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Många bäckar små - En studie om gräsrotsfinansiering och dess förhållande till svensk rätt

Jungermann, Andreas LU (2015) LAGM01 20151
Department of Law
Abstract (Swedish)
Gräsrotsfinansiering är en finansieringsform som växer i omfattning och popularitet. Kortfattat handlar det om att bolag söker kapital från den stora massan istället för de mer traditionella källorna. Det finns flera varianter av gräsrotsfinansiering, den som vållar de största juridiska spörsmålen är den delägarbaserade varianten. Denna innebär att investerare erbjuds aktier eller andra värdepapper i ett, oftast privat, aktiebolag mot kapital.
Uppsatsens fokus är att behandla gräsrotsfinansiering som fenomen och dess förhållande till svensk rätt. Anledningen till att gräsrotsfinansiering är ett ämne värdigt att behandla är dess betydelse för mindre företag att få tillgång till kapital i en tid där möjligheterna att få kapital från... (More)
Gräsrotsfinansiering är en finansieringsform som växer i omfattning och popularitet. Kortfattat handlar det om att bolag söker kapital från den stora massan istället för de mer traditionella källorna. Det finns flera varianter av gräsrotsfinansiering, den som vållar de största juridiska spörsmålen är den delägarbaserade varianten. Denna innebär att investerare erbjuds aktier eller andra värdepapper i ett, oftast privat, aktiebolag mot kapital.
Uppsatsens fokus är att behandla gräsrotsfinansiering som fenomen och dess förhållande till svensk rätt. Anledningen till att gräsrotsfinansiering är ett ämne värdigt att behandla är dess betydelse för mindre företag att få tillgång till kapital i en tid där möjligheterna att få kapital från exempelvis banker och private equity bolag har minskat. Det får dock inte förglömmas att det även finns risker med gräsrotsfinansiering, framförallt med tanke på investeraren och skyddet för denne.
Gräsrotsfinansiering i Sverige har i förhållande till lagstiftningen vissa problem. Det mest framträdande problemet är ABL:s spridningsförbud i 1 kap 7 §. Spridningsförbudet innebär att aktier och vissa värdepapper i privata aktiebolag inte får spridas till allmänheten. Det finns vissa undantag, bland annat om spridningen sker till en krets på högst 200 personer. Lagtexten är emellertid delvis otydlig och aktörerna på den svenska marknaden uppfyller enligt min mening inte med säkerhet dessa undantag varpå de riskerar både straff- samt civilrättsligt ansvar. Även andra frågor så som prospekt har behandlats gällande frågan om gräsrotsfinansierings överensstämmelse med svensk rätt.
Gräsrotsfinansiering är inte enbart aktuellt i Sverige. En jämförelse har gjorts med USA och Storbritannien för att se deras lösning på problemen. Båda dessa länder har idag någon form av lagstiftning eller riktlinjer för hur och under vilka former det ska tillåtas för att säkerställa bland annat investerarskyddet. Även EU diskuterar frågan och även om inget direktiv eller liknande är aktuellt idag är det troligt att politiska beslut kommer att komma från EU inom något år.
De slutsatser som går att finna efter denna framställning är att gräsrotsfinansiering är en typ av finansiering som har stor potential och som kan medföra ett växande av innovativa företag. Min uppfattning är att den svenska lagstiftaren borde se över frågan om specifik lagstiftning på området för att underlätta branschens utveckling och minska riskerna för aktörerna som utnyttjar det idag.
Andra lösningar skulle kunna förekomma istället för ny lagstiftning. Men i slutändan är det viktiga endast att gräsrotsfinansiering ges den möjlighet den förtjänar förutsatt att dess risker kan garanteras till en rimlig nivå. (Less)
Abstract
Crowdfunding is a form of financing that grows in scope and popularity. In short, it is about companies seeking capital from the crowd instead of the more traditional sources. There are several different forms of crowdfunding. The one who mainly causes the legal questions is the equity form. This means that companies offer shares or other securities in, usually private, limited liability companies to investors for their capital.
The essay's focus is to discuss crowdfunding as a phenomenon and its relation to Swedish law. The reason that crowdfunding is a topic worthy of discussion is its importance for small businesses to access capital in a time where the possibilities to get funds from banks and private equity companies has decreased.... (More)
Crowdfunding is a form of financing that grows in scope and popularity. In short, it is about companies seeking capital from the crowd instead of the more traditional sources. There are several different forms of crowdfunding. The one who mainly causes the legal questions is the equity form. This means that companies offer shares or other securities in, usually private, limited liability companies to investors for their capital.
