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By Companisto

Companisto Participates in Expert Hearing on the German Law on the Protection of Small Investors in the German Bundestag


On 16 March 2015, the Finance Committee of the German Bundestag held a public expert hearing on the draft of the law on the protection of small investors. Companisto managing director Tamo Zwinge was one of the 16 experts invited to attend this hearing. Prior to the hearing, the German Bundestag had already discussed the draft in a first reading on 27 February 2015.

"Investor protection is a key issue within the crowdfunding industry, for the confidence of investors is essential to the long-term success of this young and innovative type of financing,“ says Tamo Zwinge. "However, the hearing also showed that all political parties have understood the urgent need for changes to some provisions of the proposed law on the protection of small investors.

"It is particularly problematic that the proposed law would require investors to mail a signed information sheet to the crowdfunding platform for each investment of €250 or more. This provision contradicts the digital nature of crowdfunding. Limiting individual crowdfunding campaigns to a maximum amount of €1m would not be helpful either because start-ups developing new technologies or hardware have significantly higher capital requirements. Finally, the proposed law is meant to outlaw advertising for current crowdfunding campaigns in social media.“

Tamo Zwinge criticized that according to the proposed law, a young growth industry is meant to be subject to the same rules and regulations as multi-billion financial instruments. "The latest draft of the law on the protection of small investors would impede growth within the German crowdfunding industry."


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