European regulatory standards on crowdfunding: key features

This chapter starts with a description of the crowdfunding regulation currently in force in the European Union countries, as well as the regulatory harmonization process undertaken over the years by the European Commission to remove differences in crowdfunding regulations between jurisdictions, establish a level playing field for all crowdfunding actors, and ensure a suitable level of transparency and investor protection. The chapter then provides an in-depth comparative analysis of the crowdfunding regulatory frameworks in force before the implementation of Regulation (EU) 2020/1503 on ‘European crowdfunding service providers for business,’ with a focus on the main crowdfunding European markets, namely Italy, France, and Germany, and Spain. The chapter finally aims to identify the numerous risks that fundraisers and investors face when addressing crowdfunding processes through digital platforms