• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>European Business Organization Law Review >Cross-Border Crowdfunding: Towards a Single Crowdlending and Crowdinvesting Market for Europe
【24h】

Cross-Border Crowdfunding: Towards a Single Crowdlending and Crowdinvesting Market for Europe

机译：跨境众筹：迈向欧洲单一的众筹和众筹市场

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Crowdlending and crowdinvesting have experienced rapid growth in some EU Member States. However, these types of crowdfunding have, for the most part, remained a phenomenon of those larger Member States that 'draw a crowd', with populations that are large enough to make crowdfunding systems economically feasible. In turn, crowdfunding has remained a mainly national issue, prompting the European Commission to conclude that there is no need for harmonization of crowdfunding rules in Europe. In contrast to the European Commission's Capital Market Action Plan, this paper takes the view that national limitations on crowdinvesting and crowdlending de facto are the result of limits de iure. Given that no European passport is tailor made or fits crowdfunding, this source of financing is doomed to remain national. Moreover, with different legal requirements in Member States, European law hinders the development of cross-border crowdfunding within the region. This is particularly true for smaller Member States whose populations are too small to constitute 'a crowd'. This paper details how European regulators could facilitate a Single European Crowdfunding Market. Regulation of the crowdfunding platform based on the 'MiFID light' framework could function as the basis for a cross-border crowdfunding manager passport, given the minimum protection it affords both investors and the financial system, and the low costs it imposes on the platform. Following the (1) too-small-to-care, (2) too-large-to-ignore, and (3) too-big-to-fail development path of FinTech business models, we suggest adding a relevance threshold of EUR250,000 in transaction volume to the MiFID light framework and imposing regulation to address systemic risk stemming from very large crowdfunding platforms.
机译：在某些欧盟成员国中，众筹和众筹经历了快速的增长。但是，这些类型的众筹在大多数情况下仍然是那些“吸引人群”的较大会员国的现象，其人口规模足以使众筹系统在经济上可行。反过来，众筹仍然是一个主要的国家问题，促使欧洲委员会得出结论，认为欧洲不需要统一众筹规则。与欧洲委员会的《资本市场行动计划》相反，本文认为国家对众筹和事实上的众筹限制是虚假限制的结果。鉴于没有欧洲护照是量身定制的或不适合众筹的，因此这种资金来源注定仍将是本国的。此外，由于成员国法律要求不同，欧洲法律阻碍了该地区跨境众筹的发展。对于人口太少而无法构成“人群”的较小会员国而言，尤其如此。本文详细介绍了欧洲监管机构如何促进单一的欧洲众筹市场。鉴于基于“ MiFID轻型”框架的众筹平台的监管，可以为跨境众筹经理护照提供基础，因为它可以为投资者和金融系统提供最低限度的保护，而且其对平台的成本较低。遵循（1）太小而无法护理，（2）太大而不能忽视，（3）金融技术业务模型的太大到失败的发展路径，我们建议将相关阈值增加250欧元到MiFID轻型框架的交易量为0.000，并强加监管以应对源自非常庞大的众筹平台的系统性风险。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号