory services, order reception/transmission, placement,
management), as well as on operational requirements about governance and management of
conflicts of interest.
The Directive relating to the taking up and pursuit of the business of credit institutions
Concerning the issuance of credit, Directive 2006/48/EC relating to the taking up and pursuit of the
business of credit institutions represents the endeavours to unify a multitude of national legal
systems that existed independently in each country for many years. This directive has a broad scope
in intent, but at the same time must accommodate numerous and very extensive defined areas of
activity that show a large variety of pre-existing national banking laws.
It should be noted that EU law has not initiated any action to try to define a common framework
governing the issuance of loans by individuals.
National laws
Securities
Current national laws are largely defined by EU legal texts. As we indicated, the Prospectus Directive
does leave to the national level the definition of rules governing issuance between 100 000 and 5
million euros. On the hand, several pre-existing statuses (like the advisors in financial investments
called CIF or the advisors in asset management called CGP) continue to be governed and can evolve
at national levels, within boundaries defined for acknowledged exceptions in MiFD 2.
Bank monopoly on the issuance of credits in the CMF
All aspects of the credit activity, issuance and management of the relationship, is included in the
definition of the bank monopoly, as stated in the CMF.
The issuance of loans outside of the banking system - where some alternative forms have remained
legally defined outside of the CMF (e.g. loans from shareholders to companies) – is mainly
circumscribed in the CMF within article L. 313-13 defining the “prêts participatifs” (or the loans to an
enterprise that are considered as quasi-equity) and in article L. 511-6 on the actors benefiting from
exemptions on the bank monopoly over credit issuance.
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Our proposals
We have been formulating 3 sets of proposal that would offer a simpler and more favourable legal
environment for the development of crowdfunding in Europe. These proposals concern:
 The creation of a Crowdfunding Services Provider Directive
 The creation of a vehicle to group funders of a project within an ad-hoc entity
 The extension of exemptions allowing peer to peer financing in the form of securities or
loans
As we have explained in the preceding sections, these proposals are meant to be implemented
within the framework in EU laws, as illustrated in figure 2, these proposals will mainly lie outside of
current directives, and may need only minor amendments from the Payment Services Directive to
clarify that transfer of funds for crowdfunding are not payments in the sense of this directive.
As we have demonstrated in the same sections, these evolutions can either be directly incorporated
into EU law, or can be included as national implementations, spearheading the approval of the EU
legal texts, and the subsequent transposition into national legal texts.
Creation of a Crowdfunding Services Provider status
The first proposal concerns the creation of a Crowdfunding Services Provider status. We have
explained how the money collection in the crowdfunding context is completely different from a
payment service, and how the directives on financial instrument or credit operations are
inappropriate or detrimental to the growth of a European crowdfunding industry. We propose then
to create a separate status for actors that offer third party services in crowdfunding operations. This
proposal can be implemented as:
 A specific Crowdfunding Services Directive, inspired from the PSD on payments to offer a
similar pan-European legal framework for crowdfunding services
 Or a national status spearheading the directive
Concerning the national implementation, FinPart has proposed the creation of a “établissement de
financement participatif” that can be added to the “Code Monétaire et Financier” (CMF) and that
would match the addition that would eventually be incorporated in the CMF when transposing the
forthcoming Crowdfunding Services Directive.
Definition of exemptions for certain type of investments and loans
Currently, we have a very heterogeneous legal landscape throughout Europe concerning the
exemptions from the obligations imposed to project via traditional financing schemes. Projects
looking for financing via crowdfunding typically correspond to the contexts justifying these
exemptions. We have countries where exemptions are relatively broad, like in the UK for loans, or
some others where exemptions correspond to the strict requirements resulting from EU directives,
like the Prospectus Directive for the emission of securities.
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
We thus propose to harmonise and extend the scope of exemptions that would allow a more direct
and transparent financing of projects that are currently very constrained by the existing
requirements.
Securities
The Prospectus Directive, with the definition at the EU level of exemptions from the obligations on
issuance of securities to the public, has provided at the time a prescient move that let crowdfunding
pioneers emerge in Europe. Unfortunately, this early advantage will soon disappear with the advent
of the Crowdfund Act in the US. In order to push further this innovative legal action, we propose to
extend and harmonise the scope of exemptions throughout Europe.
We thus propose to extend the exemptions in the Prospectus Directive by:
 Raising from €100 000 to €1 million the threshold on issuance in exemption e)
 Extending the notion of limited circle of investors from 150 to 1 000 natural or legal persons
in exemption b)
 Creating a crowdfunding exemption for issuances where investors invest less than €2 000 per
offer
Because issuances between €100 000 and €5 millions are out of the scope of the current Prospectus
Directive, these proposals can once again be implemented either directly at the EU level, or in a
spearheading manner by member states.
FinPart has been advocating for such modifications in the French legal texts for the past 18 months.
Loans
The Commission has produced the Directive relating to the taking up and pursuit of the business of
credit institutions in order to start harmonising the issuance of credits by banks. But we have not yet
any EU legal texts that define the conditions for the issuance of loans by natural individuals and we
witness very different situations between the UK, where this activity is authorised, and most of the
continental member states, where bank monopoly has been extended to prevent this form of
financing.
We thus propose to:
 Create a directive to harmonise the loans from a natural individual to a natural or legal
person
This of course can be either be implemented from the EU level to the member state level, or directly
at the member state’s discretion since no existing directive would prevent such a modification.
FinPart is advocating for the extension to natural persons of the possibility to issue “prêts
participatifs” to enterprises.
2013 Crowdfunding For Europe - license CC-BY-NC
Ver-2013-09-01
Creation of a non-UCIT, non AIFM vehicle
We have mentioned the interest of having a simple vehicle that could serve to organise the
collaboration overtime between the potentially numerous funders and the project. We have called
this vehicle a FinPart Fund for lack of a better name. While several existing vehicles are currently
used by crowdfunding platforms throughout Europe, in place of this FinPart Fund, we believe that
these vehicles are usually too costly and are potentially subject to a re-characterisation risk.
We thus propose to:
 Incorporate an exemption in the UCIT Directive that would allow to create ad-hoc funds after
a crowdfunding operation
 Create national forms of collective investment schemes that would allow the setup of such
vehicles at the local level
While the exiting heterogeneity in the different legal environment in the different member states
offers flexibility in implementing the FinPart Fund at a national level, we see the action of the
Commission as particularly important in order to first clearly define the limits of the UCIT and AIFM
Directive, and in order to harmonise the nature of the FinPart Fund throughout the various
implementations that could cause confusion for cross border crowdfunding activities.
FinPart is advocating for the creation of a “fonds commun FinPart” for France
Who are we?
“Crowdfunding for Europe” is an open movement meant to let any organisation and individual
interact and collaborate at the European level to develop crowdfunding within Europe.
Fellow minded crowdfunding supporters are invited to participate and cooperate:
 by following us on Facebook: http://www.facebook.com/CrowdfundingForEurope
 by joining us on: https://groups.google.com/group/crowdfunding-for-europe
 by contributing open texts at: http://crowdfundingforeurope.org

