Regulation of Crowdfunding in Germany

SAFE Working Paper No. 199

German National Reports on the 20th International Congress of Comparative Law (Martin Schmidt-Kessel ed., 2018) (forthcoming)

29 Pages Posted: 14 Feb 2018 Last revised: 2 May 2018

See all articles by Tobias H. Troeger

Tobias H. Troeger

Goethe University Frankfurt - Research Center SAFE; European Corporate Governance Institute (ECGI); European Banking Institute

Date Written: February 4, 2018

Abstract

This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework. After a brief survey of market data, it delineates the classification of crowdfunding transactions in German contract law and their treatment under the applicable conflict of laws regime. It then turns to the relevant rules in prudential banking regulation and capital market law. It highlights disclosure requirements that flow from both contractual obligations of the initiators of campaigns vis-à-vis contributors and securities regulation (prospectus regime). After sketching the most important duties of the parties involved in crowdfunding, the report also looks at the key features of the respective transactions’ tax treatment.

Keywords: crowdfunding, crowdsponsoring, crowdlending, crowdinvesting, contract law, conflict of laws, banking regulation, securities regulation

JEL Classification: G23, G28, G38, K22, K23

Suggested Citation

Tröger, Tobias Hans, Regulation of Crowdfunding in Germany (February 4, 2018). SAFE Working Paper No. 199. Available at SSRN: https://ssrn.com/abstract=3122987 or http://dx.doi.org/10.2139/ssrn.3122987

Tobias Hans Tröger (Contact Author)

Goethe University Frankfurt - Research Center SAFE ( email )

(http://www.safe-frankfurt.de)
Theodor-W.-Adorno-Platz 3
Frankfurt am Main, 60323
Germany
+49 69 798 34391 (Phone)
+49 69 798 34536 (Fax)

HOME PAGE: http://safe-frankfurt.de/research/all-researchers/researchers-details/showauthor/prof-dr-tobias-troe

European Corporate Governance Institute (ECGI) ( email )

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.global/users/tobias-tr%C3%B6ger

European Banking Institute ( email )

Frankfurt
Germany

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