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Regulating Equity Crowdfunding: Lessons from International Practice

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Emmanuel Schizas

    (University of Cambridge)

  • Thomas Kenneth Bennett

    (University of Cambridge)

  • Waleed Samarah

    (University of Cambridge)

Abstract

Equity crowdfunding adds value insofar as it enables investors to efficiently diversify their portfolios and outsource due diligence to more experienced investors. Using a recent, global survey of regulators, we interpret regulatory practice in terms of efforts to enhance these properties, and find little consensus or convergence around good practice. We distinguish between ‘gatekeeper’ models of regulation, which restrict investor participation; ‘simple intermediary’ models which attach little liability for outcomes to the platforms; ‘bespoke hosted’ models, which focus on maximising retail participation; and ‘public offering’ models which aim to replicate the protections offered by traditional securities law. Finally, we ask whether an approach aimed at improving signalling quality might outperform what are currently considered best practices.

Suggested Citation

  • Emmanuel Schizas & Thomas Kenneth Bennett & Waleed Samarah, 2021. "Regulating Equity Crowdfunding: Lessons from International Practice," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 477-507, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_20
    DOI: 10.1007/978-3-030-65117-6_20
    as

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