Crowdinvesting

The author comprehensively elaborates the phenomenon of crowdinvesting as a new manifestation of financing on the capital market. After classifying it as a form of crowdfunding, he develops a definition of crowdinvesting and elaborates five innovation dimensions. This is followed by an analysis of the macro- and microeconomic background, whereby the specific risks for investors are also systematized. The author then examines the legal relationships of the actors involved, paying particular attention to issues of prospectus liability under civil law. The analysis of regulation in the fourth chapter forms the focus of the work: a critical appraisal of the current legal framework is followed by a comprehensive development of proposals for improving regulation. At the end, a brief assessment of recent developments that i.