Contenu connexe

Tendances

Initio - Regulatory watch - January 2019
Initio - Regulatory watch - January 2019 Initio - Regulatory watch - January 2019
Initio - Regulatory watch - January 2019 Initio
 
Asset management in Europe_The case for reform-Digital
Asset management in Europe_The case for reform-DigitalAsset management in Europe_The case for reform-Digital
Asset management in Europe_The case for reform-DigitalToby Illingworth
 
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...Cummings
 
Euc Payment System End Users Committee (Euc)
Euc Payment System End Users Committee (Euc)Euc Payment System End Users Committee (Euc)
Euc Payment System End Users Committee (Euc)Friso de Jong
 
Cross border reorganizations in europe-have the tax and legal obstacles now b...
Cross border reorganizations in europe-have the tax and legal obstacles now b...Cross border reorganizations in europe-have the tax and legal obstacles now b...
Cross border reorganizations in europe-have the tax and legal obstacles now b...ALTIUS
 
EFPIA Pharma Transparency Code - EFPIA Disclosure Code
EFPIA Pharma Transparency Code - EFPIA Disclosure CodeEFPIA Pharma Transparency Code - EFPIA Disclosure Code
EFPIA Pharma Transparency Code - EFPIA Disclosure Codemedtrustadvisory
 
Future Citizen Institute Responses to the European Commission
Future Citizen Institute Responses to the European CommissionFuture Citizen Institute Responses to the European Commission
Future Citizen Institute Responses to the European CommissionJuddson Larkins
 
The UK's relationship with the EU – a financial services perspective
The UK's relationship with the EU – a financial services perspectiveThe UK's relationship with the EU – a financial services perspective
The UK's relationship with the EU – a financial services perspectiveJeroen de Bruin
 
Eu Action Plan On eSignatures And eIdentification
Eu Action Plan On eSignatures And eIdentificationEu Action Plan On eSignatures And eIdentification
Eu Action Plan On eSignatures And eIdentificationFriso de Jong
 
EU proposal for a regulation on markets in crypto assets
EU proposal for a regulation on markets in crypto assets EU proposal for a regulation on markets in crypto assets
EU proposal for a regulation on markets in crypto assets Loeb Smith Attorneys
 
Expert Group Code Of Practice En[1]
Expert Group Code Of Practice En[1]Expert Group Code Of Practice En[1]
Expert Group Code Of Practice En[1]Friso de Jong
 
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...Cummings
 
7691_Continental Drift_occupier_FINAL
7691_Continental Drift_occupier_FINAL7691_Continental Drift_occupier_FINAL
7691_Continental Drift_occupier_FINALOctavia_69
 
Listing of shares on the Luxembourg Stock Exchange
Listing of shares on the Luxembourg Stock ExchangeListing of shares on the Luxembourg Stock Exchange
Listing of shares on the Luxembourg Stock ExchangeLoyens & Loeff
 
Towards a comprehensive european framework for online gambling eu com(2012) 5...
Towards a comprehensive european framework for online gambling eu com(2012) 5...Towards a comprehensive european framework for online gambling eu com(2012) 5...
Towards a comprehensive european framework for online gambling eu com(2012) 5...Market Engel SAS
 
Listing of bonds on the Luxembourg Stock Exchange
Listing of bonds on the Luxembourg Stock ExchangeListing of bonds on the Luxembourg Stock Exchange
Listing of bonds on the Luxembourg Stock ExchangeLoyens & Loeff
 
CEN ISSS Public Workshop Lindsberger Tg 1[1]
CEN ISSS Public Workshop Lindsberger Tg 1[1]CEN ISSS Public Workshop Lindsberger Tg 1[1]
CEN ISSS Public Workshop Lindsberger Tg 1[1]guest642d13
 
Dissertation_Egertz_PSD2
Dissertation_Egertz_PSD2Dissertation_Egertz_PSD2
Dissertation_Egertz_PSD2Andrea Egertz
 

Tendances (20)

Initio - Regulatory watch - January 2019
Initio - Regulatory watch - January 2019 Initio - Regulatory watch - January 2019
Initio - Regulatory watch - January 2019
 
Asset management in Europe_The case for reform-Digital
Asset management in Europe_The case for reform-DigitalAsset management in Europe_The case for reform-Digital
Asset management in Europe_The case for reform-Digital
 
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
Euro shorts 21.11.14 including juncker to unveil eurozone investment plan and...
 
