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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
482.2 KB
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind.  Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document.
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB
30/10/2015 2015/SMSG/021 SoC Joint meeting SMSG-BoS Summary of Conclusions PDF
114.29 KB
30/10/2015 2015/SMSG/022 SoC August 2015 Summary of Conclusions PDF
196.51 KB
30/10/2015 2015/SMSG/030 SoC SMSG September Summary of Conclusions PDF
164.91 KB
18/02/2016 2016/SMG/005 Summary of Conclusions Joint meeting 11/12/2015 Summary of Conclusions PDF
159.42 KB
18/02/2016 2016/SMSG/004 Summary of Conclusions SMSG meeting 11/12/2015 Summary of Conclusions PDF
141.56 KB
31/03/2016 2016/SMSG/004 Summary of Conclusions SMSG meeting 03/02/2016 Summary of Conclusions PDF
208.58 KB
11/05/2016 2016/SMSG/012 Summary of Conclusions SMSG meeting 05/04/2016 Summary of Conclusions PDF
200.68 KB
01/07/2016 2016/SMSG/015 Summary of Conclusions Joint BoS SMSG meeting 26 May 2016 Summary of Conclusions PDF
231.88 KB
01/07/2016 2016/SMSG/016 Summary of Conclusions SMSG meeting 26-27 May 2016 Summary of Conclusions PDF
210.12 KB
14/11/2016 2016/SMSG/018 Summary of Conclusions SMSG meeting 21 September 2016 Summary of Conclusions PDF
204.87 KB
17/03/2017 ESMA 22-106-143 Summary of conclusions- SMSG meeting 9 February 2017 Summary of Conclusions PDF
203.3 KB
25/05/2018 ESMA22-106-1019 Summary of Conclusions SMSG meeting 12 April 2018 Summary of Conclusions PDF
208.57 KB
27/08/2018 ESMA22-106-1098 Summary of conclusions- BoS and SMSG meeting 24 May 2018 Summary of Conclusions PDF
212.42 KB
27/08/2018 ESMA22-106-1137 Summary of conclusions- SMSG meeting 25 May 2018 Summary of Conclusions PDF
205.06 KB
03/01/2019 ESMA22-106-1605 Summary of Conclusions BoS and SMSG meeting 8 November 2018 Summary of Conclusions PDF
255.71 KB
03/01/2019 ESMA22-106-1606 Summary of Conclusions SMSG meeting 8-9 November 2018 Summary of Conclusions PDF
186.81 KB
05/03/2019 ESMA22-106-1654 Summary of Conclusions SMSG meeting 5 February 2019 Summary of Conclusions PDF
315.79 KB
17/05/2019 ESMA22-106-1780 Summary of Conclusions SMSG meeting 11 April 2019 Summary of Conclusions PDF
196.44 KB