On 5 October 2020, as part of the Capital Markets Union (CMU) project, the European Parliament adopted, in second reading, Regulation (EU) 2020 / 1503 on European crowdfunding service providers for business (‘ECSP Regulation’). This Regulation, which shall apply as of 10 November 2021, consists of rules which aim at improving access to crowdfunding for EU businesses in need of capital, particularly start-ups, while, at the same time, providing a high level of protection to investors. To attain that it builds on three sets of measures: clear rules on information disclosures for project owners and crowdfunding platforms; rules on platform governance and risk management; and a coherent approach to supervision and enforcement. The focus of this article is on the disclosure-related set of provisions. Its aim is to demonstrate how the new rules embrace a more behavioural approach to primary market disclosure which, in contrast to the paradigm of full disclosure, focuses on the content, quality and framing of disclosure as an alternative means of enabling informed and, thus, allocatively efficient investment decisions. In a second step, it seeks to provide a preliminary evaluation of these measures both from a practical and a normative perspective.

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行为经济对初级市场披露的影响——欧盟对欧洲众筹服务提供商的监管案例

2020 年 10 月 5 日，作为资本市场联盟 (CMU) 项目的一部分，欧洲议会二读通过了关于欧洲商业众筹服务提供商的法规 (EU) 2020 / 1503（“ECSP 法规”）。该法规将于 2021 年 11 月 10 日生效，其中包括旨在改善需要资金的欧盟企业（尤其是初创企业）获得众筹机会的规则，同时为投资者提供高水平的保护. 为实现这一目标，它建立在三套措施之上： 明确项目所有者和众筹平台的信息披露规则；平台治理和风险管理规则；并采取一致的监督和执法方法。本文的重点是与披露相关的一套规定。其目的是展示新规则如何对初级市场披露采取更加行为化的方法，与完全披露的范式相比，这种方法侧重于披露的内容、质量和框架，作为实现知情的替代手段，因此，配置有效的投资决策。第二步，它试图从实践和规范的角度对这些措施进行初步评估。