The New Financial Crowdfunding Regulation and Its Implications for Investment Services under MiFID II : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11220%2F20%3A10421365" target="_blank" >RIV/00216208:11220/20:10421365 - isvavai.cz</a>

Výsledek na webu

<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=t~ChP~9ouX" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=t~ChP~9ouX</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

The New Financial Crowdfunding Regulation and Its Implications for Investment Services under MiFID II : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1

Popis výsledku v původním jazyce

The new European Crowdfunding Service Providers Regulation aims on harmonizing the financial crowdfunding regulatory framework in the EU. In many respects inspired by MiFID II, it draws distinction between crowdfunding services and investment services, but at the same time raises new questions. It seems the Regulation might have significant impact on how the content of investment-based crowdfunding as well as individual investment services is to be interpreted. The paper aims firstly to analyse the scope of the new Regulation, with special attention to the exemptions set by the Regulation itself as well as those originating from the EU financial services regulatory architecture. Secondly, it evaluates the relationship between investment-based crowdfunding and investment services under MiFID II, namely the reception and transmission of orders and placing on no commitment basis, in order to distinguish the respective types of activities. Attention is given particularly to the simultaneous provision of reception and transmission of orders and placing on no commitment basis as a conceptual characteristic of financial crowdfunding. Finally, the consequences the Regulation might have for the interpretation of scope and content of certain present investment services under MiFID II are analysed. Namely, placing on no commitment basis, investment advice and portfolio management are put under scrutiny.

Název v anglickém jazyce

The New Financial Crowdfunding Regulation and Its Implications for Investment Services under MiFID II : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1

Popis výsledku anglicky

The new European Crowdfunding Service Providers Regulation aims on harmonizing the financial crowdfunding regulatory framework in the EU. In many respects inspired by MiFID II, it draws distinction between crowdfunding services and investment services, but at the same time raises new questions. It seems the Regulation might have significant impact on how the content of investment-based crowdfunding as well as individual investment services is to be interpreted. The paper aims firstly to analyse the scope of the new Regulation, with special attention to the exemptions set by the Regulation itself as well as those originating from the EU financial services regulatory architecture. Secondly, it evaluates the relationship between investment-based crowdfunding and investment services under MiFID II, namely the reception and transmission of orders and placing on no commitment basis, in order to distinguish the respective types of activities. Attention is given particularly to the simultaneous provision of reception and transmission of orders and placing on no commitment basis as a conceptual characteristic of financial crowdfunding. Finally, the consequences the Regulation might have for the interpretation of scope and content of certain present investment services under MiFID II are analysed. Namely, placing on no commitment basis, investment advice and portfolio management are put under scrutiny.

Druh

J_ost - Ostatní články v recenzovaných periodicích

CEP obor

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OECD FORD obor

50501 - Law

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2020

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Prague Law Working Paper Series [online]

ISSN

2336-5811

e-ISSN

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Svazek periodika

2020

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

18

Strana od-do

3-20

Kód UT WoS článku

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EID výsledku v databázi Scopus

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