CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

regulations governing the market of «shadow finance». However, some representatives of the business world believe that, along with protecting investors, the new regulations will significantly complicate the process of attracting financing. Crowdinvesting models differ significantly in various European countries. In Italy, for example, several strict regulations are governing this market. In the Netherlands and the UK, regulations are more flexible ( ɒɜɚɥɶɰ , 2015a). Berlin resource Crowdfunding.de publishes reports on the state of the German crowdinvesting market. Statistics are provided starting from 2011, from the very beginning of the history of alternative finance in Germany. Crowd Success Invest Monitor carefully examines the performance of a new asset class and examines the most important differences between the five main consumers of capital: ڰ startups; ڰ real estate; ڰ energy; ڰ film industry; ڰ small business. According to the report, over the past five years, a total of 377 individual investment rounds have been conducted on the market with a total amount of funds raised exceeding 125 million euros (Weinberg, 2016; Crowdfunding.de, 2016). The report notes that at the current stage of crowdfunding development, significant differences between the main investment segments (startups, real estate, energy, small and medium-sized businesses, the film industry) are highlighted. Startups account for more than 60 million euros of crowdfunding investments in Germany. Startups are characterized by a high level of bankruptcy, but at the same time, successful startups provide a high level of profitability. Real estate takes second place in terms of capital consumption, which corresponds to almost 50 million euros of investment. Out of the total number of authors of crowdinvesting projects, 31 issuers failed, and the situation with 14 issuers is unknown. An interesting fact is, that more than 80% of the invested capital is still in the active phase, which does not allow us to conclude the effectiveness of crowdinvesting activities (Weinberg, 2016; Crowdfunding.de, 2016). In the Netherlands the volume of crowdfunding operations and the number of platforms is not the largest among the EU countries, however, if you take into account the population, the Netherlands is significantly ahead of both Germany and France in terms of the average volume of 71