CONCLUSIONS ABOUT THE ECSPR AND ITS HARMONIZATION FORCE: A BRIEF SUMMARY OF THE OBJECTIVES ACHIEVED AND THE REMAINING ‘GREY’ AREAS FROM A COMPARATIVE LAW PERSPECTIVE

This final Chapter wants to provide a concluding look at the ECSPR and its main features building on the detailed and critical analyses developed in the previous pages and, in particular, on the country-based analysis of the ECSPR impact on national crowdfunding regulations (Part IV). In fact, looking at how Member States used to regulate crowdfunding (which has been obviously taken into account by the Commission when designing the Regulation’s Proposal) and how they have started to interprete the ECSPR can shed more light on the EU Regulation itself and allow us to identify the most innovative features but also some remaining ‘shadows’ needing clarifications as well as potential areas for residual regulatory fragmentation and divergence among Member States.