The European Securities and Markets Authority (ESMA) has published an opinion along with advice on investment based crowdfunding.

The opinion is addressed to Member State competent authorities and is intended to provide clarity on how crowdfunding business models fit within the existing EU regulatory framework.  The advice, which is addressed to the EU institutions, highlights concerns that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives.

View Investment based crowdfunding needs EU-wide common approach, 18 December 2014