Equity Crowdfunding: All Regulated but Not Equal

Abstract

This Article describes how different countries have approached equity crowdfunding. It focuses on countries or regulatory authorities that either expressed their awareness of the phenomenon but decided to adopt a holding pattern (monitoring and investigating) or new laws and regulations. Countries like Australia have opted to reaffirm how their current set of regulations applies to crowdfunding whereas others like the United States, Italy, the United Kingdom, and France have elected to create new exemptions in an effort to facilitate equity crowdfunding. This Article compares how each country decided to regulate the different participants in the crowdfunding process. While the results of these various efforts are still mostly unseen, this Article takes an early look at the regulatory impact using one U.K. based platform as an example of how regulations can boost investment.