| Abstract [eng] |
Comparative Analysis of Crowdfunding Regulation in EU and the Lithuanian National Law The aim of this analysis is to study and evaluate the legal regulation of crowdfunding in Lithuania and the European Union. The goal is achieved through examining doctrinal positions, research conducted by financial market supervisory authorities and legal regulation of Lithuania and foreign countries. The first part of the work reviews the crowdfunding market, assesses the operation requirements for crowdfunding platform operators and explains the basis for the legal regulation in general. The second part of the work analyses which types of crowdfunding are chosen to regulate both in Lithuania and the EU, evaluates the requirements for owners of crowdfunding projects and explains the stimuli for the demand for the crowdfunding market. The third part of the work reveals the risks to investors in crowdfunding projects and measures set in place in order to protect their interests. The paper concludes that despite small differences, crowdfunding is regulated in a very similar way both under the current legal regulation in Lithuania and under the upcoming EU crowdfunding regulation. However, given the regulatory differences, it is warned that Lithuanian crowdfunding platform operators must responsibly assess their customers before exercising the right to operate throughout the EU under the crowdfunding regulation. It is established that peer-to-peer lending has been chosen not to be regulated by the Regulation. The changing role of supervisory authorities is also assessed. |
