Abstract
Rather than creating a brand new legal framework specifically applicable to crowdfunding activities, the Greek legislator chose to adapt the existing financial regime through the introduction of some new legal provisions. Whilst considering the increasingly growing crowdfunding phenomenon at the national level, the Greek legislator also sought to keep in sight the current discussions at the Europena level on the regulation of crowdfunding. This study thus aims to sketch out the main characteristics of the Greek legal framework applicable to crowdfunding.
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Notes
- 1.
As this stems from the explanatory note of Law 4416/2016.
- 2.
Officially published in the Government Gazette 107/A/5.5.2014.
- 3.
Published in the Government Gazette 238/A/28.7.1931.
- 4.
Published in the Government Gazette 164/A/4.12.2015.
- 5.
As provided by Article 6 par. 5 of Law 5101/1931, as amended by article 49 par. 7 of Law 4351/2015.
- 6.
Published in the Government Gazette 257/A/17.10.2005. The provisions of Law 3401/2005 have been replaced by Law 4706/2020 which implemented the Prospectus Regulation
- 7.
Published in the Government Gazette 195/A/17.8.2007. Law 3606/2007 has been replaced by Law 4514/2018 which implemented Directive 2014/65/EU on Markets in Financial Instruments (MiFID II)
- 8.
Under Article 3 of Law 3401/2005, the following types of offers do not require a prospectus, when:
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the offer of securities is addressed solely to qualified investors;
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the offer is addressed to fewer than 150 natural or legal persons per Member State, other than qualified investors;
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the offer is addressed to investors who acquire securities for a total consideration of at least EUR 100,000 per investor, for each separate offer;
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the denomination per unit of the securities offered amounts to at least EUR 100,000;
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the total consideration in an EU-level of the securities offered amounts to less than EUR 100,000. This limit shall be calculated over a period of 12 months.
-
- 9.
For issues smaller than EUR 100,000, there is no obligation to the issuers to provide information. By virtue of Article 58 par 2 of Law 4706/2020 the above threshold has been changed to EUR 500.000
- 10.
Article 1 par. 5 of Law 3401/2005, HCMC Decision no 12/697/10.11.2014 (Government Gazette 3136/B/21.11.2014).
- 11.
The investment service of reception and transmission of orders in relation to one or more financial instruments.
- 12.
The ancillary service of safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash collateral management and excluding maintaining securities accounts at the top tier level.
- 13.
The service of reception and transmission of orders in relation to one or more financial instruments, the service of safekeeping and administration of shares or units of UCITS.
- 14.
As stated in Recital (12) of the Proposal on the prospectus to be published when securities are offered to the public or admitted to trading: “(12) For offers of securities to the public with a total consideration in the Union of less than EUR 500,000, the cost of producing a prospectus in accordance with this Regulation is likely to be disproportionate to the envisaged proceeds of the offer. It is therefore appropriate that the obligation to draw up a prospectus under this Regulation should not apply to offers of such small scale. Member States should not extend the obligation to draw up a prospectus in accordance with this Regulation to offers of securities to the public with a total consideration below that threshold. However, Member States should be able to require other disclosure requirements at national level to the extent that such requirements do not constitute a disproportionate or unnecessary burden in relation to such offers of securities”.
- 15.
Law 4557/2018 (Government Gazette 139/A/30.7.2018) implemented into Greek legislation Directive 2015/849/EU on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
- 16.
This Article implemented into Greek legislation Article 19 of MiFID.
- 17.
Law 2533/1997 implemented into Greek legislation Directive 97/9/EC on Investor Compensation Schemes.
- 18.
Law 4370/2016 implemented into Greek legislation Directive 2014/49/EU on Deposit Guarantee Schemes.
References
European Commission (2016) Crowdunding in the EU Capital Markets Union. Staff Working Document. https://ec.europa.eu/info/publications/crowdfunding-eu-capital-markets-union_en
European Securities and Markets Authority (ESMA) (2014) Opinion. Investment-based crowdfunding. https://www.esma.europa.eu/search/site/Opinion%2520investmentbased%2520crowdfunding?within_doc=1&solrsort=&perpage=20
European Securities and Markets Authority (ESMA) (2015) Investment- based crowdfunding. Insights from regulators in the EU. https://www.esma.europa.eu/search/site/Opinion%2520investmentbased%2520crowdfunding?within_doc=1&solrsort=&perpage=20
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Matthaiou, E. (2021). Legal Regulation of Crowdfunding in Greece. In: Kleiner, C. (eds) Legal Aspects of Crowdfunding. Ius Comparatum - Global Studies in Comparative Law, vol 55. Springer, Cham. https://doi.org/10.1007/978-3-030-79264-0_13
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DOI: https://doi.org/10.1007/978-3-030-79264-0_13
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