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5. Crowdfunding / Crowdinvesting / Crowdlending
Ireland  Ireland

The political and social attitude to adopting crowdfunding is slow but warming. This is evidenced by the growth of the leading platforms and the move by the Department of Finance to run a consultation process on regulating this area.



Legal Affairs


There is currently no centralised regulation in Ireland in the field of crowdfunding. Therefore platforms looking to operate in this area must look towards the relevant European Directives and Regulations and any applicability they may have. The Central Bank of Ireland is the body responsible for regulating platforms/companies under the MiFID, AIFM and Prospectus Regulations. The Department of Finance recently launched a consultation process with regard to the proposed regulation of Crowdfunding. A summary of the process is available here: http://www.philiplee.ie/crowdfunding-regulation-in-ireland/.



Economic Conditions


Linked Finance is the largest player in Ireland and has facilitated lending of c. €30m. It focuses on P2P is currently lending.

Grid Finance would be the second largest player.



Miscellaneous


Companies need to be aware that there is no size fits all licence(s) in Ireland. Each business model should be reviewed and assessed for legal and regulatory requirements.



Contributing Authors

Philip Lee

Andreas McConnell
Dublin, Ireland

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018