Systematic and Conceptual Framework for Crowdfunding Regulation

Revista De Derecho Del Mercado Financiero Working Paper 5/2019

16 Pages Posted: 5 Sep 2019

See all articles by Fernando Zunzunegui

Fernando Zunzunegui

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law

Date Written: August 29, 2019

Abstract

Crowdfunding is a financial service that connects investors with business developers seeking financing through a platform. There are two forms: investment crowdfunding in the strict sense, whether equity or debt crowdfunding, and credit crowdfunding, which includes loans as the most usual model. In this paper we deal with the systematic and conceptual framework for crowdfunding regulation. We do so from a functional perspective. The form in which raising financing is implemented, whether through securities or loans, does not alter its function. Regulation of crowdfunding is guided by the same principles as the rest of financial services. Applying outmoded solutions for a market not based on current technology would be a mistake. The diversity of local frameworks is giving way to a degree of confluence from which certain considerations can be extracted. Reforms are guiding the legal framework towards the same type of solutions.

Keywords: Crowdfunding, Fintech, MiFID, Platform Economy, ESMA

JEL Classification: E21, E22

Suggested Citation

Zunzunegui, Fernando, Systematic and Conceptual Framework for Crowdfunding Regulation (August 29, 2019). Revista De Derecho Del Mercado Financiero Working Paper 5/2019, Available at SSRN: https://ssrn.com/abstract=3444868 or http://dx.doi.org/10.2139/ssrn.3444868

Fernando Zunzunegui (Contact Author)

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law ( email )

Getafe (Madrid), 28903
Spain

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