Overview of national crowdfunding laws in the UK, Germany, France, Italy and Spain
| National crowdfunding laws | Entry into force | Scope | |
|---|---|---|---|
| UK | The FCA's Policy Statement (PS14/4) of March 2014 | 1 April 2014 | Securities and lending |
| Germany | The Small Investor Protection Act (Kleinanlegerschutzgesetz) | 10 July 2015 | Crowdinvesting and crowdlending (Equity- and lending-based crowdfunding) |
| France | Order No. 2014–559 of 30 May 2014 on the participatory financing | 1 October 2014 | Equity- and lending-based crowdfunding |
| Italy | Law Decree No. 179 of 18 October 2012 on further urgent measures for Italy's economic growth | 26 June 2013 | Equity-based crowdfunding |
| Spain | Law 5/2015 on the promotion of corporate financing (Ley de Fomento de la Financiación Empresarial) | 29 April 2015 | Equity- and lending-based crowdfunding |
| National crowdfunding laws | Entry into force | Scope | |
|---|---|---|---|
| UK | The FCA's Policy Statement (PS14/4) of March 2014 | 1 April 2014 | Securities and lending |
| Germany | The | 10 July 2015 | Crowdinvesting and crowdlending (Equity- and lending-based crowdfunding) |
| France | Order No. 2014–559 of 30 May 2014 on the participatory financing | 1 October 2014 | Equity- and lending-based crowdfunding |
| Italy | Law Decree No. 179 of 18 October 2012 on further urgent measures for Italy's economic growth | 26 June 2013 | Equity-based crowdfunding |
| Spain | Law 5/2015 on the promotion of corporate financing ( | 29 April 2015 | Equity- and lending-based crowdfunding |
Source(s): Authors' elaboration
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