Category Archives: Crowd Funding
The regulation of crowdfunding in Ireland, and indeed a unified approach across Europe has been long awaited.
Due to the continued growth and development of crowdfunding across Europe over the past number of years the following pieces of legislation have been brought into effect to provide that much needed unified framework for the regulation of the sector across Europe:
The Regulation will apply from 10 November 2021, with member states being required to adopt and publish the necessary laws, regulations, and provisions to give effect to the directive by 10 May 2021, and to apply those measures from 10 November 2021.
Crowdfunding Service Providers (CSPs) covered by the Crowdfunding Regulation are excluded from the scope of the MiFID II Amending Directive, to simplify the applicable rules for CSPs.
Crowdfunding is not currently regulated in Ireland. Instead, some aspects of a crowdfunding platform services may be caught by various legislative provisions such as MIFID investment services or payment services, the Prospectus Regulations and/or the Companies Act 2014. The Regulations are a welcomed boost to the sector by providing for key investor protections, increasing investor confidence, and enabling CSPs passport their services across Europe.
Why are the Regulations necessary?
With the absence of a unified set of crowdfunding rules across the EU, this can lead to legal uncertainty and in turn discourage investment in projects. It is also a barrier to crowdfunding service providers offering cross-border services. For companies operating in smaller markets, it has limited their opportunities to benefit from investments by a large number of people.
Who do the Regulations apply to?
Donation and reward based crowdfunding models are not caught by the new regulations.
It will apply to all CSPs in respect of offers of up to 5,000,000, calculated over a period of 12 months per project owner; offers above that threshold will be regulated by MiFID II and the Prospectus Regulation.
A CSP may also be required to be separately authorised under the Payment Services Directive (PSD) where it is carrying out payment service in the course of providing the crowdfunding platform, unless the payment service will be performed by an appropriately authorised third party provider.
Does this mean additional protections for investors?
The introduction of the legislation will require CSPs to give investors clear information about any potential financial risks associated with a given project.. The legislation will ensure key investment information relating to the project will be provided by the project owner or the platform providing the service.
Authorisation and supervision of CSPs
A legal person who intends to provide crowdfunding services shall apply to the competent authority in the Member State where it is established for authorisation as a CSP as set out in Article 12 of the Regulation. CSPs will be required to provide their name, legal form, programme of operations, constitutional documents, description of their governance policies in relation to risk assessment, complaints procedure and business continuity. The CSP must also furnish details of the appointed management.
A fully reasoned decision must be provided by the relevant competent authority within three months of the application. Any authorisations must be recorded with the European Securities and Markets Authority (ESMA) who will maintain a public register of all CSPs. Once authorised, CSPs will be supervised by the relevant authority on an ongoing basis and will be required to produce an annual report of their work to the relevant authority. If the CSP no longer meets the conditions for authorisation or is no longer providing services, authorisation can be withdrawn.
The Regulation also details the investigative and supervisory powers of Competent Authorities in relation to CSPs.
Operational requirements of Crowd Funding Service Providers
All information, including marketing communications as from CSPs to clients about themselves, about the costs, financial risks and charges related to crowdfunding services or investments, about the crowdfunding project selection criteria, and about the nature of, and risks associated with, their crowdfunding services shall be fair, clear and not misleading.
CSPs shall inform their clients that their crowdfunding services are not covered by the deposit guarantee scheme established in accordance with Directive 2014/49/EU and that transferable securities or admitted instruments for crowdfunding purposes acquired through their crowdfunding platform are not covered by the investor compensation scheme established in accordance with Directive 97/9/EC.
If CSPs apply credit scores to crowdfunding projects or suggest the pricing of crowdfunding offers on their crowdfunding platform, they shall make available a description of the method used to calculate such credit scores or prices. If the calculation is based on accounts that are not audited, that shall be clearly disclosed in the description of the method.
It is notable that the Regulation provides for specific protection for sophisticated and non-sophisticated investors, including whereby, the latter must undergo a suitability assessment by the CSP. The Regulation recognises that a sophisticated investor (e.g. an investment firm, institutional investors, large corporates etc) is aware of the risks associated with investments in crowdfunding projects, and therefore the barriers or checks that are applicable to non-sophisticated investors are not required. Such barriers or checks include a loss simulation exercise to show a non-sophisticated investor can withstand a 10% loss to their net worth (to be reviewed by the CSP annually).