Euc Payment System End Users Committee (Euc)
Euc Payment System End Users Committee (Euc)Euc Payment System End Users Committee (Euc)
Euc Payment System End Users Committee (Euc)
 
Cross border reorganizations in europe-have the tax and legal obstacles now b...
Cross border reorganizations in europe-have the tax and legal obstacles now b...Cross border reorganizations in europe-have the tax and legal obstacles now b...
Cross border reorganizations in europe-have the tax and legal obstacles now b...
 
EFPIA Pharma Transparency Code - EFPIA Disclosure Code
EFPIA Pharma Transparency Code - EFPIA Disclosure CodeEFPIA Pharma Transparency Code - EFPIA Disclosure Code
EFPIA Pharma Transparency Code - EFPIA Disclosure Code
 
Investment opportunities in the capital market: Comississioner’s view
Investment opportunities in the capital market: Comississioner’s viewInvestment opportunities in the capital market: Comississioner’s view
Investment opportunities in the capital market: Comississioner’s view
 
Future Citizen Institute Responses to the European Commission
Future Citizen Institute Responses to the European CommissionFuture Citizen Institute Responses to the European Commission
Future Citizen Institute Responses to the European Commission
 
Legal pulse february 2016
Legal pulse  february 2016Legal pulse  february 2016
Legal pulse february 2016
 
The UK's relationship with the EU – a financial services perspective
The UK's relationship with the EU – a financial services perspectiveThe UK's relationship with the EU – a financial services perspective
The UK's relationship with the EU – a financial services perspective
 
Eu Action Plan On eSignatures And eIdentification
Eu Action Plan On eSignatures And eIdentificationEu Action Plan On eSignatures And eIdentification
Eu Action Plan On eSignatures And eIdentification
 
EU proposal for a regulation on markets in crypto assets
EU proposal for a regulation on markets in crypto assets EU proposal for a regulation on markets in crypto assets
EU proposal for a regulation on markets in crypto assets
 
Expert Group Code Of Practice En[1]
Expert Group Code Of Practice En[1]Expert Group Code Of Practice En[1]
Expert Group Code Of Practice En[1]
 
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...
 
7691_Continental Drift_occupier_FINAL
7691_Continental Drift_occupier_FINAL7691_Continental Drift_occupier_FINAL
7691_Continental Drift_occupier_FINAL
 
Listing of shares on the Luxembourg Stock Exchange
Listing of shares on the Luxembourg Stock ExchangeListing of shares on the Luxembourg Stock Exchange
Listing of shares on the Luxembourg Stock Exchange
 
Towards a comprehensive european framework for online gambling eu com(2012) 5...
Towards a comprehensive european framework for online gambling eu com(2012) 5...Towards a comprehensive european framework for online gambling eu com(2012) 5...
Towards a comprehensive european framework for online gambling eu com(2012) 5...
 
Listing of bonds on the Luxembourg Stock Exchange
Listing of bonds on the Luxembourg Stock ExchangeListing of bonds on the Luxembourg Stock Exchange
Listing of bonds on the Luxembourg Stock Exchange
 
CEN ISSS Public Workshop Lindsberger Tg 1[1]
CEN ISSS Public Workshop Lindsberger Tg 1[1]CEN ISSS Public Workshop Lindsberger Tg 1[1]
CEN ISSS Public Workshop Lindsberger Tg 1[1]
 
Dissertation_Egertz_PSD2
Dissertation_Egertz_PSD2Dissertation_Egertz_PSD2
Dissertation_Egertz_PSD2
 

En vedette

Success mantras
Success mantrasSuccess mantras
Success mantrasnamrtagaur
 
Blooms taxonomy-1213057160355538-9
Blooms taxonomy-1213057160355538-9Blooms taxonomy-1213057160355538-9
Blooms taxonomy-1213057160355538-9Ancel Riego de Dios
 
Polarisasi ikatan kimia
Polarisasi ikatan kimiaPolarisasi ikatan kimia
Polarisasi ikatan kimiaAyu Soraya
 
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...isabelmargarido
 
迪士尼的感動魔法:全心待客之道
迪士尼的感動魔法:全心待客之道迪士尼的感動魔法:全心待客之道
迪士尼的感動魔法:全心待客之道巧芯 徐
 
Curso de edilim
Curso de edilimCurso de edilim
Curso de edilimMESCyT
 
La rana bollita di informazioni sanita
La rana bollita di informazioni sanitaLa rana bollita di informazioni sanita
La rana bollita di informazioni sanitaValentina Mortini
 
מצגת לסטודנטים 2013
מצגת לסטודנטים 2013מצגת לסטודנטים 2013
מצגת לסטודנטים 2013gilnatan1
 
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...isabelmargarido
 
I Can Convert
I Can ConvertI Can Convert
I Can ConvertSvenAas
 

En vedette (20)

