March 2014

The European Commission has published a Communication on crowdfunding together with frequently asked questions.

The Communication first discusses what crowdfunding is and then covers the key challenges under the following headings:

  • lack of transparency on the applicable rules;
  • how crowdfunding works in the EU internal market;
  • how crowdfunding works within the financial ecosystem;
  • promoting crowdfunding through raising awareness and building confidence; and
  • possibilities for matched (public and private) financing.

The Financial Services (Banking Reform) Act 2013 (Commencement No 4) Order 2014 (the Order) has been published.

The Order brings into force certain provisions of the Financial Services (Banking Reform) Act 2013 (the Act) relating to the competition functions given to the new Payment Systems Regulator (PSR) concurrently with the Competition and Markets Authority (CMA).