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

ڰ now there is no need to introduce mandatory legal regulations since the crowdfunding market in Poland is still at the initial stage of development; ڰ since mid-2016 the Ministry of economic development of Poland is working on the formation of a new type of company — a simple company with joint shares. The goal is to make this new form of entrepreneurship convenient for startups to use. It can also be used to raise capital through crowdfunding. In 2017, The Polish financial supervision authority has initiated the creation of a joint working group of representatives of the financial market and the government to identify legal barriers to financial innovation. One of these subgroups is working on regulating crowdfunding and legal barriers to peer-to-peer lending. The working group has already prepared a document that describes and analyzes the legal barriers that hinder the development of crowdfunding in Poland. In accordance with the law on trading in financial instruments (pol. «Ustawa o obrocie instrumentami finansowymi») dated 07/29/2005, investment services in Poland are regulated and require a license. Initiators of crowdfunding projects are required to prepare and publish a prospectus for the Polish public offer. The draft law on financial instruments for public companies contains the following proposals: ڰ the term «securities» does not include shares of a limited liability company, so it has been added; ڰ according to the law, public placement must be defined as «available to at least 150 people in a single member state of the European Union or to an unspecified addressee in any form»; ڰ implement a number of exceptions to the prospectus requirements. For example, the initiator does not need to prepare a prospectus if the funding is relatively small — up to 100,000 euros over a 12-month period. The Polish law on payment services dated 08/19/2011 correlates with the European Union Directive on the provision of payment services. This means that crowdfunding platforms provide a regulated payment service within the meaning of the payment services act. This means that, despite mediation in making payments, platform operators in most cases do not have to obtain permission to provide payment services, but the requirements specified in the law on payment services do not apply to payment transactions between the payer and the recipient of funds. If special financial regulations are not applied, crowdfunding platforms must 98