Regulation of crowdfunding in Germany

Arbeitspapier

This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework. After a brief survey of market data, it delineates the classification of crowdfunding transactions in German contract law and their treatment under the applicable conflict of laws regime. It then turns to the relevant rules in prudential banking regulation and capital market law. It highlights disclosure requirements that flow from both contractual obligations of the initiators of campaigns vis-à-vis contributors and securities regulation (prospectus regime). After sketching the most important duties of the parties involved in crowdfunding, the report also looks at the key features of the respective transactions' tax treatment.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: SAFE Working Paper ; No. 199

Classification and Topics

• Classification: 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
• Subject: crowdfunding ; crowdsponsoring ; crowdlending ; crowdinvesting ; contract law ; conflict of laws ; banking regulation ; securities regulation

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Tröger, Tobias
• Event: Veröffentlichung
• (who): Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
• (where): Frankfurt a. M.
• (when): 2017

Further information

• DOI: doi:10.2139/ssrn.3122987
• Handle: http://hdl.handle.net/10419/174906
• URN: urn:nbn:de:hebis:30:3-457729
• Last update: 10.03.2025, 11:47 AM CET