On 5 April 2017, the European Union adopted the new Prospectus Regulation (‘PR3’).[1] PR3 replaces the previous EU Directive 2003/71/EC (the ‘Prospectus Directive’). The crowdfunding industry warmly welcomed the increase of the thresholds for small fundraisings under PR3 after having lobbied extensively on issues that arose under the previous PR3 draft proposal.[2] This is understandable since … Continue reading Why the New Prospectus Regulation is not the Adequate Response for Cross-Border Crowdfunding Offerings