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- Title
NUEVA REGULACIÓN SOBRE LA FINANCIACIÓN PARTICIPATIVA O CROWDFUNDING EN EL PROYECTO DE LEY, DE 17 DE OCTUBRE DE 2014, DE FOMENTO DE LA FINANCIACIÓN EMPRESARIAL.
- Authors
YUSHI ZHOU
- Abstract
The Draft Bill on promotion of enterprise financing, published on the Official Bulletin of the Parliament last 17 October 2014, and submitted to the Senate on 23 January 2015, regulates, for the first time in Spain, the new way of financing crowdfunding that until this moment continues being an non-regulated phenomenon under Spanish and EU Law. However, the Bill only contemplates two of the several typologies of crowdfunding: the debt crowdfunding and the equity crowdfunding. The regulation has taken into account the main role of the crowdfunding platforms in this type of projects, establishing their legal status, their obligation to obtain authorization from and be registered with the National Commission for Securities Market (CNMV), restriction of activity in their favor and a code of conduct. In addition, the Draft Bill also determines the requirements applicable to the project creators and to the projects, as well as establishes the rules for investors' protection.
- Subjects
CROWD funding -- Law &; legislation; FINANCING of new business enterprises; SPAIN. Comision Nacional del Mercado de Valores; LEGAL status of capitalists &; financiers; SMALL business finance -- Law &; legislation; INVESTMENT laws; LAW
- Publication
Actualidad Jurídica (1578-956X), 2015, Issue 39, p105
- ISSN
1578-956X
- Publication type
Article