Chapter 48: The regulation of crowdfunding in the Nordic countries
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This Chapter examines the regulation of crowdfunding in the Nordic countries, specifically Denmark, Norway, Sweden, and Finland. Although the ECSPR harmonizes the regulation of crowdfunding platforms, the allowance of national interpretation in many important areas leads to a disparate regulatory landscape in the Nordic countries. This concerns the following three areas: firstly, the fact that it is decided in the civil law of each Member State which securities are considered transferable securities or other admitted instruments for crowdfunding purposes, which creates low harmonization. Secondly, the decision not to harmonize AML legislation with the ECSPR, which has led to different interpretations of the scope of AML requirements applicable to crowdfunding platforms. And thirdly, the monetary threshold for crowdfunding offers leaves some offers outside the scope of ECSPR, which leads to inconsistent disclosure requirements at the national level. This Chapter therefore concludes that the ECSPR would benefit from additional harmonization.

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