Andelsbaserad gräsrotsfinansiering som alternativ finansieringsform? - En studie av de juridiska förutsättningarna för privata aktiebolag
(2021) LAGF03 20212Department of Law
Faculty of Law
- Abstract
- Crowdfunding is a growing alternative form of financing, both in Sweden and internationally. This form of financing is characterized by the fact that many investors together invest a relatively small but overall significant amount of capital in a business idea or project. Equity crowdfunding is a variant of crowdfunding which means that the investor acquires shares in the invested company in. The digital development has made it easier for companies to reach a significant group of people via digital platforms with offers of such crowdfunding. Equity crowdfunding is suitable for companies that are in a capital-intensive development phase and constitutes a relevant complement to other forms of financing.
Sweden is one of the world's most... (More) - Crowdfunding is a growing alternative form of financing, both in Sweden and internationally. This form of financing is characterized by the fact that many investors together invest a relatively small but overall significant amount of capital in a business idea or project. Equity crowdfunding is a variant of crowdfunding which means that the investor acquires shares in the invested company in. The digital development has made it easier for companies to reach a significant group of people via digital platforms with offers of such crowdfunding. Equity crowdfunding is suitable for companies that are in a capital-intensive development phase and constitutes a relevant complement to other forms of financing.
Sweden is one of the world's most innovative countries and as a result new companies that demand financing are continuously formed. Crowdfunding has the potential to have several positive effects for such companies and on the Swedish market in general. At government level, such a development seems desirable. Crowdfunding has long lacked a special regulation and has thus been able to be subject to several different regulations, or none. On November 10, 2021, an EU regulation came into force that specifically regulates crowdfunding. In the case of Sweden, regarding equity crowdfunding financing of private limited companies, the applicability of the regulation is uncertain due to Swedish company law regulation. Private limited companies and their shareholders are not allowed to distribute the company’s shares to the public, according to the distribution ban in chapter 1 § 7 Companies Act (SFS 2005:551). Depending on the interpretation of the distribution ban, it may be an obstacle for private limited companies to apply for equity crowdfunding, and it may be an obstacle for such crowdfunding to be covered by the new EU regulation.
The thesis aims to investigate the legal conditions that exist for equity crowdfunding of private limited companies. The area in focus is the new EU regulation and how the uncertain legal situation may change as a result. The thesis concludes that the regulation of equity crowdfunding of private limited companies is unsatisfactory as the uncertain legal situation risks hampering the development of crowdfunding. The legislator intends to regulate the area to develop this form of financing, which, in the light of the dissertation's conclusions, is desirable. (Less) - Abstract (Swedish)
- Gräsrotsfinansiering är en växande alternativ finansieringsform, både i Sverige och internationellt. Finansieringsformen kännetecknas av att många investerare tillsammans investerar en relativt liten men totalt sett betydande summa kapital i en affärsidé eller ett projekt. Andelsbaserad gräsrotsfinansiering är en variant av gräsrotsfinansiering som innebär att investeraren erhåller andelar i det investerade företaget i utbyte mot det kapital som bolaget tillgodoses. Den digitala utvecklingen har förenklat för bolag att via digitala plattformar nå ut till en betydande personkrets med erbjudande om sådan gräsrotsfinansiering. Kapitalanskaffningsmetoden lämpar sig för bolag som befinner sig i en kapitalkrävande utvecklingsfas och utgör ett... (More)
- Gräsrotsfinansiering är en växande alternativ finansieringsform, både i Sverige och internationellt. Finansieringsformen kännetecknas av att många investerare tillsammans investerar en relativt liten men totalt sett betydande summa kapital i en affärsidé eller ett projekt. Andelsbaserad gräsrotsfinansiering är en variant av gräsrotsfinansiering som innebär att investeraren erhåller andelar i det investerade företaget i utbyte mot det kapital som bolaget tillgodoses. Den digitala utvecklingen har förenklat för bolag att via digitala plattformar nå ut till en betydande personkrets med erbjudande om sådan gräsrotsfinansiering. Kapitalanskaffningsmetoden lämpar sig för bolag som befinner sig i en kapitalkrävande utvecklingsfas och utgör ett relevant komplement till andra finansieringsformer.
