27/10/2021
[EN] This report identifies potential barriers to cross-border transactions that prevent
securities-based and lending-based crowdfunding from scaling up across Europe. We
look at the divergent regulatory approaches to crowdfunding across EU Member
States, consider microstructural features of crowdfunding that may give rise to
transaction costs that are beyond the immediate reach of regulators, and analyse the
implications of these features from the perspective of consumer and investor
protection and the importance of appropriate disclosures and safeguards.