The introduction of a pre-contractual reflection period may prove problematic in practice or require revisions to existing platforms, where non-sophisticated investors may revoke any offer to invest within 4 days of making an offer.
The requirement for a company raising funds (i.e. the Project Owner) to prepare an investment information sheet was to be expected and is good practice. The CSP must verify the accuracy of this information and where there are inaccuracies that are not addressed properly, the CSP must take steps to cancel the crowdfunding offer.
Member States shall, in accordance with their national law, ensure that competent authorities have the power to impose administrative penalties and other administrative measures including fines of up to at least 500,000 and take any other suitable measures for infringements of certain provisions of the Regulation.
A decision imposing administrative penalties or other administrative measures for infringement of the Regulation shall be published by competent authorities on their official websites immediately after the natural or legal person subject to that decision has been informed of that decision. The publication shall include at least information on the type and nature of the infringement and the identity of the natural or legal persons responsible.
The Regulations have been a long time coming and are a much-welcomed development for companies small and medium, looking to scale globally.
In August 2017, on foot of an invite from the Department of Finance for submissions for a crowdfunding regulatory framework in Ireland, Philip Lee was the only Irish law firm to address the consultation in full. Many of the issues identified in the Philip Lee submission and other industry submissions have materialised in the Regulation, including due diligence checks, the applicability of the Prospectus Regulations, suitability assessments for investors, the concept of a key information sheet and robust complaints handling processes.
Crowdfunding platforms that comply with the new rules and become authorised crowdfunding service providers may offer their services to potential investors across the EU under the EU passporting regime. This is a significant development for the sector, where Irish based companies using a CSP can have access to the European investment market via crowdfunding, and investors across Europe can have confidence in the sector and the CSP itself, where all players are adhering to the same rulebook.
Ireland is already a world leader in attracting foreign direct investment. To date, some of the most successful CSPs have operated from the UK under local rules. Given Irelands prominent position as a destination for doing business, coupled with Brexit and the challenges that local businesses in the UK will have in accessing the European market, the implementation of the Regulation in Ireland has the potential to pave the way for Ireland to be a global hub for the crowdfunding sector.
Article written with the assistance of Daniel Ryan.
Read more from the original source:
The regulation of crowdfunding in Ireland - An update - Lexology
The global Crowd Funding market is expected to grow at a CAGR of 14.5% over the forecast timeframe of 2020 to 2027 – The Market Feed
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Companies Profiled in this report includes Crowd Cube Capital, Seedrs, Kickstarter, Indiegogo, GoFundMe, Fundable, CircleUp Network, MicroVentures Marketplace, etc.
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Global Crowd Funding Market 2020 | Industry Size, Growth Opportunities, Competitive Analysis and Forecast to 2025 – Canaan Mountain Herald
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Incessant research efforts towards catering to divulge Crowd Funding market relevant information have been employed gauging optimally into various ongoing market developments that have reflected and impacted market progression in multiple ways.
The key players covered in this studyCrowd Cube CapitalSeedrsKickstarterIndiegogoGoFundMeFundableCircleUp NetworkMicroVentures Marketplace
Based on thorough research in the lines of primary and secondary research practices, global Crowd Funding market is likely to witness extensive growth in foreseeable times. The report makes relevant efforts in drawing necessary attention towards unravelling significant data pertaining to both current and past developments.
Market segment by Type, the product can be split intoNon-Equity SourcesEquity Sources
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Sports News of Friday, 2 October 2020
Source: Ghana Soccernet
Former Asante Kotoko midfielder, Justice Blay
Ghanaian giants, Asante Kotoko is planning to begin a campaign to raise funds from their fans to sign midfielder Justice Blay from Medeama SC.
The Porcupine Warriors are looking to raise $50,000 from their fans to force the transfer of the fans' favorite.
If they are able to do that, the club will stump up the funds required to bring the talented former Hasaacas combative midfielder to Kumasi.
Blay has returned to his parent club, Medeama SC undergoing the mandatory medical screening ahead of the new campaign.
