Die Regulierung des Crowdinvestings

Jonas Linnebank examines the regulation of equity-based crowdfunding in Germany, the European Union, the United States, and the United Kingdom through a comparative legal analysis. The central question is whether Regulation (EU) 2020/1503 on European Crowdfunding Service Providers (ECSPR) establishes a harmonized, competitive, and at the same time effective investor-protection framework across the European Union. Methodologically, the author employs a functional comparative law approach, systematically contrasting national and supranational regulatory regimes and analyzing their doctrinal foundations. In addition, insights from capital market theory and behavioral economics are incorporated in order to assess their effects on market structure, information asymmetries, and investor behavior.
The ECSPR represents an important step toward harmonization of European equity-based crowdfunding, particularly through a uniform authorization regime and standardized information and investor protection requirements for platforms. Nevertheless, national differences persist, for example with regard to prospectus liability, permissible corporate forms, and certain financial instruments. The comparative analysis conducted reveals various regulatory regimes along with their commonalities and differences. Against this background, Jonas Linnebank sets out policy recommendations for the further development of the European regulatory framework. These include the establishment of a coherent EU-wide liability regime, a review of the issuance thresholds, risk-appropriate due diligence obligations, and adjustments concerning financial instruments, special purpose vehicle structures, and marketing rules.