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Regulation on European Crowdfunding Service Providers for Business

Regulation on European Crowdfunding Service Providers for Business

  • 作者:
  • 出版商: Edward Elgar Publishing
  • ISBN: 9781802209938
  • 出版时间 December 2022
  • 规格: Hardback
  • 适应领域: U.K. ? 免责申明:
    Countri(es) stated herein are used as reference only

List Price: ¥3,607.25

¥3,499.04 Save ¥108.21 (3%)

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  • 描述 
  • 大纲 
  • 详细

    This innovative Commentary boasts contributions from internationally renowned experts with extensive and diverse backgrounds, providing a comprehensive, critical, article-by-article and thematic analysis of the EU Regulation No 1503/2020 on European Crowdfunding Service Providers for Business (ECSPR). Chapters analyse Member States’ adaptation of their legal frameworks to the ECSPR, underlying similarities, divergences, additional problematic issues and residual regulatory fragmentation.

    Key Features:

    • A theoretical and cross-sectoral approach to crowdfunding services and relative regulations
    • Constant comparison of ECSPR’s provisions with other similar or interrelated EU frameworks
    • An article-by-article and thematic analysis of the ECSPR, underlying its strengths, innovative characters, and problematic aspects.
    • Analysis of the implementation of the ECSPR in different countries and adaptation of their legal frameworks, including France, Germany, Italy, Portugal, Spain, the Netherlands, Nordic countries and the Baltics

    The Commentary is a fundamental companion to the interpretation and application of the ECSPR which will appeal to a diverse range of readers. Academics, scholars, practitioners and professionals interested in financial regulation, EU law, technology law, business law, law of contracts, competition law, international law and comparative law will find this a beneficial resource.

  • Foreword
    Diego Valiante
    Preface and acknowledgments
    List of abbreviations

    PART I. THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS
    1.
    Introduction to the Crowdfunding Regulation
    Eugenia Macchiavello
    2.
    The context: the crowdfunding market and its recent developments
    Rotem Shneor
    PART II. THE REGULATION ON EUROPEAN CROWDFUNDING SERVICE PROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS
    3.
    The scope of the ECSPR: the difficult compromise between harmonization, client protection and the level
    playing field (Arts 1–2, 46, 48–9, 51)
    Eugenia Macchiavello
    4.
    The provision of crowdfunding services under the ECSPR (Art 3)
    Sebastiaan Niels Hooghiemstra
    5.
    Legal issues in the obligations for an effective and prudent management of crowdfunding service providers (Art 4)
    Federico Ferretti and Francesca Mattassoglio
    6. DUE DILIGENCE OF PROJECT OWNERS (Art 5)
    Marije Louisse
    7. Individual portfolio management of loans (Art 6)
    Roberto Ferretti
    8. Complaints handling (Art 7)
    Roberto Ferretti
    9. Intermediation risk and conflicts of interest (Art 8)
    Diogo Pereira Duarte
    10. Outsourcing under the ECSPR (Art 9)
    Ella van Kranenburg
    11. The provision of asset safekeeping services and payment services by ecps and third parties (Art 10)
    Sebastiaan Niels Hooghiemstra
    12. Prudential requirements for crowdfunding service providers (Art 11)
    Marije Louisse
    13.
    Authorisation procedure, scope of authorisation and register (Arts 12–14)
    Tanja Aschenbeck and Lina Engler
    14. Supervision and reporting obligations of crowdfunding service providers (Arts 15–16)
    Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio
    15. Causes and procedure of authorisation withdrawal (Art 17)
    Tanja Aschenbeck and Lina Engler
    16. The EU passporting system for crowdfunding service providers: towards a new type of passport for digital financial services? (Art 18)
    Vittorio Tortorici
    17.
    Investor protection and information to clients (Articles 19–20 and 26)
    Diogo Pereira Duarte
    18. Between investor protection and access to crowdfunding: the entry knowledge test and the simulation of the ability to bear loss (Art 21 and Annex II)
    Joeri De Smet and Veerle Colaert
    19. Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22)
    Konstantinos Serdaris
    20. On the Merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I)
    Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold
    21. Secondary markets for crowdfunding: bulletin boards (Art 25)
    Matteo Gargantini
    22. The new European rules on advertising crowdfunding campaigns: between proportionality and customer
    protection (Arts 27–28)
    Tommaso Martini Varvesi and Vittorio Tortorici
    23. Competent authorities: their power and their coordination (Arts 29–30 and 33)
    Anna Maria Agresti
    24. From cooperation to coercion: the relationships between competent authorities under Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37)
    Nathan de Arriba-Sellier
    25. ESMA and NCAs: cooperation in supervision (Art 32)
    Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio
    26. Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light of
    cross-sectoral EU financial regulation and ECJ case law (Art 35)
    Eugenia Macchiavello
    27. The GDPR and the data processing of the competent authorities in performing their duties under the ECSPR (Art 36)
    Federico Ferretti
    28. Complaint handling: the role of competent authorities (Art 38)
    Anna Maria Agresti
    29. Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures (Arts 39–43)
    Konstantinos Serdaris
    30. The delegation of powers to the European Commission within the crowdfunding legal framework (Art 44)
    Federico Riganti
    31. The Commission’s interim report and prospective adaptations of the ECSPR (Art 45)
    Eugenia Macchiavello
    32. The protection regime of the Whistleblower Directive (Arts 47 and 50)
    Ghazale Mandegarian-Fricke
    PART III. A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR
    33. The silence of the ECSPR on tax law
    Ulrike Bär
    34. Crowdfunding in the EU: private international law issues by design
    Ivana Kunda
    35. Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD
    Sebastiaan Niels Hooghiemstra
    36. Crowdfunding and DLTS
    Filippo Annunziata and Thomaz de Arruda
    37. Crowdfunding platforms, competition law and platform sector regulation
    Carmen Estevan de Quesada
    38. Crowdfunding and consumer credit protection in the EU
    Antonella Sciarrone Alibrandi and Edoardo Grossule
    39. Invoice trading and regulation: the case of Italy
    Umberto Piattelli and Sofia Caruso
    40. Beyond the ECSPR and financial return
    Eugenia Macchiavello and Chiara Valenti
    41. A comparative analysis between the UK and EU regulatory frameworks
    Francesco De Pascalis
    PART IV. THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGAL FRAMEWORK IN SELECTED COUNTRIES
    42. Crowdfunding in France after the adoption of the ECSPR
    Jean-Marc Moulin
    43. The crowdfunding regulation in Germany – on the path to self-isolation?
    Karsten Wenzlaff and Ana Odorović
    44. The impact of the ECSPR on the crowdfunding legal framework in Italy
    Umberto Piattelli and Sofia Caruso
    45. Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective
    Anne Hakvoort
    46. The Portuguese crowdfunding regime and the impact of the ECSPR
    Diogo Pereira Duarte and Joana da Costa Lopes
    47. Comparison of Spanish crowdfunding regulation and ECSPR
    Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova
    48. The regulation of crowdfunding in the Nordic countries
    Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen
    49. ECSPR implementation in the Baltics
    Nikita Divissenko
    50. ECSPR versus the United States crowdfunding regime
    Elif Härkönen
    51. Conclusions about the ECSPR and its harmonization force: a brief summary of the objectives achieved and the remaining ‘grey’ areas from a comparative law perspective
    Eugenia Macchiavello
    Annex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations

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