Kotoko fans are desperate to see the midfielder back in Kumasi but their chief executive Nana Yaw Amponsah has been unable to tie a deal with the two-time FA Cup winners as pressure mounts.
It's unclear if the Ghanaian giants are broke as they struggle to fund the $50,000 deal for the talented midfielder.
Kotoko have made no secret of their desire to sign the midfielder on a permanent contract after his explosive loan spell, which has won him many admirers in the Garden City.
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Go here to read the rest:
Kotoko plans to sign $50,000 Justice Blay with crowd funding campaign - GhanaWeb
Shelves set up by Mishant to store and help the needy
Don't waste food and share it with the ones who need it. Isn't this taught at our home? The left over or excess food can save people from going to bed hungry every night. And this is what 13-year-old Mishant Jain believes. Recently, he started crowd funding to set up refrigerators and shelves at places like bakeries, hotels, restaurants etc so that excess food can be stored and the poor people take them away without any hesitation.
Mishant who is in class 8 at National Academy for Learning in Bengaluru, says, "I am inspired by my grandfather to do this work. He has been into social work for many years and helps people from different states. One day, he got a call from one of the government schools in Rajasthan asking for a refrigerator. The reason was while the government gave fresh milk to children, there was no place to store it. Since the state experiences hot climate, the milk would often get spoilt and children were not able to drink it. Hence, my grand father along with his friends gifted a refrigerator to this school so that they can store milk for a day or so and children can drink it when ever they want."
Now, Mishant wants to implement the same in Bengaluru but for the poor people. He says, "I have started raising funds on a website called Impact Guru and the project's name is poorti (Sampoorti). While my target is to raise Rs 5 lakh, I have been able to raise Rs 56,320 till now. I have planned to put up these fridges and shelves in 25 locations. I have already a mini shelf nearmy father's office to check how it works. Then, I will implement the same in different locations. Even 1M1B Foundation also supported my intiative in all the ways they can."
Mishant is currently attending online classes and dedicating his free time to this project. "In times of pandemic like this, if poor are benefitted from my project, then there is nothing like it," he concludes.
If you want to support Mishant's initiative, click on this link- http://www.impactguru.com/fundraiser/help-initiative-sampoorti
Read the original here:
This 13-year-old from Bengaluru is crowd funding to set up refrigerators for the poor - EdexLive
DETROIT (FOX 2) - The best of times turned tough for Nya Marshall who opened Ivy Kitchen and Cocktails off Jefferson, right before COVID-19 hit.
"We actually opened December 30 of 2019," said Marshall. "Our sales dropped 91.5 percent and I had to furlough all 26 employees so its been rough."
The state run program matches up to $50,000 depending on the applicants plans with the money.
The doors are still closed and Marshall is using the unforeseen spare time to help others.
"What my focus became, was feeding the frontline and feeding the homeless," she said.
Now, she needs the help, launching a crowd funding campaign Tuesday. This one, with a bonus from the Michigan Economic Development Corporation.
"For every dollar I raise, the MEDC is matching," Marshall said.
She's one of only a handful of Detroit businesses selected in the statewide program - her match is up to $5,000 hoping customers that like her place, will chip in.
"This is one of the only resources I have for financial help, so it feels good that somebody is saying this lady needs some help," she said.
The state run program matches up to $50,000 depending on the applicants plans with the money.
Marshall is looking to make sure the swanky neighborhood spot is safe inside, and outside, an added dining space.
She's hoping to be back serving craft cocktails and interesting eats this summer.
"Many won't make it, many aren't making it, and so we want to be known as resilient," she said.
She will be able to rehire about half of her original staff, but says she'll be hiring. If you want to contribute, to get her back up and running,head HERE.
Read more from the original source:
State to match crowdfunding money raised to help restaurant recovery from pandemic - FOX 2 Detroit
Impact of COVID-19 Outbreak on Global Crowd Funding Market 2020 Industry Size, Advancement Strategy, Top Players, SWOT Analysis and 2025 Forecasts -…
The Crowd Funding Industry report will give you every microscopic detail about the Crowd Funding market. It consists of the current trends and the futuristic scope of the market. The detail about the Crowd Funding market includes the impact of the COVID-19 on the market economics. The lockdown in several regions has severely impacted the business around the world.
