Publication: Digitalización de sociedades y equity crowdfunding
Authors
Sánchez Ruiz, Mercedes
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Publisher
Wolters Kluwer
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DOI
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info:eu-repo/semantics/article
Description
Acceso restringido
Abstract
Es característico del equity crowdfunding que la contraprestación por la inversión realizada
consiste en un conjunto de derechos económicos y administrativos, derivados de la
participación adquirida por el inversor en el capital de la sociedad promotora. Esta ofrece
públicamente, a través de la plataforma digital gestionada por un proveedor de servicios de
financiación participativa, la suscripción de sus acciones o la asunción de sus
participaciones sociales, emitidas o creadas usualmente en una operación de aumento de
capital social. Puesto que la oferta de valores o de participaciones sociales se realiza a
través de la web del proveedor de servicios de financiación participativa y puede dirigirse
al público en general o a inversores «acreditados», el número, la dispersión geográfica y,
en general, la diversidad de los nuevos «socios digitales» podría ser elevada. La
digitalización en el funcionamiento de los órganos de la sociedad promotora del proyecto
financiado no debería ser solo una mera posibilidad, puesto que, en este contexto, a
menudo será un presupuesto necesario para el ejercicio efectivo de sus derechos sociales
por este tipo de socios. Este trabajo tiene por objeto analizar la regulación española y
europea sobre equity crowdfunding desde esta perspectiva.
In equity crowdfunding, the compensation for the investment consists of a set of economic and administrative rights, derived from the stake acquired by the investor in the capital stock of the project owner — company. It offers publicly, through the digital platform managed by a crowdfunding service provider, the subscription of its shares, usually issued in a share capital increase operation. Since the offer of transferable securities and admitted instruments for crowdfunding purposes is made through the website of the crowdfunding service provider and can be addressed to the general public or to «sophisticated» investors, the number, geographical dispersion and, in general, the diversity of new «digital shareholders» could be high. Digitalisation, in the corporate bodies» functioning of the project owner-company, it should not be a mere possibility, since it constitutes a necessary requirement for the exercise of their corporate rights by these kind of partners. This paper aims to analyze the Spanish and European regulation on equity crowdfunding according to this approach.
In equity crowdfunding, the compensation for the investment consists of a set of economic and administrative rights, derived from the stake acquired by the investor in the capital stock of the project owner — company. It offers publicly, through the digital platform managed by a crowdfunding service provider, the subscription of its shares, usually issued in a share capital increase operation. Since the offer of transferable securities and admitted instruments for crowdfunding purposes is made through the website of the crowdfunding service provider and can be addressed to the general public or to «sophisticated» investors, the number, geographical dispersion and, in general, the diversity of new «digital shareholders» could be high. Digitalisation, in the corporate bodies» functioning of the project owner-company, it should not be a mere possibility, since it constitutes a necessary requirement for the exercise of their corporate rights by these kind of partners. This paper aims to analyze the Spanish and European regulation on equity crowdfunding according to this approach.
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Citation
Revista de Derecho del Mercado de Valores n.º 29, 2021
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