众筹投资融资外文文献翻译.docx
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众筹投资融资外文文献翻译.docx
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众筹投资融资外文文献翻译
众筹投资融资外文文献翻译
(含:
英文原文及中文译文)
文献出处:
KlöhnL,HornufL,SchillingT.TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionAct:
Content,Consequences,Critique,Suggestions[J].SocialScienceElectronicPublishing,2015.
英文原文
TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionAct
Content,Consequences,Critique,Suggestions
(LKlöhn,LHornuf,TSchilling)
TheGermanBundestaghasadoptedtheSmallInvestorProtectionActon23April2015,whichwillenterintoforceinthecomingweeks.BythisActtheGermanlegislatorestablishesforthefirsttime–amongotherthings–aregulationoftheGermancrowdfundingmarket.Thisarticledescribesthecontentoftheactasrelevanttocrowdfunding,identifiesitsprobableconsequences,andexaminesthemostimportantruleswithrespecttotheirregulatoryeffects.Theauthorsconcludethatdespitesomemodificationsthathavebeenmadeinthecourseofthelegislativeprocesstherestillisanurgentneedofimprovementregardingsomeprovisions.
1TheGermanCrowdfundingandCrowdinvestingMarket
ThepromiseoftheGrandCoalitionofthecurrentGermangovernmenttocreatea“reliablelegalframework”for“newformsoffinancingsuchascrowdfunding”2is,supposedly,poisedtobefulfilled.On23April2015,theGermanBundestag(FederalParliament)passedtheSmallInvestorProtectionAct(Kleinanlegerschutzgesetz)initssecondandthirdreading,3whichforthefirsttimecontainsregulationspecificallyforprojectandcompanyfinancingthroughspecializedinternetplatforms(crowdfundingandcrowdinvesting)4.IftheGermanBundesrat(FederalCouncil)5approvestheact–whichisassumedtobethecase–itwillenterintoforceinthecomingweeks.6ThefirstDiscussionDraft7andtheDraftActoftheGermanFederalGovernment8,whichsuccessivelyhadbeencirculatedsinceJuly2014,haveengenderedcriticismnotonlyfromthepartoftheGermancrowdinvestingindustry,9butalsofromacademicliterature.10TheFinanceCommitteeoftheBundestag(Finanzausschuss)hasengagedinanattempttoaddresstheseconcernsinalast-minuterecommendation,11whichresultedintheadoptionoftheSmallInvestorProtectionActreflectingtheproposedamendments.
Thecrowdfundingandcrowdinvestingmarketisinterestingnotonlyfromalegalperspectivebutalsofromaneconomicpointofview:
InGermanytherearenowapproximately80crowdfundingplatformsthroughwhichcompanies,realestateacquisitions,andprojectsfromvariousotherbusinessandconsumerareasarefinanced.Themarketforinternet-basedcompanyfinancing(crowdinvesting)13alonehasreachedanimpressivevolume:
14At18May2015,GermancrowdinvestingportalssuchasSeedmatch,Companisto,andInnovestmenthadundertakenmorethan174financingswithavolumeofalmost€41million(excludingrealestateandmoviecrowdinvesting).Thefollowingfiguresshowthedevelopmentofthemarketaswellasthedistributionofthetotalissuancevolumeofthe174financings.
Fewinvestorswererewardedbytheirinvestments.Inonlyfourcases17theywereofferedaprematureexitpossibilityinthecontextofafollow-onfinancingthroughaventurecapitalfund.Forexample,whenthestart-upSmarchive(today:
Gini)acquiredfinancingbytheventurecapitalistT-Venture,investorscouldobtaina25%returnwithinayearbytimelyacceptingthestart-up’sre-purchaseoffer.Otherinvestorswerelessfortunate,inparticularinatleast22casesinwhich(preliminary)insolvencyproceedingswerecommencedorappliedfor,ortheopeningofsuchproceedingswasrejectedforlackofassets,oroperationsceased–sometimesafewweeksafterthefinancing.
2LegalSituationPrecedingtheSmallInvestorProtectionActandIssuances
BeforetheadoptionoftheSmallInvestorProtectionActneithercrowdfundingnorcrowdinvestingwerespecificallyregulatedinGermany.18Itslegalframeworkwasfoundingenerallawsgoverningbanking,capitalmarkets,andtraderegulation.19Thepartiesinvolvedincrowdinvestingtriedtoavoidfallingwithinthescopeofthisregulationtothegreatestextenttheycould.
Initially,crowdinvestingplatformsbrokeredsilentpartnershipinterestsandprofit-participationrights,thesebeinginvestmentsasdefinedbytheGermanInvestmentAct(Vermögensanlagengesetz–VermAnlG).Astheseofferingsdidnotexceedthethresholdof
€100,000peryear,theyqualifiedforanexemptionfromtheprospectusrequirement,§2no.3lit.b)InvestmentAct(asvalidpriortotheamendment).SinceaboutNovember2012,theplatformshavemovedtobrokeringsubordinatedprofit-participatingloans,thesebeingroughlydefinedasloans
(1)forwhichtheinterestratedependsonprofitsorrevenueoftheborrower,
(2)whichgivethelendernorightsinmanagementoftheborrower,(3)throughwhichthelenderhasnoexposuretolossesoftheborrower,and(4)whichrankbelowotherdebtsinaninsolvencyproceeding20(partiarischeNachrangdarlehen).Becauseprofit-participatingloansdidnotqualifyasinvestmentsundertheInvestmentActtheypermittedissuancesinunlimitedamountwithoutaprospectus.21Suchofferingshaveexperiencedenormousdemandinsomecases.Forexample,thestart-upProtonettookin€200,000inprofit-participatingloansin48minuteson29November2012.Fiveissuershavetakeninamountsofover€1million.
