EPRSauthor By / May 8, 2014

Crowdfunding in the European Union

Through several parliamentary questions and its own initiative report on Reindustrialising Europe, the European Parliament has repeatedly urged the European…

© Mimi Potter / Fotolia

Through several parliamentary questions and its own initiative report on Reindustrialising Europe, the European Parliament has repeatedly urged the European Commission to take action in relation to the growing use of crowdfunding in the EU.

Crowdfunding in the European Union
© Mimi Potter / Fotolia

The European Commission, after consultation with stakeholders, published the 27 of March 2014 the Communication on unleashing the potential of crowdfunding in the European Union / COM(2014) 172 final.

This communication presents a first appraisal of the crowdfunding situation in the EU. It is intended to serve as a starting point for discussion and possible future actions. In this document, the Commission draws on the risks and challenges identified by stakeholders during the consultation process to come up with several proposals such as the creation of a European Crowdfunding Stakeholder Forum and the engagement to further assess, through a dedicated study, the increasing importance of crowdfunding activities in the EU.

The Frequently Asked Questions‘ document briefly lists the additional actions proposed by the Commission.

This Keysource presents a selection of recent articles and studies to complement the analysis done by the Commission on this communication.


What is crowdfunding? / European Crowdfunding Network; October 2012

An introduction to crowdfunding / NESTA, July 2012


Crowdfunding: Innovative access to finance and regulatory challenges / Liam Collins, World Bank Policy Brief, The Innovation Policy Platform, 2014 This report provides a definition and clear explanation of the different crowdfunding models, together with a visual representation of the crowdfunding process.

Some simple economics of crowdfunding / Ajay Agrawal, Christian Catalini, Avi Goldfarb, NBER, 1 June 2013 This study concludes that it is still too early to predict how crowdfunding activities will evolve.

Crowd-funding: An infant industry growing fast / Eleanor Kirby; Shane Worner; 2014 This IOSCO Staff Working Paper presents an overview of the crowdfunding industry worldwide.

Crowdfunding: a sustainable alternative to traditional banking? / Economic Outlook BBVA Research; 2013 In this study, the authors highlight the potential disruptive effects that crowdfunding could have for the traditional banking industry.

Crowdfunding: An alternative source of funding with potential / Thomas F. Dapp; Deutsche Bank AG; 18 March 2013 According to this report, the demand for crowdfunding, as well as the number of crowdfunding platforms, is increasing rapidly.

Will crowdfunding kickstart an investment revolution? Policy and political implications of Peer-to-Peer financing / Roosevelt Institute, Policy Note, 5 September 2013 Institutions and governments will have to develop new legislative approaches to cope with growing crowdfunding activities.

The dynamics of crowdfunding: An exploratory study / Ethan R. Mollick; University of Pennsylvania – Wharton School; 26 June 2013

Crowdfunding: The new frontier for financing entrepreneurship? / Giancarlo Giudici, Ricardo Nava, Cristina Rossi Lamastra, Chiara Verecondo; October 2012 This study explores the role that crowdfunding will play in financing large and small business enterprises and projects.

The geography of crowdfunding / A. Agarwal, C. Catalini, A. Goldfarb; Working Paper No. w16820; NBER, 2011

Stakeholder views

Livre Blanc finance participative. Plaidoyer et propositions pour un nouveau cadre réglementaire / FinPart; Edition 2013

A framework for European crowdfunding / Kristof De Buysere; Oliver Gajda; Ronald Kleverlaan; Dan Marom; Crowdfunding Framework; 2012

The FCA’s regulatory approach to crowdfunding (and similar activities) / Financial Conduct Authority, October 2013

EuroFinUse response to the European Commission consultation / EuroFinUse, 20 December 2013

The wisdom of crowd-funders: What motivates cross-border private development Aid? / Raj M. Desai; Homi Kharas; 2013


Review of crowdfunding regulation 2013. Interpretations of existing regulation concerning crowdfunding in Europe, North America and Israel / European Crowdfunding Network, October 2013

Respective scopes of EU and national laws concerning crowdfunding operations: How to change legal framework at both levels / Crowdfunding for Europe, September 2013

Regulation of crowdfunding in Germany, the UK, Spain and Italy and the impact of the European Single Market / European Crowdfunding Network, 13 June 2013

Evolutions-droit-europeen-droit-national / FinPart (Finance Participative wiki); July 2013

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