Assessment parent
Assessment parentAssessment parent
Assessment parent
 
Publish
PublishPublish
Publish
 
Contentmatter.pps
Contentmatter.ppsContentmatter.pps
Contentmatter.pps
 
Success mantras
Success mantrasSuccess mantras
Success mantras
 
Blooms taxonomy-1213057160355538-9
Blooms taxonomy-1213057160355538-9Blooms taxonomy-1213057160355538-9
Blooms taxonomy-1213057160355538-9
 
Muslimarabs
MuslimarabsMuslimarabs
Muslimarabs
 
Polarisasi ikatan kimia
Polarisasi ikatan kimiaPolarisasi ikatan kimia
Polarisasi ikatan kimia
 
Uga 01
Uga 01Uga 01
Uga 01
 
Zoonal introduction
Zoonal introductionZoonal introduction
Zoonal introduction
 
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...
III Conferência CMMI Portugal, Workshop 2: Human Centered Process Improvement...
 
迪士尼的感動魔法:全心待客之道
迪士尼的感動魔法:全心待客之道迪士尼的感動魔法:全心待客之道
迪士尼的感動魔法:全心待客之道
 
Doc (2)
Doc (2)Doc (2)
Doc (2)
 
Eresume1
Eresume1Eresume1
Eresume1
 
A Book of Characters
A Book of CharactersA Book of Characters
A Book of Characters
 
Curso de edilim
Curso de edilimCurso de edilim
Curso de edilim
 
La rana bollita di informazioni sanita
La rana bollita di informazioni sanitaLa rana bollita di informazioni sanita
La rana bollita di informazioni sanita
 
מצגת לסטודנטים 2013
מצגת לסטודנטים 2013מצגת לסטודנטים 2013
מצגת לסטודנטים 2013
 
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...
III Conferência CMMI Portugal, Keynote 2: CMMI for Services... not only for I...
 
I Can Convert
I Can ConvertI Can Convert
I Can Convert
 
Citizenship stage 2
Citizenship stage 2Citizenship stage 2
Citizenship stage 2
 

Similaire à Respective scopes of european and national laws concerning crowdfunding operations

Legal shorts 07.02.14, including AIFMD remuneration code and crowdfunding
Legal shorts 07.02.14, including AIFMD remuneration code and crowdfundingLegal shorts 07.02.14, including AIFMD remuneration code and crowdfunding
Legal shorts 07.02.14, including AIFMD remuneration code and crowdfundingCummings
 
Euro shorts 13.09.13
Euro shorts   13.09.13Euro shorts   13.09.13
Euro shorts 13.09.13Cummings
 
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategy
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyLegal shorts 19.06.15 including MiFID II and ESMA launches new strategy
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
 
Euro shorts 15.11.13 including trade repositories, short selling and the FTT
Euro shorts   15.11.13 including trade repositories, short selling and the FTTEuro shorts   15.11.13 including trade repositories, short selling and the FTT
Euro shorts 15.11.13 including trade repositories, short selling and the FTTCummings
 
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementation
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementationLegal shorts 14.11.13 including AIFMD proportionality and EMIR implementation
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementationCummings
 
Better finance securities lending by ucits
Better finance securities lending by ucitsBetter finance securities lending by ucits
Better finance securities lending by ucitsPaperjam_redaction
 
Legal shorts 25.10.13 including aifmd updates and crd bonus caps
Legal shorts 25.10.13 including aifmd updates and crd bonus capsLegal shorts 25.10.13 including aifmd updates and crd bonus caps
Legal shorts 25.10.13 including aifmd updates and crd bonus capsCummings
 
Response to FCA crowdfunding consultation simon deane-johns - final
Response to FCA crowdfunding consultation   simon deane-johns - finalResponse to FCA crowdfunding consultation   simon deane-johns - final
Response to FCA crowdfunding consultation simon deane-johns - finalSimon Deane-Johns
 
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Cummings
 
On your mark EU Financial Transaction Tax for asset managers
On your mark   EU Financial Transaction Tax for asset managersOn your mark   EU Financial Transaction Tax for asset managers
On your mark EU Financial Transaction Tax for asset managersKNOWitALL
 
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...Alessandro Demetrio Barbaro
 
Initio Regulatory Watch february 2019
Initio Regulatory Watch february 2019Initio Regulatory Watch february 2019
Initio Regulatory Watch february 2019Initio
 
KYC AML regulation in EU
KYC AML regulation in EUKYC AML regulation in EU
KYC AML regulation in EUMuthu Siva
 
Public document: Regulation proposal for Crypto-Assets
Public document: Regulation proposal for Crypto-Assets Public document: Regulation proposal for Crypto-Assets
Public document: Regulation proposal for Crypto-Assets MichalGromek
 
Monday October 15, 2012 - Top 10 Risk Management News
Monday October 15, 2012 - Top 10 Risk Management NewsMonday October 15, 2012 - Top 10 Risk Management News
Monday October 15, 2012 - Top 10 Risk Management NewsCompliance LLC
 
Euro shorts 19.06.15 including mi fid ii and esma launches new strategy
Euro shorts  19.06.15 including mi fid ii and esma launches new strategyEuro shorts  19.06.15 including mi fid ii and esma launches new strategy
Euro shorts 19.06.15 including mi fid ii and esma launches new strategyCummings
 
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...Jurisdiction update italy insurance - First published on Thomson Reuters Acce...
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...Nicolò Juvara
 
