The Research Centre of Private Law of the University of Lisbon (CIDP/FDUL) and the Portuguese Securities and Exchange Commission (CMVM) will hold a Crowdfunding conference on the 20th of March, just as the legal framework of equity and loan based crowdfunding gains visibility in Portugal and in the European Union.
Equity and P2B lending crowdfunding is a financial technology (FinTech) instrument that assumes an alternative role to the traditional ways of funding to startups and unlisted companies, in particular SMEs. An effective Capital Market Union should expand the funding range of options for growing companies and it is precisely there that the European Commission has been framing crowdfunding.
The Portuguese Legal Framework (Regime Jurídico do Financiamento Colaborativo) was approved by Law 102/2015 of August 24, and reinforced by Regulation 1/2016, of the CMVM. The dimension of those diplomas that regulates crowdinvesting became effective at the beginning of 2018 with the approval of Law 3/2018, which defines the respective sanctions framework. Also in the beginning of 2018, the proposal for a European Regulation will be published, in order to facilitate the cross-border activity.
To debate of the future of the industry, the Crowdfunding conference will bring together the Portuguese Regulator (CMVM), the Faculty of Law of the University of Lisbon (CIDP/FDUL), the European Commission, the Cambridge Centre for Alternative Finance and platforms of crowdfunding operating in the national and international markets.