Page 35 - IMF-欧洲的金融科技：机遇与挑战（英文）-2020.11-35页.pdf

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Annex III. National Regulation for Crowdfunding and Selected Features of
Dedicated Fintech Credit Policy Frameworks

Table 1. National Laws and Regulations for Crowdfunding or Peer-to-Peer Lending

Regulation Country (year the regulation came into force)
Austria (2015), Belgium (2017), Finland (2016), France (2014), Greece (2016),
New regulation in place Lithuania (2016), Portugal (2015), Spain (2015), United Kingdom (2014), Turkey
(2017)
New regulation under preparation Latvia, Sweden

Amendments to existing Italy, Israel
regulations

Guidance, best practice Estonia, Germany

Cyprus, Ireland, Luxembourg, Malta, Netherlands, Slovak Republic, Slovenia,
Denmark, Iceland, Norway, Czech Republic, San Marino, Switzerland, Hungary,
Not specifically regulated
Poland, Bulgaria, Croatia, Romania, Albania, Bosnia and Herzegovina, Kosovo,
Macedonia, Montenegro, Serbia, Belarus, Moldova, Russia, Ukraine

Sources: European Crowdfunding Network (2017), McLean and Miller (2018), and various websites.

Table 2. Selected Features of Dedicated Fintech Credit Policy Framework

Regulations - P2P
lending or lending- Regulations - License or Investor Tax incentives
Jurisdiction equity-based registration
based crowdfunding protections 3/ 4/
1/ 1/ crowdfunding 1/ 2/ requirement 3/
Austria X X - X X
Belgium X X X X X
Finland X X X X -
France X X - X X
Greece - X X X -
Israel X X X X X
Italy X X X X X
Lithuania X X X X -
Portugal X X X X X
Spain X X X X X
Turkey - X X X X
United X - X X X
Kingdom
Sources: CGFS-FSB (2017), European Crowdfunding Network (2017), Getting the Deal Through (2018), and various
websites.
Notes:
1/ Covers both lending-based crowdfunding and peer-to-peer lending. Definition of the activity may differ across
countries.
2/ In some countries, other types of crowdfunding activities (real estate, reward-based, or donation-based) are also
covered by the same regulation.
3/ Specific rules for fintech lending that are separate from pre-existing rules for other financial intermediaries.
4/ Includes incentives for small and medium-sized enterprises and startups.