The Commission wants to facilitate the scaling up of crowdfunding services in the European internal market. This will be based on a Regulation submitted by the Commission. It forms part of the Commission’s agenda to establish a Capital Markets Union.
The creation of an EU framework for crowdfunding, with an “EU passport” for crowdfunding activities, will facilitate cross-border operations for service providers. Until now, the differences between national provisions were a major obstacle to the platforms and hindered their cross-border operations. The Regulation also allows for productive regulatory competition between the 29th regime and existing national rules. In cep’s view, however, the Regulation cannot be based on Art. 114 TFEU.