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A Framework for European Crowdfunding Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe Oliver Gajda, Co-Chair European Crowdfunding Network Oliver Gajda – European Crowdfunding Network

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Panel sugli aspetti legali del crowdfunding - Intervento di Oliver Gajda. Un quadro per il crowdfunding europeo: come la European Crowdfunding Network sta lavorando per andare verso un ecosistema che permetta nuovi metodi per finanziare innovazione e startup. La European Crowdfunding Network (ECN) è una rete professionale che promuove un ecosistema adeguato per il crowdfunding, e allo stesso tempo offre una voce unica per la discussione di policy e per la costruzione di un'opinione pubblica. Il suo obiettivo è creare un quadro europeo più favorevole al finanziamento di start up e piccoli progetti. Per ottenere ciò, la ECN mette insieme risorse e supporto professionale per i suoi membri e lavora per influenzare il discorso politico all'interno dell'Unione Europea.

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Page 1: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

A Framework for European

Crowdfunding

Towards an enabling ecosystem

for new ways of funding innovation

and SMEs in Europe

Oliver Gajda, Co-Chair

European Crowdfunding Network

Oliver Gajda – European Crowdfunding Network

Page 2: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

European Regulation

Oliver Gajda – European Crowdfunding Network

Page 3: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

Example: Equity Crowdfunding

Oliver Gajda – European Crowdfunding Network

Page 4: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

Oliver Gajda – European Crowdfunding Network

Harmonisation of marketing for

equities below €100k and above

€5million

Inbetween:

27 different National Interpretations

Example: Prospectus Directive (2003/71/EC, amended by 2010/73/EC)

Page 5: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

Other Regulatory Burdens

Oliver Gajda – European Crowdfunding Network

• Corporate law provisions

• Accepting reclaimable funds (Directives

2006/48/EC & 2009/110/EC)

• Collective Investment in Transferable Securities

(UCITS)

• Alternative Investment Fund Managers (AIFM)

• Markets in Financial Instruments Directive

(MiFID & MiFID II)

Page 6: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

Other Regulatory Burdens

Oliver Gajda – European Crowdfunding Network

• Corporate law provisions

• Accepting reclaimable funds (Directives

2006/48/EC & 2009/110/EC)

• Collective Investment in Transferable Securities

(UCITS)

• Alternative Investment Fund Managers (AIFM)

• Markets in Financial Instruments Directive

(MiFID & MiFID II)

Page 7: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

Oliver Gajda – European Crowdfunding Network

A European Framework Regulation Education Research

Public Bodies • Review Legislation

• Expert Groups

• Political Cause

• Sustainability

• Crowdfunding as

Funding Tool

• Create Incentives

• Fund Impact

Research

• Support European

Industry Body

Industry • Code of Conduct

• Reporting Guidelines

• Customer Protection

& Due Diligence

• Train Customers

• Promote Success

• Showcaser Benefits

and Risks

• Benchmarking,

Transparency &

Data Provision

• Collaborate in

Research

Outcome Professional and

globally competitive

industry with

established set of rules

in the best interest of

the European Economy

Public awareness and

understanding of

citizens’ ability to

innovate and help

economic

development

Public and

transparent data

repository and

understanding of

social and economic

impact

Page 8: A framework for European Crowdfunding: Towards an enabling ecosystem for new ways of funding innovation and SMEs in Europe - Oliver Gajda, European Crowdfunding Network

A Framework for European

Crowdfunding

THANK YOU

Oliver Gajda, Co-Chair

European Crowdfunding Network

Oliver Gajda – European Crowdfunding Network