In contrast to financial services, which with MiFID and now MiFID 2 are subject to a uniform regulation under European law, the area of crowdfunding continues to be subject to local regulations in the Member States. The operation of cross-border platforms therefore entails legal risks and high costs. On the basis of a proposal by the European Commission, crowdfunding service providers are now to be expressly exempted from the obligations of the MiFID 2 Directive.

The amendments are to be welcomed in principle. However, it should be ensured that the information provided by the Commission on the risks associated with crowdfunding, the disclaimers and the knowledge test are sufficient to deny civil liability.

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