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O crowdfunding é um meio alternativo de angariação de financiamento que pretende reunir contribuições provenientes de uma multidão de investidores por intermédio de plataformas eletrónicas ligadas à Internet. Nos últimos anos, o volume de capital angariado através do crowdfunding tem vindo a crescer significativamente a nível mundial—com um impacto económico importante, especialmente para as PMEs. De entre as várias modalidades de crowdfunding, o crowdfunding de capital—caracterizado por oferecer aos investidores direitos de participação no capital social, na distribuição de dividendos, ou na partilha de lucros da entidade financiada—levanta desafios particularmente interessantes do ponto de vista regulatório. Em Portugal, a resposta a esses desafios foi dada pelo Regime Jurídico do Financiamento Colaborativo e pelo Regulamento da CMVM n.º 1/2016. A presente publicação avalia o mérito dessa resposta.
Crowdfunding is an alternative method of gathering funding that aims to bring together contributions from a multitude of investors through electronic platforms connected to the Internet. In recent years, the volume of capital raised through crowdfunding has been growing significantly worldwide with a significant economic impact, especially for SMEs. Among the various types of crowdfunding, equity crowdfunding - characterized by offering investors participation rights in the share capital, in the distribution of dividends, or the sharing of profits of the funded entity - raises particularly interesting challenges from a regulatory point of view. In Portugal, the response to these challenges has been provided by the Legal Regime of Collaborative Financing and the CMVM Regulation no. 1/2016. This publication evaluates the quality of that response.
Crowdfunding is an alternative method of gathering funding that aims to bring together contributions from a multitude of investors through electronic platforms connected to the Internet. In recent years, the volume of capital raised through crowdfunding has been growing significantly worldwide with a significant economic impact, especially for SMEs. Among the various types of crowdfunding, equity crowdfunding - characterized by offering investors participation rights in the share capital, in the distribution of dividends, or the sharing of profits of the funded entity - raises particularly interesting challenges from a regulatory point of view. In Portugal, the response to these challenges has been provided by the Legal Regime of Collaborative Financing and the CMVM Regulation no. 1/2016. This publication evaluates the quality of that response.
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