European Banking Authority’s Response to EC Consultation Paper on Crowdfunding

EBA European Banking AuthorityThis one falls under the category of recently discovered. The European Banking Authority (EBA) published a response to the European Commission’s consultation paper on crowdfunding way back in December of 2013.  Now we probably would not even publish this because people change as do opinions, but this document was presented at the European Crowdfunding Stakeholders Forum just this past September.

EurobanksCreated in 2011, the EBA is an “independent  EU authority” that strives to assure effective and consistent regulation across the EU banking sector.  The EBA wants to harmonize the rules for financial institutions across Europe – no small task.

This specific document states the EBA acknowledges the benefits that may arise from crowdfunding – like more competition, innovation and alternatives to lending outside of banks.  But then it proceeds to itemize a long list of risks – minus any corresponding benefits. So kind of like a SWOT analysis missing 3 parts.

The document, and it’s long list of reasons to be concerned, is embedded below.

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