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...Cummings
 
Hoja de ruta para la Union bancaria
Hoja de ruta para la Union bancariaHoja de ruta para la Union bancaria
Hoja de ruta para la Union bancariaManfredNolte
 

Similaire à Respective scopes of european and national laws concerning crowdfunding operations (20)

Legal shorts 07.02.14, including AIFMD remuneration code and crowdfunding
Legal shorts 07.02.14, including AIFMD remuneration code and crowdfundingLegal shorts 07.02.14, including AIFMD remuneration code and crowdfunding
Legal shorts 07.02.14, including AIFMD remuneration code and crowdfunding
 
Euro shorts 13.09.13
Euro shorts   13.09.13Euro shorts   13.09.13
Euro shorts 13.09.13
 
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategy
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyLegal shorts 19.06.15 including MiFID II and ESMA launches new strategy
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategy
 
Euro shorts 15.11.13 including trade repositories, short selling and the FTT
Euro shorts   15.11.13 including trade repositories, short selling and the FTTEuro shorts   15.11.13 including trade repositories, short selling and the FTT
Euro shorts 15.11.13 including trade repositories, short selling and the FTT
 
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementation
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementationLegal shorts 14.11.13 including AIFMD proportionality and EMIR implementation
Legal shorts 14.11.13 including AIFMD proportionality and EMIR implementation
 
Better finance securities lending by ucits
Better finance securities lending by ucitsBetter finance securities lending by ucits
Better finance securities lending by ucits
 
Legal shorts 25.10.13 including aifmd updates and crd bonus caps
Legal shorts 25.10.13 including aifmd updates and crd bonus capsLegal shorts 25.10.13 including aifmd updates and crd bonus caps
Legal shorts 25.10.13 including aifmd updates and crd bonus caps
 
Response to FCA crowdfunding consultation simon deane-johns - final
Response to FCA crowdfunding consultation   simon deane-johns - finalResponse to FCA crowdfunding consultation   simon deane-johns - final
Response to FCA crowdfunding consultation simon deane-johns - final
 
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...
Legal shorts 28.11.14 including FCA reminder of new ‘connect’ portal for firm...
 
On your mark EU Financial Transaction Tax for asset managers
On your mark   EU Financial Transaction Tax for asset managersOn your mark   EU Financial Transaction Tax for asset managers
On your mark EU Financial Transaction Tax for asset managers
 
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...
Central Clearing Regime and Risk Mitigation Techniques under EMIR: a new era ...
 
Initio Regulatory Watch february 2019
Initio Regulatory Watch february 2019Initio Regulatory Watch february 2019
Initio Regulatory Watch february 2019
 
KYC AML regulation in EU
KYC AML regulation in EUKYC AML regulation in EU
KYC AML regulation in EU
 
Public document: Regulation proposal for Crypto-Assets
Public document: Regulation proposal for Crypto-Assets Public document: Regulation proposal for Crypto-Assets
Public document: Regulation proposal for Crypto-Assets
 
Monday October 15, 2012 - Top 10 Risk Management News
Monday October 15, 2012 - Top 10 Risk Management NewsMonday October 15, 2012 - Top 10 Risk Management News
Monday October 15, 2012 - Top 10 Risk Management News
 
Euro shorts 19.06.15 including mi fid ii and esma launches new strategy
Euro shorts  19.06.15 including mi fid ii and esma launches new strategyEuro shorts  19.06.15 including mi fid ii and esma launches new strategy
Euro shorts 19.06.15 including mi fid ii and esma launches new strategy
 
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...Jurisdiction update italy insurance - First published on Thomson Reuters Acce...
Jurisdiction update italy insurance - First published on Thomson Reuters Acce...
 
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...
Legal shorts 25.07.14 including AIFM partnership tax changes and FCA update o...
 
CASE Network Studies and Analyses 412 - The Sustainability of Public Finances...
CASE Network Studies and Analyses 412 - The Sustainability of Public Finances...CASE Network Studies and Analyses 412 - The Sustainability of Public Finances...
CASE Network Studies and Analyses 412 - The Sustainability of Public Finances...
 
Hoja de ruta para la Union bancaria
Hoja de ruta para la Union bancariaHoja de ruta para la Union bancaria
Hoja de ruta para la Union bancaria
 

Dernier

RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptxFinTech Belgium
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfMichael Silva
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 

Dernier (20)

RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptx
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 

Respective scopes of european and national laws concerning crowdfunding operations

