FEATURES OF STATE REGULATION OF CROWDFUNDING AS A NEW INSTITUTION OF THE FINANCIAL MARKET

Yuriy A. Kolesnikov, Dmitry A. Artemenko, Gennadiy S. Shkabin

Abstract


The paper investigates the features of regulation of crowdfunding as a new institution of the financial market. A comparative analysis of the main aspects of the regulation of this investment institution is carried out from the standpoint of legal provisions. For this, a survey study of the current Russian and foreign developments in crowdinvestment is carried out. A comparative analysis of crowdfunding with other currently existing investment institutions is presented. Basic information on the activities of the existing crowdfunding platforms is provided, the prospects for further research in this area are outlined. The relevance of the subject matter is determined by the need to search for effective government regulation of crowdfunding as a relatively new institution of finance investment. Nowadays, there is a considerable number of crowdfunding platforms that involve the collective collaboration of people (donors), pooling their funds (usually via the Internet) for material support to other people or organisations (recipients). State regulation of the activities of the platforms, carried out on the basis of existing legal provisions, will contribute to giving the crowdfunding institute a certain order governed by regulations of the current legislation.


Keywords


crowdfunding; investments; comparative analysis; market relations; financial institution; legal field

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DOI: https://doi.org/10.13165/VPA-20-19-4-01

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"Public Policy and Administration" ISSN online 2029-2872 / ISSN print 1648-2603