Edited by Eugenia Macchiavello, University of Genoa, Italy

• Contents:Foreword xxxvDiego ValiantePreface and acknowledgments xliPART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS1 Introduction to the Crowdfunding Regulation 2Eugenia Macchiavello2 The context: the crowdfunding market and its recent developments 15Rotem ShneorPART II THE REGULATION ON EUROPEAN CROWDFUNDING SERVICEPROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS3 The scope of the ECSPR: the difficult compromise between harmonization, client protection and the‘level playing field’ (Arts 1–2, 46, 48–9, 51) 44Eugenia Macchiavello4 The provision of crowdfunding services under the ECSPR (Art 3) 68Sebastiaan Niels Hooghiemstra5 Legal issues in the obligations for an effective and prudent management of crowdfunding serviceproviders (Art 4) 86Federico Ferretti and Francesca Mattassoglio6 Due diligence of project owners (Art 5) 105Marije Louisse7 Individual portfolio management of loans (Art 6) 113Roberto Ferretti8 Complaints handling (Art 7) 130Roberto Ferretti9 Intermediation risk and conflicts of interest (Art 8) 136Diogo Pereira Duarte10 Outsourcing under the ECSPR (Art 9) 150Ella van Kranenburg11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167Sebastiaan Niels Hooghiemstra12 Prudential requirements for crowdfunding service providers (Art 11) 184Marije Louisse13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197Tanja Aschenbeck and Lina Engler14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio15 Causes and procedure of authorisation withdrawal (Art 17) 241Tanja Aschenbeck and Lina Engler16 The EU passporting system for crowdfunding service providers: towards a new type of passport fordigital financial services? (Art 18) 252Vittorio Tortorici17 Investor protection and information to clients (Articles 19–20 and 26) 266Diogo Pereira Duarte18 Between investor protection and access to crowdfunding: the entry knowledge test and thesimulation of the ability to bear loss (Art 21 and Annex II) 280Joeri De Smet and Veerle Colaert19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300Konstantinos Serdaris20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350Matteo Gargantini22 The new European rules on advertising crowdfunding campaigns: between proportionality andcustomer protection (Arts 27–28) 367Tommaso Martini Varvesi and Vittorio Tortorici23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383Anna Maria Agresti24 From cooperation to coercion: the relationships between competent authorities underArticles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391Nathan de Arriba-Sellier25 ESMA and NCAs: cooperation in supervision (Art 32) 409Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio26 Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light ofcross-sectoral EU financial regulation and ECJ case law (Art 35) 419Nikolai Badenhoop27 The GDPR and the data processing of the competent authorities in performing their duties underthe ECSPR (Art 36) 434Federico Ferretti28 Complaint handling: the role of competent authorities (Art 38) 451Anna Maria Agresti29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures(Arts 39–43) 455Konstantinos Serdaris30 The delegation of powers to the European Commission within the crowdfunding legal framework(Art 44) 474Federico Riganti31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482Eugenia Macchiavello32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497Ghazale Mandegarian-FrickePART III A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR33 The silence of the ECSPR on tax law – reduction of hurdles in the distant future? 514Ulrike Bär34 Crowdfunding in the EU: private international law issues by design 529Ivana Kunda35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548Sebastiaan Niels Hooghiemstra36 Crowdfunding and DLTs: the imperative need for more clarity 565Filippo Annunziata and Thomaz de Arruda37 Crowdfunding platforms, competition law and platform sector regulation 578Carmen Estevan de Quesada38 Crowdfunding and consumer credit protection in the EU 591Antonella Sciarrone Alibrandi and Edoardo Grossule39 Invoice trading and regulation: the case of Italy 607Umberto Piattelli and Sofia Caruso40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfundingin the EU 619Eugenia Macchiavello and Chiara Valenti41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatoryframeworks 646Francesco De PascalisPART IV THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGALFRAMEWORK IN SELECTED COUNTRIES42 Crowdfunding in France after the adoption of the ECSPR 664Jean-Marc Moulin43 The crowdfunding regulation in Germany – on the path to self-isolation? 673Karsten Wenzlaff and Ana Odorović44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694Umberto Piattelli and Sofia Caruso45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711Anne Hakvoort46 The Portuguese crowdfunding regime and the impact of the ECSPR 729Diogo Pereira Duarte and Joana da Costa Lopes47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova48 The regulation of crowdfunding in the Nordic countries 765Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen49 ECSPR implementation in the Baltics 784Nikita Divissenko50 ECSPR versus the United States crowdfunding regime 796Elif Härkönen51 Conclusions about the ECSPR and its harmonization force: a brief summary of the objectivesachieved and the remaining ‘grey’ areas from a comparative law perspective 808Eugenia MacchiavelloAnnex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822Eugenia MacchiavelloIndex 825