The essay's focus is to discuss crowdfunding as a phenomenon and its relation to Swedish law. The reason that crowdfunding is a topic worthy of discussion is its importance for small businesses to access capital in a time where the possibilities to get funds from banks and private equity companies has decreased. It must not be forgotten that there are also risks of crowdfunding, especially around the investor and the protection of him or her.
The way Crowdfunding works in Sweden in relation to the Swedish legislation entails some problems. The most prominent is the Swedish Companies Acts prohibition in Chapter 1 § 7 against public offers by private companies. The prohibition means that shares and certain securities in private companies are not allowed to be disseminated to the public. There are some exceptions, on is when dissemination occurs to a group of up to 200 people. The law is, however, partly unclear and operators on the Swedish crowdfunding market does not in my opinion fully meet these exemptions whereupon they risk both criminal and civil liability. Other issues, such as the prospectus, has been treated on the issue of crowdfunding’s accordance with Swedish law.
Crowdfunding is not only an issue in Sweden. A comparison has been made with the US and the UK to see their solution to the problems. Both countries currently have some form of legislation or guidelines for how it should be allowed and under what forms to secure, among other things, the protection of investors. The EU are discussing the issue and even if no directive or similar is relevant today, it is likely that political decisions will come from the EU within a couple of years.
The conclusions in this essay is that crowdfunding is a type of financing that has great potential and that can lead to growing innovative businesses, therefore, my view is that the Swedish legislature should review the issue of specific legislation in order to facilitate and reduce risks for operators that use it today.
Other solutions instead of new legislation are possible and in the end, the only thing that is important is that crowdfunding is given the opportunity it deserves provided that the risks can be ensured to a reasonable level. (Less)
Please use this url to cite or link to this publication:
author
Jungermann, Andreas LU
supervisor
organization
alternative title
Every little bit helps - A study on crowdfunding and its relation to Swedish law
course
LAGM01 20151
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Associationsrätt, aktiebolagsrätt, crowdfunding, gräsrotsfinansiering, equity crowdfunding, Finansrätt, svensk rätt
language
Swedish
id
5435959
date added to LUP
2015-06-22 13:11:46
date last changed
2015-06-22 13:11:46
@misc{5435959,
  abstract     = {Crowdfunding is a form of financing that grows in scope and popularity. In short, it is about companies seeking capital from the crowd instead of the more traditional sources. There are several different forms of crowdfunding. The one who mainly causes the legal questions is the equity form. This means that companies offer shares or other securities in, usually private, limited liability companies to investors for their capital.
The essay's focus is to discuss crowdfunding as a phenomenon and its relation to Swedish law. The reason that crowdfunding is a topic worthy of discussion is its importance for small businesses to access capital in a time where the possibilities to get funds from banks and private equity companies has decreased. It must not be forgotten that there are also risks of crowdfunding, especially around the investor and the protection of him or her.
The way Crowdfunding works in Sweden in relation to the Swedish legislation entails some problems. The most prominent is the Swedish Companies Acts prohibition in Chapter 1 § 7 against public offers by private companies. The prohibition means that shares and certain securities in private companies are not allowed to be disseminated to the public. There are some exceptions, on is when dissemination occurs to a group of up to 200 people. The law is, however, partly unclear and operators on the Swedish crowdfunding market does not in my opinion fully meet these exemptions whereupon they risk both criminal and civil liability. Other issues, such as the prospectus, has been treated on the issue of crowdfunding’s accordance with Swedish law.
Crowdfunding is not only an issue in Sweden. A comparison has been made with the US and the UK to see their solution to the problems. Both countries currently have some form of legislation or guidelines for how it should be allowed and under what forms to secure, among other things, the protection of investors. The EU are discussing the issue and even if no directive or similar is relevant today, it is likely that political decisions will come from the EU within a couple of years.
The conclusions in this essay is that crowdfunding is a type of financing that has great potential and that can lead to growing innovative businesses, therefore, my view is that the Swedish legislature should review the issue of specific legislation in order to facilitate and reduce risks for operators that use it today.
Other solutions instead of new legislation are possible and in the end, the only thing that is important is that crowdfunding is given the opportunity it deserves provided that the risks can be ensured to a reasonable level.},
  author       = {Jungermann, Andreas},
  keyword      = {Associationsrätt,aktiebolagsrätt,crowdfunding,gräsrotsfinansiering,equity crowdfunding,Finansrätt,svensk rätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Många bäckar små - En studie om gräsrotsfinansiering och dess förhållande till svensk rätt},
  year         = {2015},
}