欧盟的创业融资桥梁:新的众筹法规

Lorenzo Sasso
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摘要

为中小型企业(SMEs)提供过渡性融资是任何国家经济可持续发展的必要条件。获得资金是中小企业创业、发展和成长的重要决定因素。近年来,众筹数字平台作为一种创新的中小企业融资形式迅速兴起。与传统的金融中介机构相比,众筹平台的特点使其能够更好、更快地进行中小企业信贷风险评估。例如,与银行相比,众筹数字平台的资本要求最低,组织结构灵活,借助新的数字技术,可以更快地收集和处理信息和大数据。为促进欧盟众筹行业的发展并确保投资者保护,立法者出台了《欧洲众筹服务提供商条例》(ECSPR)。新法规旨在通过统一共同市场中的众筹服务,建立标准化的监管框架,促进跨境业务,加强投资者保护,提高透明度,确保遵守监管要求,增强投资者信心。本文讨论了 ECSPR 的目标、要求和关键条款。此外,文章还根据欧盟立法者的初衷,即促进众筹行业的发展和通过保护措施增强投资者的信任和信心,对 ECSPR 的成果进行了评估。这两者之间的平衡是最佳状态。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Bridging Entrepreneurial Finance in the EU: The New Crowd Funding Regulation
Bridging finance to small and medium enterprises (SMEs) is a must in the sustainable economic development of any country. Access to finance is an essential determinant for business start-ups, development and growth for SMEs. In these years, crowd funding digital platforms have flourished fast as an innovative form of financing for SMEs. Their characteristics allow them to perform SME credit risk assessment better and quicker than traditional financial intermediaries. Compared to banks, for instance, crowd funding digital platforms benefit from minimal capital requirements and a flexible organizational structure that, thanks to the new digital technology, can collect and process information and big data much more quickly. To foster the growth of the crowd funding industry in the EU and ensure investor protection, the legislator introduced the European Crowd funding Service Provider Regulation (ECSPR). The new regulation aims to create a standardized regulatory framework by harmonizing the crowd funding services in the common market and facilitating cross-border operations, enhancing investor protection, promoting transparency and ensuring compliance with the regulatory requirements to increase investor confidence. This article discusses the ECSPR's objectives, requirements and critical provisions. Furthermore, it evaluates the ECSPR's results against the EU legislator's initial intents of fostering the growth of the crowd funding industry and enhancing investors' trust and confidence with protection measures. A balance between these two would be optimal.
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