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Investerarskydd trots ny finansieringsform? - En undersökning om investerarens skydd vid andelsbaserad gräsrotsfinansiering i förhållande till gällande rätt

Larsson, Amelia LU (2019) HARH01 20191
Department of Business Law
Abstract (Swedish)
Gräsrotsfinansiering är ett relativt nytt digitaliserat finansieringsalternativ, som växer snabbt både på den svenska och den globala marknaden. Gräsrotsfinansieringsplattformarna syftar till att förmedla kontakten mellan kapitalsökande bolag och investerare. Den snabba tillväxten har dock bidragit till att lagstiftningen har hamnat efter, vilket antas ha påverkat investerarna på plattformarna negativt. En del professionella investerare menar att finansieringsalternativet utnyttjar icke-professionellas okunskaper, då varken plattformen eller det kapitalsökande bolaget har en omfattande informationsskyldighet. Detta kan bidra till att investerarna fattar investeringsbeslut på felaktiga grunder och tappar förtroendet för... (More)
Gräsrotsfinansiering är ett relativt nytt digitaliserat finansieringsalternativ, som växer snabbt både på den svenska och den globala marknaden. Gräsrotsfinansieringsplattformarna syftar till att förmedla kontakten mellan kapitalsökande bolag och investerare. Den snabba tillväxten har dock bidragit till att lagstiftningen har hamnat efter, vilket antas ha påverkat investerarna på plattformarna negativt. En del professionella investerare menar att finansieringsalternativet utnyttjar icke-professionellas okunskaper, då varken plattformen eller det kapitalsökande bolaget har en omfattande informationsskyldighet. Detta kan bidra till att investerarna fattar investeringsbeslut på felaktiga grunder och tappar förtroendet för gräsrotsfinansiering.

Denna uppsats syftar därför till att undersöka vilka möjligheter det finns att tillämpa gällande rätt på andelsbaserad gräsrotsfinansiering, i syfte att säkerställa investerarnas skydd. Uppsatsen granskar först gräsrotsfinansiering som finansieringsalternativ, för att sedan behandla den lagstiftning som kan antas bli gällande vid andelsbaserad gräsrotsfinansiering. Gällande rätt på området som uppsatsen behandlar är lagstiftning som berör investerarskyddet och plattformarnas eller de kapitalsökande bolagens prospektskyldighet.

Analysen kommer fram till att onoterade aktier som erbjuds av de kapitalsökande bolagen via plattformarna, inte kan utgöra finansiella instrument eller medel. Då ett privat aktiebolag ger ut aktier kan dessa inte bli medel för allmän omsättning på en kapitalmarknad. Förmedlingen som vanligen sker genom andelsbaserad gräsrotsfinansiering omfattas därför inte av lagstiftning på området för investerarskydd. Prospektskyldigheten är inte heller något som plattformarna eller de kapitalsökandebolagen behöver ta hänsyn till. I och med investerarnas bristande skydd resulterar analysen i en diskussion om de intressekonflikter som uppstår vid finansieringsalternativet. En framtida lagstiftning är därför nödvändig. (Less)
Abstract
Crowdfunding is a new digitized alternative to find capital, compared to other traditional financing methods. The process involves a platform that simplifies for capital seeking companies to find investors. During these past years, the growth of crowdfunding has increased significant, but the legislation hasn’t followed the process. This assumed to have a negative impact on the investors of the platforms. Some of the professional investors are finding that the financing alternative are taking advantage of the lack of knowledge that occur among the non-professional investors. Neither do the platform or the capital seeking company, have any obligation to inform the investors about the risks that is associated with different investments. The... (More)
Crowdfunding is a new digitized alternative to find capital, compared to other traditional financing methods. The process involves a platform that simplifies for capital seeking companies to find investors. During these past years, the growth of crowdfunding has increased significant, but the legislation hasn’t followed the process. This assumed to have a negative impact on the investors of the platforms. Some of the professional investors are finding that the financing alternative are taking advantage of the lack of knowledge that occur among the non-professional investors. Neither do the platform or the capital seeking company, have any obligation to inform the investors about the risks that is associated with different investments. The investors can therefore make decisions based on incorrect terms and lose their reliance for crowdfunding.

Against this background, this paper aim to examine which opportunities there is to protect these investors in equity crowdfunding. Due to the lack of legalisation of the area of crowdfunding, this paper will therefore analyze other national laws. This paper will first examine crowdfunding as an alternative to traditional financing and then which legalization that can be applicable on equity crowdfunding. The chosen legalization is based on laws that adjust the protection of investors in other financial situations and the obligation to financial institutions and companies to provide investors with information.

The analysis leads this paper to the conclusion that privately-traded stocks, that is offered by the capital seeking private company, can’t be equalized with the laws definition of financial instrument. The explanation is that privately-traded stocks can’t be traded on a regulated market. Therefore the existent national law can’t be applicable on the intermediation situation, that is made by the platform when equity crowdfunding is conducted. Neither do an extensive obligation to inform the investor about the risk, apply on the situation. Due to the insufficient protection that investors has when investing by equity crowdfunding, this paper also discuss the conflict of interest that occur. A future legalisation would therefore be necessary. (Less)
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author
Larsson, Amelia LU
supervisor
organization
course
HARH01 20191
year
type
M2 - Bachelor Degree
subject
keywords
Gräsrotsfinansiering, investerarskydd, plattformar, finansieringsalternativ, kapitalsökande bolag
language
Swedish
id
8983412
date added to LUP
2019-06-14 08:19:44
date last changed
2019-06-14 08:19:44
@misc{8983412,
  abstract     = {Crowdfunding is a new digitized alternative to find capital, compared to other traditional financing methods. The process involves a platform that simplifies for capital seeking companies to find investors. During these past years, the growth of crowdfunding has increased significant, but the legislation hasn’t followed the process. This assumed to have a negative impact on the investors of the platforms. Some of the professional investors are finding that the financing alternative are taking advantage of the lack of knowledge that occur among the non-professional investors. Neither do the platform or the capital seeking company, have any obligation to inform the investors about the risks that is associated with different investments. The investors can therefore make decisions based on incorrect terms and lose their reliance for crowdfunding. 

Against this background, this paper aim to examine which opportunities there is to protect these investors in equity crowdfunding. Due to the lack of legalisation of the area of crowdfunding, this paper will therefore analyze other national laws. This paper will first examine crowdfunding as an alternative to traditional financing and then which legalization that can be applicable on equity crowdfunding. The chosen legalization is based on laws that adjust the protection of investors in other financial situations and the obligation to financial institutions and companies to provide investors with information. 

The analysis leads this paper to the conclusion that privately-traded stocks, that is offered by the capital seeking private company, can’t be equalized with the laws definition of financial instrument. The explanation is that privately-traded stocks can’t be traded on a regulated market. Therefore the existent national law can’t be applicable on the intermediation situation, that is made by the platform when equity crowdfunding is conducted. Neither do an extensive obligation to inform the investor about the risk, apply on the situation. Due to the insufficient protection that investors has when investing by equity crowdfunding, this paper also discuss the conflict of interest that occur. A future legalisation would therefore be necessary.},
  author       = {Larsson, Amelia},
  keyword      = {Gräsrotsfinansiering,investerarskydd,plattformar,finansieringsalternativ,kapitalsökande bolag},
  language     = {swe},
  note         = {Student Paper},
  title        = {Investerarskydd trots ny finansieringsform? - En undersökning om investerarens skydd vid andelsbaserad gräsrotsfinansiering i förhållande till gällande rätt},
  year         = {2019},
}