Edited by Eugenia Macchiavello, University of Genoa, Italy

• Contents:Foreword xxxvDiego ValiantePreface and acknowledgments xliPART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS1 Introduction to the Crowdfunding Regulation 2Eugenia Macchiavello2 The context: the crowdfunding market and its recent developments 15Rotem ShneorPART II THE REGULATION ON EUROPEAN CROWDFUNDING SERVICEPROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS3 The scope of the ECSPR: the difficult compromise between harmonization, client protection and the‘level playing field’ (Arts 1–2, 46, 48–9, 51) 44Eugenia Macchiavello4 The provision of crowdfunding services under the ECSPR (Art 3) 68Sebastiaan Niels Hooghiemstra5 Legal issues in the obligations for an effective and prudent management of crowdfunding serviceproviders (Art 4) 86Federico Ferretti and Francesca Mattassoglio6 Due diligence of project owners (Art 5) 105Marije Louisse7 Individual portfolio management of loans (Art 6) 113Roberto Ferretti8 Complaints handling (Art 7) 130Roberto Ferretti9 Intermediation risk and conflicts of interest (Art 8) 136Diogo Pereira Duarte10 Outsourcing under the ECSPR (Art 9) 150Ella van Kranenburg11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167Sebastiaan Niels Hooghiemstra12 Prudential requirements for crowdfunding service providers (Art 11) 184Marije Louisse13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197Tanja Aschenbeck and Lina Engler14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio15 Causes and procedure of authorisation withdrawal (Art 17) 241Tanja Aschenbeck and Lina Engler16 The EU passporting system for crowdfunding service providers: towards a new type of passport fordigital financial services? (Art 18) 252Vittorio Tortorici17 Investor protection and information to clients (Articles 19–20 and 26) 266Diogo Pereira Duarte18 Between investor protection and access to crowdfunding: the entry knowledge test and thesimulation of the ability to bear loss (Art 21 and Annex II) 280Joeri De Smet and Veerle Colaert19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300Konstantinos Serdaris20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350Matteo Gargantini22 The new European rules on advertising crowdfunding campaigns: between proportionality andcustomer protection (Arts 27–28) 367Tommaso Martini Varvesi and Vittorio Tortorici23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383Anna Maria Agresti24 From cooperation to coercion: the relationships between competent authorities underArticles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391Nathan de Arriba-Sellier25 ESMA and NCAs: cooperation in supervision (Art 32) 409Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio26 Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light ofcross-sectoral EU financial regulation and ECJ case law (Art 35) 419Nikolai Badenhoop27 The GDPR and the data processing of the competent authorities in performing their duties underthe ECSPR (Art 36) 434Federico Ferretti28 Complaint handling: the role of competent authorities (Art 38) 451Anna Maria Agresti29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures(Arts 39–43) 455Konstantinos Serdaris30 The delegation of powers to the European Commission within the crowdfunding legal framework(Art 44) 474Federico Riganti31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482Eugenia Macchiavello32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497Ghazale Mandegarian-FrickePART III A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR33 The silence of the ECSPR on tax law – reduction of hurdles in the distant future? 514Ulrike Bär34 Crowdfunding in the EU: private international law issues by design 529Ivana Kunda35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548Sebastiaan Niels Hooghiemstra36 Crowdfunding and DLTs: the imperative need for more clarity 565Filippo Annunziata and Thomaz de Arruda37 Crowdfunding platforms, competition law and platform sector regulation 578Carmen Estevan de Quesada38 Crowdfunding and consumer credit protection in the EU 591Antonella Sciarrone Alibrandi and Edoardo Grossule39 Invoice trading and regulation: the case of Italy 607Umberto Piattelli and Sofia Caruso40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfundingin the EU 619Eugenia Macchiavello and Chiara Valenti41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatoryframeworks 646Francesco De PascalisPART IV THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGALFRAMEWORK IN SELECTED COUNTRIES42 Crowdfunding in France after the adoption of the ECSPR 664Jean-Marc Moulin43 The crowdfunding regulation in Germany – on the path to self-isolation? 673Karsten Wenzlaff and Ana Odorović44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694Umberto Piattelli and Sofia Caruso45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711Anne Hakvoort46 The Portuguese crowdfunding regime and the impact of the ECSPR 729Diogo Pereira Duarte and Joana da Costa Lopes47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova48 The regulation of crowdfunding in the Nordic countries 765Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen49 ECSPR implementation in the Baltics 784Nikita Divissenko50 ECSPR versus the United States crowdfunding regime 796Elif Härkönen51 Conclusions about the ECSPR and its harmonization force: a brief summary of the objectivesachieved and the remaining ‘grey’ areas from a comparative law perspective 808Eugenia MacchiavelloAnnex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822Eugenia MacchiavelloIndex 825

