Arbeitspapier

Remarks on the German Regulation of Crowdfunding

Crowdfunding is a buzzword that signifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. Concerns for financial stability, investor and consumer protection, or the prevention of money laundering or funding of terrorism hinge incrementally on including the new techniques to initiate financing relationships adequately in the regulatory framework. This paper analyzes the German regulation of crowdinvesting and finds that it does not fully live up to the regulatory challenges posed by this novel form of digitized matching of supply and demand on capital markets. It should better reflect the key importance of crowdinvesting platforms, which may become critical providers of market infrastructure in the not too distant future. Moreover, platforms can play an important role in investor protection that cannot be performed by traditional disclosure regimes geared towards more seasoned issuers. Against this background, the creation of an exemption from the traditional prospectus regime seems to be a plausible policy choice. However, it needs to be complemented by an adequate regulatory stimulation of platforms' role as gatekeepers.

Sprache
Englisch

Erschienen in
Series: SAFE Working Paper ; No. 184

Klassifikation
Wirtschaft
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Financial Institutions and Services: Government Policy and Regulation
Corporate Finance and Governance: Government Policy and Regulation
Business and Securities Law
Regulated Industries and Administrative Law
Thema
crowdinvesting
crowdfunding
fintech
financial stability
market infrastructure
investor protection

Ereignis
Geistige Schöpfung
(wer)
Tröger, Tobias H.
Ereignis
Veröffentlichung
(wer)
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
(wo)
Frankfurt a. M.
(wann)
2017

DOI
doi:10.2139/ssrn.3048885
Handle
URN
urn:nbn:de:hebis:30:3-438762
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Tröger, Tobias H.
  • Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe

Entstanden

  • 2017

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