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Key players in global Crowd Funding market include:,Crowd Cube Capital,Seedrs,Kickstarter,Indiegogo,GoFundMe,Fundable,CircleUp Network,MicroVentures Marketplac
Market segmentation, by product types:,Non-Equity Sources,Equity Source
Market segmentation, by applications:,Small And Medium-Sized Enterprises (SMEs),Large Enterprise
Target Audience:* Crowd Funding Manufactures* Traders, Importers, and Exporters* Raw Material Suppliers and Distributors* Research and Consulting Firms* Government and Research Organizations* Associations and Industry Bodies
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We are now a year on from the abolishment of the recovery of success fees in Defamation and Privacy proceedings, which brought these distinct areas of law into line with the judgment of the European Court of Human Rights in MGN v UK.
Lord Jacksons reforms had effectively extinguished the recoverability of success fees across a wide range of civil litigation when implemented in the Legal Aid, Sentencing and Punishment of Offenders Act 2012, which came into force in April 2013. However, defamation and privacy proceedings remained amongst the few areas of law exempt and by extension protected - from this change.
The recovery of success fees in these areas had historically helped claimants of limited means to bring claims to protect their privacy and reputation. With success fees no longer being recoverable for any Conditional Fee Agreement (CFA) entered into after 6 April 2019, the abolishment continues to raise important questions about how such claims are to be funded.
However, all does not appear lost. Kingsley Napley will still consider the viability of a CFA for claims with a high likelihood of success. Reassuringly, After The Event (ATE) insurance, which protects claimants from paying their opponents legal costs in the event of a lost claim remains recoverable if the claim does go on to be successful.
This shake-up has encouraged claimants and defendants - to look at alternative methods to fund or defend a claim. Whilst wealthier claimants are likely to fund their claim on a private basis, the funding landscape in this area now sees claims being funded on a private basis but with funds raised online through the emergence of crowd funding through websites including Crowd Justice, which selects cases of public interest and publicises them on its website and invites the public to fund them.
Additionally, for many claimants, the focus may switch to endeavouring to recruit third party litigation funders who will agree to fund the litigation on the basis of a share of the damages award. However, the extent to which litigation funders will see the privacy and defamation litigation market as being worth their investment remains to be seen.
Go here to see the original:
Funding defamation and privacy proceedings - are there still options? - Lexology
Wallingford Rugby club is fundraising to help replace gym equipment and secure a shed after thieves stole everything from the club in May.
The club was devastated to discover all the gym equipment had been stolen from the club shed in lockdown.
Now the club is working to raise money towards replacing and upgrading the gym equipment and making the shed more secure for the future.
Wallingford Rugby Club is a local community club that coaches 350 children and has 500 members overall aged from five to retired. The club has fundraised for Oxfordshire charities and now needs help from the community.
Doug Haggart, vice chairman of the mini and junior section at the rugby club said: On May 17 somebody broke in and cleared us out of everything except our squat rack which is quite heavy.
The thieves were obviously determined, and physically fit, as its believed they manhandled all the weights and kit via wheelbarrows for at least half a mile to make a getaway.
After the burglary, the club was supported by its wider rugby family on social media and the club also had a mention on the BBC Rugby Podcast by England international rugby player Danny Care. However, the equipment was never recovered.
Although the club is insured for the equipment, it fears its claim will not be successful and will have to rely on fundraising.
Read also: Witney man raises further 1,000 for NHS through birdhouses
The rugby club have launched a crowd funding page with the aim of raising 4,000 and the team are already more than halfway there with 2,200.
The club has set up incentives to donate and those who donate a significant amount of money will be rewarded with club gifts including ties and lunches.
Mr Haggart said: Depending on how much people donate we are willing to give them some different gifts.
A 50 donation is a club tie and it goes up to getting a club tie and going to one of our Vice Presidents lunches.
150 would be a free years honorary membership and a tie and two of the vice President lunches as a gift.
He added: We know times are difficult for many due to Covid-19, however we would appreciate any support people can give, even if its sharing our story far and wide where a financial donation is not possible."
The clubs fundraising page has been met with positive support. Community members who donated commented on the page.
