On 18 December 2014, the European Securities and Markets Authority, ESMA, has published an Opinion on Invesment-based crowdfunding addressed to the national competent authorities to provide clarity on how existing EU rules are likely to apply to crowdfunding platforms, depending on the business model used. It also provides guidance on how to regulate certain crowdfunding platforms on a national basis. Along with the Opinion, ESMA published an Advice asking EU institutions to consider policy options in order to reduce incentives among crowdfunding platforms to structure their business models to fall outside the scope of EU rules.

Read the full opinion 

Read the full advice