  • 1. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Respective scopes of EU and national laws concerning crowdfunding operations How to change legal framework at both levels France version
  • 2. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Contents Introduction................................................................................................................................4 Collection....................................................................................................................................5 EU laws ................................................................................................................................................ 5 The Payment Services Directive ..................................................................................................................... 5 The E-Money Directive................................................................................................................................... 6 The MiF Directive ........................................................................................................................................... 6 The Anti-Laundering Directive........................................................................................................................ 6 National laws....................................................................................................................................... 6 Article L. 312-2 of the CMF – money received from the public...................................................................... 6 Anti-money laundering and anti-terrorist financing ...................................................................................... 7 Investment vehicles....................................................................................................................7 EU laws ................................................................................................................................................ 7 UCITS IV Directive........................................................................................................................................... 7 AIFM Directive................................................................................................................................................ 7 National laws....................................................................................................................................... 8 National legal forms ....................................................................................................................................... 8 Specific Collective Investment Schemes......................................................................................................... 8 Financial Instruments.................................................................................................................8 EU laws ................................................................................................................................................ 8 Securities ........................................................................................................................................................ 8 The Directive relating to the taking up and pursuit of the business of credit institutions............................. 9 National laws....................................................................................................................................... 9 Securities ........................................................................................................................................................ 9 Bank monopoly on the issuance of credits in the CMF .................................................................................. 9
  • 3. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Our proposals...........................................................................................................................10 Creation of a Crowdfunding Services Provider status....................................................................... 10 Definition of exemptions for certain type of investments and loans ............................................... 10 Securities ...................................................................................................................................................... 11 Loans ............................................................................................................................................................ 11 Creation of a non-UCIT, non AIFM vehicle........................................................................................ 12 Who are we? ............................................................................................................................12
  • 4. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Introduction For the last twenty years, regulation of the banking and financial system has drawn more and more of its content from legal texts issued at the EU level. Mainly defined via harmonisation directives, this law of EU origin provides a reference framework, aiming to reconcile national legislations which may vary greatly, for example in the definition of a “credit institution” and to create new regulatory regimes, for example the one applicable to payment institutions, that are transposed into the law of each member state. The French “Code Monétaire et Financier” (CMF) has thus evolved repetitively since its creation in 1999, in order to transpose into French law new elements of the European legal framework and also to adapt to the constant evolution of financial practices, mainly due to the impact of technological innovation. In considering past and future evolution of legislation impacting crowdfunding, a distinction should be made among rules set out at the supranational level, which govern most fundamental aspects of banking and financial activities; rules set on at the national level transposing EU legislation, which include may exceptions and other choices to the extent permitted by the relevant directives; and rules set on at the national level in areas not governed by EU legal texts. Crowdfunding, which is subject to a variety of legislation developed initially for a more traditional financial activities, is impacted by EU directives as transposed in member states and permitted exceptions and other choices made by member-states legislation, as well as by other national legislation outside the scope of existing directives. The goal of this document is to review these three categories of rules applicable today in the context of crowdfunding.
  • 5. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Figure 1: Structure of the different operation in crowdfunding Figure 2: mapping of the different directives within the structure of operations Collection The first function of a crowdfunding platform is to facilitate the pooling of funds by funders to jointly finance a project, in the form of donations, loans (with or without interest) or investments in securities. During this collection of intentions, decisions and/or money, performed directly by the issuer, or facilitated by the platform, several domains of the law may be applicable to communication of information to the funders, transmission of funders’ decisions, movement of funds, and the representation of funders’ interests over time. These different functions can be governed by elements defined in EU laws, can be adjacent to their scope, or be governed – or not – by elements of national laws. EU laws The Payment Services Directive Concerning the transfer of funds, the first question that arises is to consider if Directive 2007/64/EC on Payment Services (PSD) is applicable. It should be noted that positions expressed on this matter by different national regulators are not necessarily consistent: The French regulator takes the position that donation crowdfunding should be regulated by the rules transposed from the PSD, whereas the British and Belgium regulators do not seem to agree. Beyond discrepancies that could come from options taken in the transposition process, it seems that we need a clear statement on this issue
