ABSTRACT
This chapter illustrates in detail the ways in which capital flows are transferred through equity-based platforms, identifying the main features of the subjects involved (i.e., platforms, target companies, and investors). Then, the chapter describes the equity crowdfunding regulatory frameworks in force in Italy, France, Spain, and the United Kingdom, as well as the regulatory harmonisation process undertaken at the European level to remove regulatory diversity, establish a level playing field for all involved actors, and ensure a high level of investor protection. Chapter 2 also presents and compares the tax incentive schemes available to investors and businesses in France, Spain, the United Kingdom, Belgium, and Italy (the only countries that adopt tax incentives to encourage equity-based crowdfunding). Finally, the chapter provides a detailed overview of the main players operating in the European equity crowdfunding market.
