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Konsumentskyddet vid andelsbaserad crowdfunding

Karlsson, Fredrika LU (2017) JURM02 20172
Department of Law
Faculty of Law
Abstract
Crowdfunding is an alternative financing form that has evolved during the last ten years. It is defined as numerous financiers who are brought together with companies seeking capital on a digital market. In equity crowdfunding, financiers buy shares in the company. Unlike stock trading on a regulated market, the capital seeking companies are often young and private. Crowdfunding investors are exposed to more risks than the ones that normally are associated with stock trading. Investors are running a higher risk to miscalculate the due diligence performed by the platforms or to be exposed to conflict of interests. Furthermore, the companies who use crowdfunding are often particularly difficult to value. Finally, investors can’t defend... (More)
Crowdfunding is an alternative financing form that has evolved during the last ten years. It is defined as numerous financiers who are brought together with companies seeking capital on a digital market. In equity crowdfunding, financiers buy shares in the company. Unlike stock trading on a regulated market, the capital seeking companies are often young and private. Crowdfunding investors are exposed to more risks than the ones that normally are associated with stock trading. Investors are running a higher risk to miscalculate the due diligence performed by the platforms or to be exposed to conflict of interests. Furthermore, the companies who use crowdfunding are often particularly difficult to value. Finally, investors can’t defend themselves against financial risk after they have purchased shares since there is no secondary market.

Despite that, the consumer protection rules on the financial market are not entirely applicable on equity crowdfunding. The prohibition of public offers by private companies in 1:7 § Swedish Company Act (2005:551), the authorization rules in MiFID II and the prospect rules in the prospect directive are possibly applicable on equity crowdfunding. Since crowdfunding is relatively new to the finance market, legislative history and doctrine give little guidance on how the financial rules applies to equity crowdfunding.

Several countries have adjusted their legislative to loan- and equity-based crowdfunding. The countries have either incorporated crowdfunding rules into existing legislative or imposed specific crowdfunding rules. This thesis contains a complication of the legislative in the U.S., the UK, Germany and Finland.

Finally, the thesis contains considerations and analysis of present regulation should be interpreted as well as of the problems that arise when drawing up Swedish crowdfunding rules. (Less)
Abstract (Swedish)
Crowdfunding är en alternativ finansieringsform som uppkommit under de senaste tio åren. Den innebär att många finansiärer förs samman med kapitalsökande bolag på en digital plattform. Vid andelsbaserad crowdfunding köper finansiärerna aktier i bolaget. Till skillnad från handel med aktier på t.ex. börsen är de kapitalsökande bolagen ofta relativt unga och privata. Investerare i crowdfunding utsätts alltså för ytterligare risker än de som normalt finns vid aktieköp på t.ex. börsen. I förhållande till plattformarna riskerar investerarna att missbedöma utförd due diligence eller utsättas för intressekonflikter. Vidare är bolagen i crowdfunding ofta särskilt svårvärderade. Investerarna kan inte heller värja sig mot finansiella risker efter... (More)
Crowdfunding är en alternativ finansieringsform som uppkommit under de senaste tio åren. Den innebär att många finansiärer förs samman med kapitalsökande bolag på en digital plattform. Vid andelsbaserad crowdfunding köper finansiärerna aktier i bolaget. Till skillnad från handel med aktier på t.ex. börsen är de kapitalsökande bolagen ofta relativt unga och privata. Investerare i crowdfunding utsätts alltså för ytterligare risker än de som normalt finns vid aktieköp på t.ex. börsen. I förhållande till plattformarna riskerar investerarna att missbedöma utförd due diligence eller utsättas för intressekonflikter. Vidare är bolagen i crowdfunding ofta särskilt svårvärderade. Investerarna kan inte heller värja sig mot finansiella risker efter köp eftersom det inte finns någon andrahandsmarknad.

Trots det har finansmarknadens konsumentskydd endast begränsad tillämplighet på andelsbaserad crowdfunding. Möjligtvis kan spridningsförbudet i 1 kap. 7 § ABL, tillståndsreglerna i MiFID II och prospektreglerna tillämpas på andelsbaserad crowdfunding. Eftersom finansieringsformen är ny finns knappt vägledning i förarbeten och doktrin om hur gällande regelverk ska tillämpas på crowdfunding.

Många länder har anpassat sin lagstiftning till låne- och andelsbaserad crowdfunding. Länderna har antingen inkorporerat crowdfundingregler i redan existerade regelverk eller infört särskilda crowdfundingregler. Denna uppsats innehåller en fördjupad sammanställning av hur USA, Storbritannien, Tyskland och Finland har utformat sina respektive crowdfundingregler.

Uppsatsen innehåller slutligen överväganden och analys av hur de nuvarande bestämmelser ska tolkas i förhållande till andelsbaserad crowdfunding och av de problemställningar som uppstår när svenska crowdfundingregler ska utformas. (Less)
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author
Karlsson, Fredrika LU
supervisor
organization
alternative title
The Consumer Protection in Equity Crowdfunding
course
JURM02 20172
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
finansrätt associationsrätt gräsrotsfinansiering
language
Swedish
id
8930785
date added to LUP
2018-01-29 14:41:53
date last changed
2018-01-29 14:41:53
@misc{8930785,
  abstract     = {Crowdfunding is an alternative financing form that has evolved during the last ten years. It is defined as numerous financiers who are brought together with companies seeking capital on a digital market. In equity crowdfunding, financiers buy shares in the company. Unlike stock trading on a regulated market, the capital seeking companies are often young and private. Crowdfunding investors are exposed to more risks than the ones that normally are associated with stock trading. Investors are running a higher risk to miscalculate the due diligence performed by the platforms or to be exposed to conflict of interests. Furthermore, the companies who use crowdfunding are often particularly difficult to value. Finally, investors can’t defend themselves against financial risk after they have purchased shares since there is no secondary market. 

Despite that, the consumer protection rules on the financial market are not entirely applicable on equity crowdfunding. The prohibition of public offers by private companies in 1:7 § Swedish Company Act (2005:551), the authorization rules in MiFID II and the prospect rules in the prospect directive are possibly applicable on equity crowdfunding. Since crowdfunding is relatively new to the finance market, legislative history and doctrine give little guidance on how the financial rules applies to equity crowdfunding. 

Several countries have adjusted their legislative to loan- and equity-based crowdfunding. The countries have either incorporated crowdfunding rules into existing legislative or imposed specific crowdfunding rules. This thesis contains a complication of the legislative in the U.S., the UK, Germany and Finland. 

Finally, the thesis contains considerations and analysis of present regulation should be interpreted as well as of the problems that arise when drawing up Swedish crowdfunding rules.},
  author       = {Karlsson, Fredrika},
  keyword      = {finansrätt associationsrätt gräsrotsfinansiering},
  language     = {swe},
  note         = {Student Paper},
  title        = {Konsumentskyddet vid andelsbaserad crowdfunding},
  year         = {2017},
}