Sverige är ett av världens mest innovativa länder och som en följd bildas kontinuerligt nya bolag som efterfrågar finansiering. Gräsrotsfinansiering har potential att medföra flera positiva effekter för sådana bolag och på den svenska marknaden i stort. På regeringsnivå tycks en sådan utveckling vara önskvärd. Gräsrotsfinansiering har länge saknat en särskild reglering och har således kunnat bli föremål för flera olika regelverk, eller inget alls. Den 10 november 2021 trädde en EU-förordning i kraft som särskilt reglerar gräsrotsfinansiering. För svenskt vidkommande, med avseende på andelsbaserad gräsrotsfinansiering av privata aktiebolag, är förordningens tillämpbarhet oviss till följd av svensk aktiebolagsrättslig reglering. Av spridningsförbudet i 1 kap. 7 § Aktiebolagslag (2005:551) följer att privata aktiebolag och dess aktieägare som huvudregel inte får sprida bolagets andelar till allmänheten. Beroende på tolkningen av spridningsförbudet kan det dels utgöra ett hinder för privata aktiebolag att söka kapital genom andelsbaserad gräsrotsfinansiering, dels utgöra ett hinder för att sådan gräsrotsfinansiering ska omfattas av den nya EU-förordningen.
Uppsatsen syftar till att utreda vilka juridiska förutsättningar som finns för andelsbaserad gräsrotsfinansiering av privata aktiebolag. Utredningen har tagit avstamp i införandet av den nya EU-förordningen och hur det ovissa rättsläget kan komma att förändras som en följd. I uppsatsen konkluderas att regleringen av andelsbaserad gräsrotsfinansiering av privata aktiebolag inte är tillfredsställande då det ovissa rättsläget riskerar hämma utvecklingen av gräsrotsfinansiering. Lagstiftaren avser att reglera området för att finansieringsformen ska kunna utvecklas vilket, mot bakgrund av uppsatsens slutsatser, är önskvärt. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9070188
- author
- Kihlberg, Mikael Nils Fredrik LU
- supervisor
- organization
- course
- LAGF03 20212
- year
- 2021
- type
- M2 - Bachelor Degree
- subject
- keywords
- associationsrätt, EU-rätt, rättsekonomi, gräsrotsfinansiering, crowdfunding
- language
- Swedish
- id
- 9070188
- date added to LUP
- 2022-02-15 11:39:17
- date last changed
- 2022-02-15 11:39:17
@misc{9070188,
abstract = {{Crowdfunding is a growing alternative form of financing, both in Sweden and internationally. This form of financing is characterized by the fact that many investors together invest a relatively small but overall significant amount of capital in a business idea or project. Equity crowdfunding is a variant of crowdfunding which means that the investor acquires shares in the invested company in. The digital development has made it easier for companies to reach a significant group of people via digital platforms with offers of such crowdfunding. Equity crowdfunding is suitable for companies that are in a capital-intensive development phase and constitutes a relevant complement to other forms of financing.
Sweden is one of the world's most innovative countries and as a result new companies that demand financing are continuously formed. Crowdfunding has the potential to have several positive effects for such companies and on the Swedish market in general. At government level, such a development seems desirable. Crowdfunding has long lacked a special regulation and has thus been able to be subject to several different regulations, or none. On November 10, 2021, an EU regulation came into force that specifically regulates crowdfunding. In the case of Sweden, regarding equity crowdfunding financing of private limited companies, the applicability of the regulation is uncertain due to Swedish company law regulation. Private limited companies and their shareholders are not allowed to distribute the company’s shares to the public, according to the distribution ban in chapter 1 § 7 Companies Act (SFS 2005:551). Depending on the interpretation of the distribution ban, it may be an obstacle for private limited companies to apply for equity crowdfunding, and it may be an obstacle for such crowdfunding to be covered by the new EU regulation.
The thesis aims to investigate the legal conditions that exist for equity crowdfunding of private limited companies. The area in focus is the new EU regulation and how the uncertain legal situation may change as a result. The thesis concludes that the regulation of equity crowdfunding of private limited companies is unsatisfactory as the uncertain legal situation risks hampering the development of crowdfunding. The legislator intends to regulate the area to develop this form of financing, which, in the light of the dissertation's conclusions, is desirable.}},
author = {{Kihlberg, Mikael Nils Fredrik}},
language = {{swe}},
note = {{Student Paper}},
title = {{Andelsbaserad gräsrotsfinansiering som alternativ finansieringsform? - En studie av de juridiska förutsättningarna för privata aktiebolag}},
year = {{2021}},
}