Crowdfunding

In addition to the crowdfunding regulated in the ECSPR, there are also national regulations for this in Germany in the Asset Investment Act. What are the differences and when is which regulation actually applicable?

Companies that currently act as tied agents to accompany the issuance of security tokens or crypto securities up to EUR 5 million via their own publicly accessible internet platform require a permit to do so under the ECSP Regulation.

Under the ECSP Regulation, securities issuances can also be offered via crowdfunding platforms. Which requirements with regard to prospectus law do issuers have to fulfill in projects of this type?

According to the Draft Bill on the German Future Financing Act, the Liability of the Issuer for Misinformation in an Investment Information Document is to be Limited. The Direct Liability of the Management Bodies is to be Abolished.