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

1 The company will be able to hold a shareholder meeting without having to invite public intermediaries to attend these meetings since they are presented by one or more representatives. 2. You do not need to involve a civil law notary to issue and transfer share certificates, which would be mandatory if ordinary shares were used. An interesting feature is that several crowdfunding platforms allow you to place convertible subordinated loans, which are actually loans that can be converted into share certificates after certain conditions are met. The conditions applicable to the conversion may change and be consistent when issuing such securities. About 6% of crowdfunded projects in the Netherlands are convertible subordinated loans. Since the beginning of crowdfunding in the Netherlands, the peer-2- peer lending model has been by far the most popular project finance option. 76% of all crowdfunding projects in the Netherlands used a lending model that ranged from annuities to credit loans. Only one of the three largest Dutch peer-to-peer lending platforms has made transactions of more than 106 million euros since its inception (The Netherlands). In the Netherlands, the model of charitable crowdfunding and non- financial remuneration is used primarily to finance social or creative projects or companies (for example, non-governmental organizations). Neither financial investment nor profit is involved here. Therefore, state regulation is involved only in the registration of such platforms by state authorities. According to M. Denysenko (2018), managing crowdfunding in Spain is similar to what happens in the US and other developed countries. In Spain, the first law regulating crowdfunding was the Business Finance Promotion Act (2015). This regulation mainly has an impact on crowdinvesting and was created for initiating investors across the country. Nowadays the national commission for the securities market controls the financial industry in Spain. Of course, the experience of leading European countries in crowdfunding is important, but from a practical point of view, it is more relevant to study this issue in neighboring countries, whose economies and existing legal support for financial activities is the closest to the Ukrainian reality. Among such states, the Czech Republic should be singled out first of all. In this state, the crowdinvesting model was not widespread, as in Ukraine. However, in 2014, the first joint-stock crowdfunding platforms were created, offering mainly investments in startups. One of these platforms also offers investments in the form of bonds. 95