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Crowdfunding Framework In France Presentation 4 june 2014 Berlin

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Presentation of Fabien Risterucci "Crowdfunding Legal Framework in France" at the Future of Collaborative Finance, Crowdfunding & Money, a June 4th 2014 OuiShare Berlin GCN event at Supermarkt Berlin, Germany

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Crowdfunding Framework In France Presentation 4 june 2014 Berlin

  1. 1. Crowdfunding Legal Framework in France The Future of Collaborative Finance, Crowdfunding & Money a June 4th 2014 OuiShare Berlin GCN event at Supermarkt Berlin, Germany Fabien Risterucci Researcher, International Consultant, FR Prospektiv www.frprospektiv.com Social Business Innovation & Intelligence © copyright Fabien Risterucci 2014 – All Rights Reserved
  2. 2. Crowdfunding Framework in France a)one of the 1st countries to regulate sector x2 in size / year b)Derogation of banking monopoly / interest bearing loans c) 2 crowdfunding specific statuses (No European Passport) d)Public matching fund to be considered to catalyze sector development (UK example) but both loan & investment e)French Economy Minister’s objectives: •“Made in France” •Promote the international expansion of French platforms •Paris "European capital of crowdfunding" •Emergence of EC harmonized European regulatory framework based on the principles of the French reform  May 28th 2014 Ordinance presented at French Cabinet Meeting  September 2014 Publication of decrees  October 1st 2014 Implementation  December 2014 2nd Crowdfunding Forum at Economy Ministry Regulation & Development review © Fabien Risterucci. Berlin 04/06/2014
  3. 3. Acclaimed New Legal Framework Crowdinvesting (CIP) Ceiling of the funds raised: 1 million € (separate regulation) No limitation on # of investors No cap on individual funding Simplified access to project start-ups For SA or SAS companies P2P / P2B Lending (IFP) Ceiling of the funds raised: 1 million € (separate regulation) Duration of 7 years maximum 1 000 €/lender/project (individuals, SMEs): interest bearing loans 4 000 €/lender/project: interest-free loans Special conditions for the level of interest rate loan agreement must be “in writing” © Fabien Risterucci. Berlin 04/06/2014
  4. 4. Quality Standards No barriers to entry – Empowerment Conseiller en Investissement Participatif (CIP) Lighter Information Rules (few pages instead of a long prospectus) Transparency Rules (costs, balanced & unbiased information on the risks) Intermédiaire en Financement Participatif (IFP) Information Rules (risks, selection conditions, decision support with tool for users: reasonable amount based on their income / assets) Transparency Rules (costs, failure rates of projects on platform, annual report) Standard contract. Summary Doc. Check rates. Anticipate COB. Label Conditions: age, respectability, association (CIP), register at ORIAS, skills, care & diligence, resources, insurance, procedures, ID & contact © Fabien Risterucci. Berlin 04/06/2014
  5. 5. Documentation A coming into force on October 1st, 2014 Ordonnance n° 2014-559 of May 30th, 2014 Initial release: http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000029008408&dateTexte=&categorieLien=id Version to come on October 1st, 2014: http://www.legifrance.gouv.fr/affichTexte.do;jsessionid=C3A79B6EFD6A998F513DCD05154196A9.tpdjo09v_2& dateTexte=?cidTexte=JORFTEXT000029008408&categorieLien=cid Décret n° 2014-1053 of September 16th, 2014 http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000029463569 © Fabien Risterucci. Berlin 04/06/2014
  6. 6. Documentation Drafts documents published by AMF (Autorité des marchés financiers) Draft amendment to the General Regulations of the AMF Detailing the rules for purchasing securities on crowdfunding platforms (subject to approval of the Ministry of Finance) http://www.amf-france.org/technique/multimedia?docId=6481e3cd-2077-43ac-9e89-643eadd57254 The project of a AMF instruction Draft document (issued by AMF, available on its website and subject to approval), specifying the content of the application for registration as CIP (new status being created October 1st for Equity Platforms) and the review process of the dossier and information to be provided annually by the CIP to the AMF http://www.amf-france.org/technique/multimedia?docId=3533b1b4-2596-4c8e-a169-6fac283604c7 © Fabien Risterucci. Berlin 04/06/2014
  7. 7. Further Readings in: Fabien Risterucci Researcher, International Consultant, FR Prospektiv www.frprospektiv.com Social Business Innovation & Intelligence © copyright Fabien Risterucci 2014 – All Rights Reserved

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