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date: 20 January 2020

Abstract and Keywords

In the aftermath of the 2008 financial crisis, small businesses found it increasingly difficult to raise funds. As a response, equity crowdfunding has emerged as a viable alternative for sourcing capital to support innovative, entrepreneurial ideas and ventures. A number of securities regulators across the world have dealt with, or are in the process of dealing with, equity crowdfunding as a disruptive innovation to established processes of corporate fundraising. However, most equity crowdfunding regulations do not take into account one critical aspect of crowdfunding—that of cross-border crowdfunding. Using a comparative analysis of a number of jurisdictions around the world in their treatment of equity crowdfunding, this chapter argues that in jurisdictions where crowdfunding activities are unregulated or have a low threshold of regulations, the opportunities arising from the resultant regulatory arbitrage could then be used by fund-seeking companies based in jurisdictions where crowdfunding is prohibited or highly regulated.

Keywords: equity, crowdfunding, regulatory arbitrage, cross-border, securities, regulation

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