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ARTICLE · 24 AUGUST 2023

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A New Liability Regime For Crowdfunding On Its Way In Germany

Gunay Erdogan Attorneys-at-Law
Explore more from Gunay Erdogan Attorneys-at-Law

The EU Commission adopted as a result of its FinTech Action Plan, the European Crowdfunding Services Providers Regulation (ECSPR 2020/1503) on 20th October 2020.

GermanyTechnology
Ersin Erdogan
Ersin Erdogan
Nevin Meral
Nevin Meral

The EU Commission adopted as a result of its FinTech Action Plan, the European Crowdfunding Services Providers Regulation (ECSPR 2020/1503) on 20th October 2020. With this new regulation, it becomes possible for crowdfunding platforms to obtain "the EU Licence" to gain access to and benefit from the EU Single Market. However, it has been reported that not one single German crowdfunding platform has applied or granted this licence! The reason is claimed to be especially the strict liability regime in crowdfunding for key investment information sheet (KIIS). It is reported that this certainly hinders the attractiveness and competitiveness of German crowdfunding platforms.

According to art. 23 of ECSPR, members are under the obligation to ensure that the liability for misleading, inaccurate or omitted information stated in KIIS lay at least with the project owner, or its administrative, management or supervisory bodies. Moreover, names/titles, addresses and other

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