One supporter said: A fabulous club, that deserves the support.
Another club supporter said: Hope youre pumping iron again soon. Glad Im retired.
Donate to the Wallingford Rugby Club at http://www.crowdfunder.co.uk/replacement-of-stolen-gym-equipment#start.
Continue reading here:
Wallingford RFC raise money to replace kit after it was stolen by thieves - Oxford Mail
Germany is gradually returning to normal, but this can hardly compensate for the economic damage in many places. This means that municipal crowdfunding platforms are in greater demand than ever before.
It was only a few days after the corona lockdown that municipal utilities and municipal suppliers realized the potential their crowdfunding platforms offer for restaurateurs, retailers and clubs to cushion the financial crisis caused by the pandemic.
Without further ado, numerous crowdfunding platforms relaxed their access requirements so that those affected can be helped quickly and without the administrative burden associated with local government funds. As the Leipzig Group emphasisez: The current situation presents us all with major challenges including associations and initiatives. Solidarity and support is needed more than ever. And since we as the Leipzig Group understand services of general interest to mean much more than just the supply of energy, mobility and water, it is a matter close to our hearts to prove once again that we are there for Leipzig.
The people of Leipzig have put in a strong showing. $56.000 (50,000) was raised for the sports club SC DHfK Leipzig alone to cover the running costs and to maintain the offer for post-corona times.
Potsdam, Jena, Oberhausen and also the people in the Wemag network area showed similar solidarity. The willingness to support the boards in the region stood out in particular. There were several project inquiries on this topic, one of which made it onto the platform of the Schwerin-based company. Instead of the planned $565 (500), $5,436 (4,815) was collected. The entire WEMAG promotion pot flowed into this project in April. It is a great example of how several small amounts can make a big difference and how well the platform works to find many supporters quickly and easily, said Wemag.
One of the decisive factors for the success of the municipal crowdfunding projects as a Corona emergency aid measure was the rapid, technical adaptation of the platforms. It did not even take 24 hours until the Wemag crowdfunding platform was open to all those affected. However, it was not only the old hands of the municipal crowd funding that showed solidarity; VKU members without their own crowd also supported crisis-stricken restaurateurs, retailers and clubs. This was made possible through the national crowdfunding platform of VKU Verlag (https://www.kommunales-crowdfunding.de/).
Under the motto Crowd against Corona, not only all projects of the 20 existing crowdfunding platforms are advertised on the national platform, but also municipal utilities and suppliers without their own crowd funding platform can use the offer of VKU Verlag. Project starters can apply directly to the national platform, and once the project goes online, it is played out via a widget on the respective homepage of the municipal company. To increase the chances of successful financing, the projects are assigned to the respective crowd newcomers by postcode.
In the meantime, according to Torsten Lhrs, managing director of fairplaid, more than 30 partners have accepted the free offer of help and helped to develop it further in order to help as many associations and institutions in the regions as possible. They are using promotion pots and promotion forms at a value of over $135,500 (120,000). Together with our team, we are now working on these projects on a daily basis in order to prepare them in the best possible way and make them successful.
This has already worked for Stadtwerke Troisdorf, which has already successfully supported two projects. While the tennis club TCT Haus Rott has collected almost $2,200 (2,000) for a hygiene tower, the citys womens center can now build up hygiene protection walls with over $565 (500). Through crowdfunding, maximum coverage is achieved and attention is drawn to the population. An association or a company alone would not be able to achieve this on its own, said the Troisdorf resident.
In addition, the success proves how well the system is received by the people on site. The VKU Verlag has opened its national platform for the time being until the end of July. The Troisdorf-based company wants to use this time to test crowdfunding as a new sponsoring approach, as this is the only way to find out the advantages and disadvantages of the previous model.
Stadtwerke Speyer also uses the offer of VKU Verlag and plans to publish a project on its homepage soon: With crowdfunding, Stadtwerke Speyer is breaking new ground. What particularly impressed us about crowdfunding is that we are not the sole donor, but are supporting a project sponsor who wants to convince people of his project. Projects that involve several people are usually associated with strong emotional ties, creativity and innovation. Qualities that also go well with Stadtwerke Speyer.
(Featured image by tvjoern via Pixabay)
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