Konsumentskyddet vid andelsbaserad crowdfunding

Sammanfattning: Crowdfunding is an alternative financing form that has evolved during the last ten years. It is defined as numerous financiers who are brought together with companies seeking capital on a digital market. In equity crowdfunding, financiers buy shares in the company. Unlike stock trading on a regulated market, the capital seeking companies are often young and private. Crowdfunding investors are exposed to more risks than the ones that normally are associated with stock trading. Investors are running a higher risk to miscalculate the due diligence performed by the platforms or to be exposed to conflict of interests. Furthermore, the companies who use crowdfunding are often particularly difficult to value. Finally, investors can’t defend themselves against financial risk after they have purchased shares since there is no secondary market. Despite that, the consumer protection rules on the financial market are not entirely applicable on equity crowdfunding. The prohibition of public offers by private companies in 1:7 § Swedish Company Act (2005:551), the authorization rules in MiFID II and the prospect rules in the prospect directive are possibly applicable on equity crowdfunding. Since crowdfunding is relatively new to the finance market, legislative history and doctrine give little guidance on how the financial rules applies to equity crowdfunding. Several countries have adjusted their legislative to loan- and equity-based crowdfunding. The countries have either incorporated crowdfunding rules into existing legislative or imposed specific crowdfunding rules. This thesis contains a complication of the legislative in the U.S., the UK, Germany and Finland. Finally, the thesis contains considerations and analysis of present regulation should be interpreted as well as of the problems that arise when drawing up Swedish crowdfunding rules.