Annexes to COM(2014)172 - Unleashing the potential of Crowdfunding in the EU

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dossier COM(2014)172 - Unleashing the potential of Crowdfunding in the EU.
document COM(2014)172 EN
date March 27, 2014
agreement among the Member States setting up a Unified Patent Court is currently in the process of ratification.

[18] Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (OJ, 17.07.2000, L 178/1)

[19] Directive 2006/114/EC of the European Parliament and of the Council of 12 December 2006 concerning misleading and comparative advertising (OJ 27.12.2006, L376/21)

[20] Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (OJ 11.06.2005, L149/22)

[21] Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts (OJ 21.4.1993, L 95/29)

[22] Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (OJ 31.12.2003, L 345/64)

[23] Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ, 5.12.2007, L319/1). The Payment Services Directive might apply also to crowd sponsoring, in case the business model adopted is such that it falls under the scope of this instrument.

[24] Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ, 30.04.2004, L 145/1)

[25] Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ 27.06.2013, L176/338)

[26] Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ 1.07.2011, L 174/1)

[27] Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ 22.05.2008, L133/66)

[28] Directive 2002/65/EC  of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC (OJ 9.10.2002, L271/16)

[29] Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ 27.06.2013, L176/1)

[30] Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ 25.04.2013, L115/1); Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ 25.04.2013, L 115/18).

[31] In line with the EU Entrepreneurship 2020 Action Plan  http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0795:FIN:EN:PDF

[32] ECN (2013), "Review of Crowdfunding Regulation" at: http://www.europecrowdfunding.org/2013/10/review-crowdfunding-regulation-2013

[33] European Expert Network on Culture  report,  Crowdfunding schemes in Europe (2011) http://www.eenc.info/wp-content/uploads/2012/11/DR%C3%B6thler-KWenzlaff-Crowdfunding-Schemes-in-Europe.pdf .

[34] Ramos, J. (2014) Crowdfunding and the Role of Managers in Ensuring the Sustainability of Crowdfunding Platforms. Stewart J (Ed). JRC Technical Report Series, JRC Institute for Prospective Technological Studies, European Commission. http://is.jrc.ec.europa.eu/pages/EAP/eInclusion/employability.html ;

[35] In such cases care should be taken that the popularity of a project as measured by its success in crowdfunding may not be the best selection condition for public spending. 

[36] Communication from the Commission, "Guidelines on State aid to promote risk finance investments", C(2014) 34/2, Brussels, 15.01.2014

[37] http://ec.europa.eu/enterprise/policies/sme/small-business-act/sme-envoy/index_en.htm

[38] Work is also undertaken by IOSCO – see: IOSCO (2014) "Crowd-funding: An Infant Industry Growing Fast" SWP3/2014.