SUTELKTINIO FINANSAVIMO REGULIAVIMO EUROPOS SĄJUNGOJE ATSIRADIMO TEISINĖS PRIELAIDOS

Abstract

This article analyses the reasons for the emergence of a new phenomenon of remunerated crowdfunding, the risks involved, and their management before the emergence of European crowd funding service providers for business regulation in EU (Crowdfunding Regulation). In accepting deposits and granting loans, the activities of loan-based crowdfunding are similar to credit institutions. Investment-based crowdfunding has certain similarities with investment services, however there are fundamental differences. The article reviews European Union regulation prior to the introduction of Crowdfunding Regulation, the covered risks posed by crowdfunding activity and problems of its application. It also reviews the national regulation of some member states, which has led to the fragmentation of EU crowdfunding regulations. The effect has been to limit such activities at EU level and distort competition. This analysis is important if regulators are to determine the legal preconditions of the Crowdfunding Regulation, which did not ensure adequate investor protection, hindered the sustainable development of SF activities and, consequently, the EU capital market union.