Edited by Eugenia Macchiavello, University of Genoa, Italy

• Contents:Foreword xxxvDiego ValiantePreface and acknowledgments xliPART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS1 Introduction to the Crowdfunding Regulation 2Eugenia Macchiavello2 The context: the crowdfunding market and its recent developments 15Rotem ShneorPART II THE REGULATION ON EUROPEAN CROWDFUNDING SERVICEPROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS3 The scope of the ECSPR: the difficult compromise between harmonization, client protection and the‘level playing field’ (Arts 1–2, 46, 48–9, 51) 44Eugenia Macchiavello4 The provision of crowdfunding services under the ECSPR (Art 3) 68Sebastiaan Niels Hooghiemstra5 Legal issues in the obligations for an effective and prudent management of crowdfunding serviceproviders (Art 4) 86Federico Ferretti and Francesca Mattassoglio6 Due diligence of project owners (Art 5) 105Marije Louisse7 Individual portfolio management of loans (Art 6) 113Roberto Ferretti8 Complaints handling (Art 7) 130Roberto Ferretti9 Intermediation risk and conflicts of interest (Art 8) 136Diogo Pereira Duarte10 Outsourcing under the ECSPR (Art 9) 150Ella van Kranenburg11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167Sebastiaan Niels Hooghiemstra12 Prudential requirements for crowdfunding service providers (Art 11) 184Marije Louisse13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197Tanja Aschenbeck and Lina Engler14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio15 Causes and procedure of authorisation withdrawal (Art 17) 241Tanja Aschenbeck and Lina Engler16 The EU passporting system for crowdfunding service providers: towards a new type of passport fordigital financial services? (Art 18) 252Vittorio Tortorici17 Investor protection and information to clients (Articles 19–20 and 26) 266Diogo Pereira Duarte18 Between investor protection and access to crowdfunding: the entry knowledge test and thesimulation of the ability to bear loss (Art 21 and Annex II) 280Joeri De Smet and Veerle Colaert19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300Konstantinos Serdaris20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350Matteo Gargantini22 The new European rules on advertising crowdfunding campaigns: between proportionality andcustomer protection (Arts 27–28) 367Tommaso Martini Varvesi and Vittorio Tortorici23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383Anna Maria Agresti24 From cooperation to coercion: the relationships between competent authorities underArticles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391Nathan de Arriba-Sellier25 ESMA and NCAs: cooperation in supervision (Art 32) 409Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio26 Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light ofcross-sectoral EU financial regulation and ECJ case law (Art 35) 419Nikolai Badenhoop27 The GDPR and the data processing of the competent authorities in performing their duties underthe ECSPR (Art 36) 434Federico Ferretti28 Complaint handling: the role of competent authorities (Art 38) 451Anna Maria Agresti29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures(Arts 39–43) 455Konstantinos Serdaris30 The delegation of powers to the European Commission within the crowdfunding legal framework(Art 44) 474Federico Riganti31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482Eugenia Macchiavello32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497Ghazale Mandegarian-FrickePART III A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR33 The silence of the ECSPR on tax law – reduction of hurdles in the distant future? 514Ulrike Bär34 Crowdfunding in the EU: private international law issues by design 529Ivana Kunda35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548Sebastiaan Niels Hooghiemstra36 Crowdfunding and DLTs: the imperative need for more clarity 565Filippo Annunziata and Thomaz de Arruda37 Crowdfunding platforms, competition law and platform sector regulation 578Carmen Estevan de Quesada38 Crowdfunding and consumer credit protection in the EU 591Antonella Sciarrone Alibrandi and Edoardo Grossule39 Invoice trading and regulation: the case of Italy 607Umberto Piattelli and Sofia Caruso40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfundingin the EU 619Eugenia Macchiavello and Chiara Valenti41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatoryframeworks 646Francesco De PascalisPART IV THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGALFRAMEWORK IN SELECTED COUNTRIES42 Crowdfunding in France after the adoption of the ECSPR 664Jean-Marc Moulin43 The crowdfunding regulation in Germany – on the path to self-isolation? 673Karsten Wenzlaff and Ana Odorović44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694Umberto Piattelli and Sofia Caruso45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711Anne Hakvoort46 The Portuguese crowdfunding regime and the impact of the ECSPR 729Diogo Pereira Duarte and Joana da Costa Lopes47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova48 The regulation of crowdfunding in the Nordic countries 765Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen49 ECSPR implementation in the Baltics 784Nikita Divissenko50 ECSPR versus the United States crowdfunding regime 796Elif Härkönen51 Conclusions about the ECSPR and its harmonization force: a brief summary of the objectivesachieved and the remaining ‘grey’ areas from a comparative law perspective 808Eugenia MacchiavelloAnnex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822Eugenia MacchiavelloIndex 825