INTRODUCTION TO THE CROWDFUNDING REGULATION

This first introductory Chapter starts by setting the grounds for the legal discussion by defining crowdfunding, identifying its main advantages and risks, and describing the main services offered by platforms. After that, it provides a brief summary of the context in which the European Crowdfunding Service Providers Regulation (ECSPR) has been developed. In particular, it underlines the fragmentation in regulating crowdfunding among EU Member States, which has justified the EU legislative action, and identifies elements of connection and incoherence with other EU initiatives, especially within the Capital Markets Union Action plan. Then, it moves to the future of the ECSPR, discussing relevant extrinsic forces and challenges potentially affecting the framework (eg Brexit, pandemic crisis, sustainability issues). Finally, it provides highlights of the main features of the ECSPR and an overview of the structure and content of the Commentary.