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

such as crowdinvesting, that is when contributors are rewarded with securities. If a certain company in the United States wishes to offer and sell securities through crowdfunding platforms, it must comply with federal securities laws. According to them, any offer or sale of securities must be registered in the U.S. Securities and Exchange Commission, or subject to liquidation. As noted by T. Yavorska ( əɜɨɪɫɶɤɚ , 2015a, 2015b), in the United States, there are national rules formed by the U.S. Securities and Exchange Commission, which regulates the terms of raising funds for anyone in the United States, as well as federal and state laws. For example, more than 30 states have already introduced their own regulations on crowdfunding activities. The US federal laws regulate the maximum amount of funds associated with securities. So, startups can legally accumulate up to 1 billion and 70 million US dollars during the year. In addition, the U.S. The Securities and Exchange Commission requires all transactions related to crowdfunding to be made only through an intermediary registered with the SEC or a professional broker. Crowdfunding projects whose size is less than 100 thousand US dollars require independent certification of financial statements, and projects larger than 100 thousand US dollars require certain financial documents, that were verified by a certified auditor ( əɜɨɪɫɶɤɚ , 2018). In the United Kingdom, the main body regulating crowdfunding is the Financial Conduct Authority (FCA). This institution is a financial regulatory authority, but it operates independently of the UK government and is funded by charging financial market participants. The Financial Conduct Authority regulates financial companies that provide services to consumers and maintains the integrity of financial markets in the United Kingdom of Great Britain and Northern Ireland. The Financial Conduct Authority has an unusual organizational and legal form: this body is a company limited by guarantee. This legal form exists only in British and Irish corporate law and is an alternative type of corporation, used mainly for non-profit organizations that require legal personality. A company limited by a guarantee usually does not have a share capital or shareholders but has members acting as guarantors. The guarantors are obligated to pay a nominal amount (usually very small) in case of the company's liquidation. 92