This paper is a shorter version of the national report for Germany prepared for the 20th General Congress of the International Academy of Comparative Law 2018. In summary:
- It gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework;
- After a brief survey of market data, it delineates the classification of crowdfunding transactions in German contract and corporate law and their treatment under the applicable conflict of laws regime;
- It then turns to the relevant rules in prudential banking regulation and capital market law;
- It also highlights disclosure requirements that flow from both contractual obligations of the initiators of campaigns vis-à-vis contributors and securities regulation (prospectus regime).