Authors: Andreas Dehio, Florian Reul, Kathrin Hafner

Germany - FRQ - A step forward towards a Union-wide crowdfunding market

Today, crowdfunding is an increasingly important type of alternative finance for start-ups and small and medium-sized enterprises, typically relying on small investments.

The EU now adopted a new framework for crowdfunding service providers ("CFSP") in form of a Regulation and an accompanying Directive which amends the Markets in Financial Instruments Directive ("MiFID II") accordingly. 

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