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

The financial Conduct Authority is regulated by the Bank of England and the Financial Policy Committee and is accountable to the Treasury, which is responsible for the UK's financial system, and the Parliament. The Financial Conduct Authority regulates almost 60,000 businesses that provide activities to more than 2 million people and pay more than 60 billion pounds of taxes to the UK economy. The strategic goal of the Financial Conduct Authority is to ensure the proper functioning of the financial market, and its operational goals are as follows: ڰ consumer protection; ڰ financial markets protection; ڰ promotion of competition. In France, there are several bodies that manage to crowdfund. The main one is the Autorité des marchés financiers (AMF). This body regulates the activities of crowdfunding platforms that work with crowdinvesting projects. If the moderators of the platform place other investment projects or provide certain investment services in addition to working with such projects, then such platforms are subject to regulation not only by the AMF but also by L'autorité de contrôle prudentiel et de résolution (ACPR), which is an institution integrated into the structure of the National Bank of France and responsible for monitoring the activities of banks, insurance companies and other financial intermediaries in this country (Weinberg, 2015). According to the regulations, investment portals and intermediary resources in France, which include crowdfunding platforms, were divided into three categories: ڰ platforms for loans with or without interest (IFP); ڰ platforms for selling shares (CIP); ڰ the platform for the provision of investment services (PSI). All these three types of platforms must be registered in a special ORIAS body. If the website offers to finance the project in the form of a loan with or without interest, or a gift with or without analogs, the platform must be registered in the ORIAS. If a certain crowdfunding platform in France collects funds for third parties in the context of crowdfunding without providing investment or other services, it must be approved by ACPR at least as a payment institution or registered as a payment service provider. ACPR can monitor the activities of intermediaries and advisors in the field of crowdfunding at any time. 93