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Call for tenders

Identifying market and regulatory obstacles to crowdfunding in the EU - FISMA/2015/146(05)/C

A negotiated call for tender in order to obtain an assessment of the potential for cross-border crowdfunding business in the EU, and how existing EU legislation applies to regulatory frameworks in cross-border situations.


Publication date
Directorate-General for Financial Stability, Financial Services and Capital Markets Union



16 November 2016


The European Commission intends to launch a negotiated call for tender in order to obtain an assessment of the potential for development of cross-border crowdfunding business, and how existing EU legislation applies and interacts with existing and upcoming national regulatory frameworks in cross-border situations.

This assessment should consider the potential of crowdfunding (both investment-based and loan-based) as a source of funding for European businesses, as well as investor protection aspects.

Among the research methodologies used by the contractor, the assessment should rely on a panel of crowdfunding platforms that are seeking to raise capital or fund projects in other EU countries. This panel could be used to identify and evaluate the difficulties that they encounter and whether these are principally of a commercial, regulatory or administrative nature. It could also be used to evaluate the disclosures and safeguards applicable to cross-border investors when using these platforms.

The aim of the assessment will be to provide the Commission with case studies and empirical information on entities and business models that have the potential to scale up through cross-border expansion, and assist the Commission in identifying what can be done to remove those cross-border barriers.


For information and questions

If you are interested in participating in a DG FISMA negotiated procedure for low or middle value contracts, you may email your details to with a reference to the call for tenders you are interested in.

Your details will be stored in a database for the purpose of tendering only. Inclusion of your contact details does not automatically lead to invitations to tender.