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Innovation and Entrepreneurship Research

The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions

Klöhn, Lars; Hornuf, Lars; Schilling, Tobias (2016). The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions European Company Law, 13 (2), 56-66.

The German Bundestag has adopted the Small Investor Protection Act on 23 April 2015, which will enter into force in the coming weeks. By this Act the German legislator establishes for the first time – among other things – a regulation of the German crowdfunding market. This article describes the content of the act as relevant to crowdfunding, identifies its probable consequences, and examines the most important rules with respect to their regulatory effects. The authors conclude that despite some modifications that have been made in the course of the legislative process there still is an urgent need of improvement regarding some provisions.

Also published at SSRN