3ComparativeLawEnvironment
TheGermanlegislatordoesnotentervirginterritorybyregulatingcrowdfundingandcrowdinvesting.ComparableregulationalreadyexistsintheUnitedStates(US),wherethefederalgovernmenthasfashionedatightly-knitlegalfabrictwoyearsagowiththeCROWDFUNDAct(TitleIIIoftheJOBSAct).25Atthecenterofthisregulationisanexemptionfromtheprospectusrequirementfortheofferingofsecuritiesthroughdefined“fundingportals”uptoanamountofUS$1million.Inplaceoftheprospectusrequirementtherearelessstringentdisclosureobligationsdependingontheamountofcapitalcollected.Inaddition,theUSlegislationprovidesforstrictsubscriptionlimitsforinvestorsanddetaileddutiesofthe“fundingportals”,andpreventsthedevelopmentofasecondarymarketbyaresaleprohibitiononsharesissuedwithoutaprospectusforoneyearaftertheoffering.Othernationallegislatorshaveadaptedandmodifiedpartsofthisregulatoryscheme,mostprominentlytheUnitedKingdom,France,Italy,andAustria.
4Content
4.1ExemptionfromtheProspectusRequirement
TheGermanSmallInvestorProtectionActcloselyfollowsthebasicapproachtakenintheUSmodel.Thecenterpieceoftheactwithrespecttocrowdfundingandcrowdinvestingisthenewlycreated§2aInvestmentAct(VermAnlG),whichestablishesanexemptionfromtheprospectusrequirementstipulatedin§6InvestmentActforinvestmentsasdefinedbytheAct.This“crowdfundingexemption”isrequired,because§1para.2InvestmentActasamendedbytheSmallInvestorProtectionActdefinesinvestmentscoveredbytheActtoincludeprofit-participatingloans,subordinatedloans,andsimilarformsoffinancing–theformsofinvestmentcurrentlybrokeredbycrowdinvestingplatforms.
Theexemptionappliesonlyifthefollowingconditionsarefulfilled:
Theofferingmustbeofinvestmentswithinthemeaningof§1para.2no.3,4or7InvestmentActasamendedbytheSmallInvestorProtectionAct,thatis,ofprofit-participatingloans,subordinatedloans,orothersimilarfinancingformsandinvestments,whicharesubjecttoaprospectusrequirementforthefirsttimebecauseoftherevisionscontainedintheSmallInvestorProtectionAct.
Theaggregatevalueoftheseinvestmentsissuedbythecompanymustnotexceed€2.5million.
Theinvestmentsmustbeofferedexclusivelybymeansofinvestmentconsultingorinvestmentbrokerageviaaninternetplatform.Theexceptiondoesnotextendtoanissuerexecutingadirectofferingwithoutaninternetbrokerageplatform(aswasdoneinthecaseoftheBavariancompanyGiesingerBräu).
Thecrowdinvestingplatformmusthavealegalobligationtomonitorthesubscriptionlimitdescribedbelow;itmustbeaninvestmentserviceenterprisewithinthedefinitionoftheGermanSecuritiesTradingAct(Wertpapierhandelsgesetz–WpHG)orbesubjecttomonitoringbygeneraltraderegulatoryauthoritiesunder§34fTradeRegulationAct(GewO).
-Finally,theexemptioncannotberelieduponifaninvestmentoftheissuerisbeingofferedpubliclyunderpara.1no.3InvestmentActorifapreviousinvestmentofferingofthecompanyinrelianceontheexceptionhasnotbeenfullysatisfiedandredeemed.
4.2InvestmentInformationSheet
Despitetheabsenceofaprospectusrequirement,InvestmentActrequiretheissuertoprepareaninvestmentinformationsheet(Vermögensinformationsblatt–VIB)andtosubmitittotheGermanFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienst-leistungsaufsicht–BaFin).Theinvestmentinformationsheet,thus,hasthefunctionofmakingessentialinformationabouttheinvestmentavailabletopotentialinvestors.InvestmentActrequiresthattheinvestmentinformationsheetcontainanoticethatnoprospectuswaspreparedfortheoffering.Moreover,para.6InvestmentActrequiresthattheinvestmentinformationsheetincludeahighlightedwarningnoticeonitsfirstpagetobewordedasfollows:
“Thepurchaseofthisinvestmentisassociatedwithsignificantrisksandcanresultinatotallossofthemoneyinvested.”
4.3SubscriptionLimits
AsdoestheCROWDFUNDAct,theexemptionfromtheprospectusrequirementinpara.InvestmentActrequiresinvestorswhicharenotcorporateentitiestostaywithincertainsubscriptionlimits.UnliketheUSmodel,Germanlawonlylimitstheamountthatanin
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