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Análise ao regime jurídico do financiamento colaborativo português : crowdfunding
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Orientador(es)
Resumo(s)
Crowdfunding enables entrepreneurs whose business size or similar features traditionally create financing constraints to obtain capital from anyone in the world via internet. This financial mechanism has the potential not only to improve access to finance but also to democratize access to investment opportunities.
This business model, evaluated in 2014 on the amount of € 115.000.000.00, has become very popular in countries like the United Kingdom or the U.S.A., where the perspective of growth in 2016 is of 75-100%, according to Forbes.
The above referred phenomenon has reached Portugal and is currently in permanent growth. The Portuguese parliament has decided to move forward in this area and has recently approved legislation regarding Crowdfunding. Subsequently, the Portuguese Securities and Markets Authority (“CMVM”) has also approved the regulation foreseen in the referred legislation.
The present work intends to analyze the Portuguese crowdfunding regime, notably Law no. 102/2015 and Regulation no. 1/2016.
For this purpose, the author aims to (i) describe the crowdfunding figure and its historical precedents, (ii) describe the crowdfunding mechanism pursuant to the corresponding Portuguese legislation and (ii) criticize the referred rules, in order to contribute to the analyses of the crowdfunding system in force in Portugal.
In order to better comprehend the crowdfunding figure, the author will provide the readers with an historical introduction as well as with a detailed description of the pplicable legislation in force.
Finally, the author will conclude the present work by summarizing the main aspects of the crowdfunding regime and by presenting several questions that the above-mentioned legislation raises.