  • 6. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 from a pure EU law standpoint so that the different regulators can harmonise their respective interpretations. The E-Money Directive Concerning the potential conservation of funds, the question arises of applicability, or not, of obligations relating to Directive 2009/110/EC on E-Money (EMD2). The issue is complicated because the delimitation of the PSD and DME2 is blurry in many respects. There are on-going deliberations on the harmonisation of these two legal texts, with even suggestions that they should be merged. On the subject of the conservation of funds, Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions should also be mentioned. Even though the original text should not create any ambiguity on the non-applicability of the obligations of this directive to crowdfunding, discrepancies in the national transpositions could create adverse effects. In the written position of May 2013, published jointly by the French financial-services and securities regulators, the “Autorité du Contrôle Prudentiel” (ACP) and the “Autorité des Marchés Financiers” (AMF), stated that the bank monopoly on fund collection does not apply on this part of the activity of crowdfunding platforms since they collect the funds for someone else (the project). The MiF Directive Relationship with funders, in particular when dealing with financial instruments, also raises the question on the applicability of Directive 2008/10/EC on markets in financial instruments (MiFID 2). Furthermore, a proposal of a new Directive by the Commission, dating from the 20th of October 2010 creates confusion that is detrimental to crowdfunding. The main subject of these various directives is very remote from the operating conditions faced by crowdfunding platforms and it would be beneficial that the applicability, or not, of obligations relating to these directives on financial market is clearly stated. The Anti-Laundering Directive Finally, transversal to all financial activities, Directive 2005/60/EC on anti-money laundering and anti- terrorist financing (AMLD) sets out real obligations that should be considered applicable to crowdfunding platforms. In this matter, the lack of clear guidelines is detrimental to new financial activities (payment services or crowdfunding), that basically involve money flows between institutions on the EU territory that already comply with these necessary obligations. National laws Article L. 312-2 of the CMF – money received from the public We have already mentioned the French transposition of the Directive relating to the taking up and pursuit of the business of credit institutions, and the discrepancies between the original text and the national reference text. Nevertheless, the French regulator in this position dating of May 2013 a clearly expressed his position, and article L. 312-2 does not apply to the crowdfunding activity.
  • 7. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Anti-money laundering and anti-terrorist financing The rules in the battle against money laundering and terrorist activity are also governed by national texts such as Decree n° 2013-183. Beyond the variations due to the combination of legal texts from different origins, a variety of doctrines and market practices can arise in different national contexts which create a very opaque situation. It would be beneficial to fix simple rules in order not to hamstring crowdfunding with because of uncertainty in this area.. Investment vehicles The goal of crowdfunding is to establish a direct and transparent link between funders and projects. For various reasons (governance, management of funds, representation, etc.) funders can come to the point of deciding to group within a legal entity, capable at the same time to maintain the direct link and to facilitate operations during the life of the project. Several legal forms are regularly used today to meet those needs. These forms depend on the context, but have not reached a market consensus on the most adequate ones. In response to that, we propose the creation of a specific vehicle, so-called a FinPart Fund, that could offer an adequate answer, at low cost and with ease of setting up that could support the development of crowdfunding. In face of this problem of mutualising as illustrated on the above figures, several EU Directives, or national dispositions are potentially relevant. EU laws UCITS IV Directive Even though mutual vehicles for crowdfunding belong to a logic establishing a direct link between funders and projects, and that this mutualisation is more involved with a logic of management of operations, rather than a logic of mutualisation of financial risks – which is at the heart of collective investments schemes (CIS) – some of the legal forms that are used could be governed by Directive 2009/65/CE on undertakings of collective investment in transferable securities (UCITS IV). It should be noted that we consider that the FinPart Fund should not be governed by the UCITS IV Directive. AIFM Directive For the management of vehicles, who are clearly not governed by the UCITS IV Directive, the question of the applicability of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) can be raised. Vehicles currently used for crowdfunding in France (e.g. SAS, cooperatives) are not a priori concerned by this directive, which - it should be recalled - had the primary objective of controlling hedge funds. It should be noted that the FinPart Fund that we propose would belong to the family of non-UCITS funds as we indicated before, but we think that the management of these Funds should not be
  • 8. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 governed by AIFMD, because of the explicit nature of the projects to be funded will be known before the fund is actually created. National laws National legal forms As mentioned above, several legal entities (e.g. SAS, cooperatives, associations), governed only by national laws are currently used in an ad-hoc manner to offer a mutual vehicle for crowdfunding financing. These different forms have a very well-known body of legal precedents but, because of their wide scope, they do not always offer the necessary flexibility and low cost that would facilitate the development of crowdfunding on our national territory. Specific Collective Investment Schemes There also exist local Collective Investment Schemes (e.g. the French “fonds d’investissement de proximité” or FIP) who are only governed by national laws because they fall outside of the scope of UCITS IV and AIFMD. We then recommend for France the creation of a local variety of the proposed FinPart Fund, which could be created at the level of national legislation, while being a forerunner of a form that would be eventually created at the EU level independently from UCITS and AIFM Directives. Financial Instruments Transaction to finance a project can take the form of a donation, a loan or investment in a security. Applicable laws, at the EU or national levels, are today in very distinct legal silos. The relationship between natural or legal persons looking for financing and those providing financing on a regular basis belong are also governed by very distinct legal texts, depending on the form of the transaction (donation, loan or security). Depending on the nature of the instrument, different legal texts are then potentially applicable. EU laws Securities The Prospectus Directive Concerning securities (equities and obligations), issuing of these instruments is governed by Directive 2003/71/EC (amended by Directive 2011/73/EU), called the Prospectus Directive because of the obligations relating to the information of investors defined for any issuance superior to 5 million euros. The Prospectus Directive also defines several cases where issuance is exempted from any formality (e.g. total amount raised below 100 000 euros, offer to a limited circle of investors). These
