The promise and perils of crowdfunding: between corporate finance and consumer contracts
J Armour, L Enriques - The Modern Law Review, 2018 - Wiley Online Library
Abstract 'Crowdfunding'is a burgeoning phenomenon. Its still‐evolving status is reflected in
diversity of contracting practices: for example,'equity'crowdfunders invest in shares, whereas
'reward'crowdfunders get advance units of product. These practices occupy a hinterland
between existing regimes of securities law and consumer contract law. Consumer protection
law in the UK (but not the US) imposes mandatory terms that impede risk‐sharing in reward
crowdfunding, whereas US (but not UK) securities law mandates expensive disclosures that …
diversity of contracting practices: for example,'equity'crowdfunders invest in shares, whereas
'reward'crowdfunders get advance units of product. These practices occupy a hinterland
between existing regimes of securities law and consumer contract law. Consumer protection
law in the UK (but not the US) imposes mandatory terms that impede risk‐sharing in reward
crowdfunding, whereas US (but not UK) securities law mandates expensive disclosures that …
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