  • 9. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 exemptions have been necessarily incorporated in national texts because of the nature of maximal harmonisation of the directive. Finally, the Prospectus Directive has explicitly left to national laws the governance of issuance between 100 000 and 5 million euros, with a limit calculated over a period of 12 months. The MiF Directive We mentioned above the MiF Directive concerning the obligations relating to the presentation of information and the reception of funds. Firms performing on a regular basis activities related to transactions on financial securities (investment firms) are also governed by this directive. Legislation transposing the directive impose obligations relating to the amount of capital they need to have, depending on the nature of their activity (advisory services, order reception/transmission, placement, management), as well as on operational requirements about governance and management of conflicts of interest. The Directive relating to the taking up and pursuit of the business of credit institutions Concerning the issuance of credit, Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions represents the endeavours to unify a multitude of national legal systems that existed independently in each country for many years. This directive has a broad scope in intent, but at the same time must accommodate numerous and very extensive defined areas of activity that show a large variety of pre-existing national banking laws. It should be noted that EU law has not initiated any action to try to define a common framework governing the issuance of loans by individuals. National laws Securities Current national laws are largely defined by EU legal texts. As we indicated, the Prospectus Directive does leave to the national level the definition of rules governing issuance between 100 000 and 5 million euros. On the hand, several pre-existing statuses (like the advisors in financial investments called CIF or the advisors in asset management called CGP) continue to be governed and can evolve at national levels, within boundaries defined for acknowledged exceptions in MiFD 2. Bank monopoly on the issuance of credits in the CMF All aspects of the credit activity, issuance and management of the relationship, is included in the definition of the bank monopoly, as stated in the CMF. The issuance of loans outside of the banking system - where some alternative forms have remained legally defined outside of the CMF (e.g. loans from shareholders to companies) – is mainly circumscribed in the CMF within article L. 313-13 defining the “prêts participatifs” (or the loans to an enterprise that are considered as quasi-equity) and in article L. 511-6 on the actors benefiting from exemptions on the bank monopoly over credit issuance.
  • 10. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Our proposals We have been formulating 3 sets of proposal that would offer a simpler and more favourable legal environment for the development of crowdfunding in Europe. These proposals concern:  The creation of a Crowdfunding Services Provider Directive  The creation of a vehicle to group funders of a project within an ad-hoc entity  The extension of exemptions allowing peer to peer financing in the form of securities or loans As we have explained in the preceding sections, these proposals are meant to be implemented within the framework in EU laws, as illustrated in figure 2, these proposals will mainly lie outside of current directives, and may need only minor amendments from the Payment Services Directive to clarify that transfer of funds for crowdfunding are not payments in the sense of this directive. As we have demonstrated in the same sections, these evolutions can either be directly incorporated into EU law, or can be included as national implementations, spearheading the approval of the EU legal texts, and the subsequent transposition into national legal texts. Creation of a Crowdfunding Services Provider status The first proposal concerns the creation of a Crowdfunding Services Provider status. We have explained how the money collection in the crowdfunding context is completely different from a payment service, and how the directives on financial instrument or credit operations are inappropriate or detrimental to the growth of a European crowdfunding industry. We propose then to create a separate status for actors that offer third party services in crowdfunding operations. This proposal can be implemented as:  A specific Crowdfunding Services Directive, inspired from the PSD on payments to offer a similar pan-European legal framework for crowdfunding services  Or a national status spearheading the directive Concerning the national implementation, FinPart has proposed the creation of a “établissement de financement participatif” that can be added to the “Code Monétaire et Financier” (CMF) and that would match the addition that would eventually be incorporated in the CMF when transposing the forthcoming Crowdfunding Services Directive. Definition of exemptions for certain type of investments and loans Currently, we have a very heterogeneous legal landscape throughout Europe concerning the exemptions from the obligations imposed to project via traditional financing schemes. Projects looking for financing via crowdfunding typically correspond to the contexts justifying these exemptions. We have countries where exemptions are relatively broad, like in the UK for loans, or some others where exemptions correspond to the strict requirements resulting from EU directives, like the Prospectus Directive for the emission of securities.
  • 11. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 We thus propose to harmonise and extend the scope of exemptions that would allow a more direct and transparent financing of projects that are currently very constrained by the existing requirements. Securities The Prospectus Directive, with the definition at the EU level of exemptions from the obligations on issuance of securities to the public, has provided at the time a prescient move that let crowdfunding pioneers emerge in Europe. Unfortunately, this early advantage will soon disappear with the advent of the Crowdfund Act in the US. In order to push further this innovative legal action, we propose to extend and harmonise the scope of exemptions throughout Europe. We thus propose to extend the exemptions in the Prospectus Directive by:  Raising from €100 000 to €1 million the threshold on issuance in exemption e)  Extending the notion of limited circle of investors from 150 to 1 000 natural or legal persons in exemption b)  Creating a crowdfunding exemption for issuances where investors invest less than €2 000 per offer Because issuances between €100 000 and €5 millions are out of the scope of the current Prospectus Directive, these proposals can once again be implemented either directly at the EU level, or in a spearheading manner by member states. FinPart has been advocating for such modifications in the French legal texts for the past 18 months. Loans The Commission has produced the Directive relating to the taking up and pursuit of the business of credit institutions in order to start harmonising the issuance of credits by banks. But we have not yet any EU legal texts that define the conditions for the issuance of loans by natural individuals and we witness very different situations between the UK, where this activity is authorised, and most of the continental member states, where bank monopoly has been extended to prevent this form of financing. We thus propose to:  Create a directive to harmonise the loans from a natural individual to a natural or legal person This of course can be either be implemented from the EU level to the member state level, or directly at the member state’s discretion since no existing directive would prevent such a modification. FinPart is advocating for the extension to natural persons of the possibility to issue “prêts participatifs” to enterprises.
  • 12. 2013 Crowdfunding For Europe - license CC-BY-NC Ver-2013-09-01 Creation of a non-UCIT, non AIFM vehicle We have mentioned the interest of having a simple vehicle that could serve to organise the collaboration overtime between the potentially numerous funders and the project. We have called this vehicle a FinPart Fund for lack of a better name. While several existing vehicles are currently used by crowdfunding platforms throughout Europe, in place of this FinPart Fund, we believe that these vehicles are usually too costly and are potentially subject to a re-characterisation risk. We thus propose to:  Incorporate an exemption in the UCIT Directive that would allow to create ad-hoc funds after a crowdfunding operation  Create national forms of collective investment schemes that would allow the setup of such vehicles at the local level While the exiting heterogeneity in the different legal environment in the different member states offers flexibility in implementing the FinPart Fund at a national level, we see the action of the Commission as particularly important in order to first clearly define the limits of the UCIT and AIFM Directive, and in order to harmonise the nature of the FinPart Fund throughout the various implementations that could cause confusion for cross border crowdfunding activities. FinPart is advocating for the creation of a “fonds commun FinPart” for France Who are we? “Crowdfunding for Europe” is an open movement meant to let any organisation and individual interact and collaborate at the European level to develop crowdfunding within Europe. Fellow minded crowdfunding supporters are invited to participate and cooperate:  by following us on Facebook: http://www.facebook.com/CrowdfundingForEurope  by joining us on: https://groups.google.com/group/crowdfunding-for-europe  by contributing open texts at: http://crowdfundingforeurope.org