Canada*

Germany

Spain

France

Italy

New Zealand

UK

USA

Crowdfunding/
alternative finance
per inhabitant in
US$ 2015

$6

$4

$3

$5

<$1

$59

$71

$113

Share of equity
crowdfunding

2%

NA

NA

17%

NA

4%

10%

2%

Start of bespoke
regulation

2015-2016

2015

2015

2014-
2016 forthc.

2012-2013

2014

2014

2012-2016

Special regime
limited to ordinary
shares and bonds

Provision of advice.
Limited to debt
securities
(Participatory and
subordinated loans)

Limited to
Reception
Provision of advice.
reception &
and transmission of Ordinary shares and
transmission of
orders.
bonds + soon,
orders for shares of
Communication
convertibles
unlisted innovative
firms

No limitations on
types of securities

No limitation on
types of securities

No limitation types
of securities

Maximum size of
offer of securities
to retail investors*

CA $ 500K or CA$
1,5 million

2,5 million

2 million

1 millionsoon
2,5 million

5 million

NZ $ 2 million

5 million soon
20 million (EU
regulation)

US $ 1 million

Maximum
investible by retail
investors*

CA $ 10K also CA
$1.5K or 2.5K limit
per distribution

1,000 or 10,000
depending on test

3,000 per project

10,000 a year

None
(Lending 1K per
project)

1,000 per year, if

did not pass test

None

10% of investible
assets

$2,000 or 5% of
annual income
when <$100K

Crowdfunding/
alternative finance
per inhabitant in
US$ 2015

$6

$4

$3

$5

<$1

$59

$71

$113

Share of equity
crowdfunding

2%

NA

NA

17%

NA

4%

10%

2%

Start of bespoke
regulation

2015-2016

2015

2015

2014-
2016 forthc.

2012-2013

2014

2014

2012-2016

Special regime
limited to ordinary
shares and bonds

Provision of advice.
Limited to debt
securities
(Participatory and
subordinated loans)

Limited to
Reception
Provision of advice.
reception &
and transmission of Ordinary shares and
transmission of
orders.
bonds + soon,
orders for shares of
Communication
convertibles
unlisted innovative
firms

No limitations on
types of securities

No limitation on
types of securities

No limitation types
of securities

Maximum size of
offer of securities
to retail investors*

CA $ 500K or CA$
1,5 million

2,5 million

2 million

1 millionsoon
2,5 million

5 million

NZ $ 2 million

5 million soon
20 million (EU
regulation)

US $ 1 million

Maximum
investible by retail
investors*

CA $ 10K also CA
$1.5K or 2.5K limit
per distribution

1,000 or 10,000
depending on test

3,000 per project

10,000 a year

None
(Lending 1K per
project)

1,000 per year, if

did not pass test

None

10% of investible
assets

$2,000 or 5% of
annual income
when <$100K

Crowdfunding/
alternative finance
per inhabitant in
US$ 2015

$6

$4

$3

$5

<$1

$59

$71

$113

Share of equity
crowdfunding

2%

NA

NA

17%

NA

4%

10%

2%

Start of bespoke
regulation

2015-2016

2015

2015

2014-
2016 forthc.

2012-2013

2014

2014

2012-2016

Special regime
limited to ordinary
shares and bonds

Provision of advice.
Limited to debt
securities
(Participatory and
subordinated loans)

Limited to
Reception
Provision of advice.
reception &
and transmission of Ordinary shares and
transmission of
orders.
bonds + soon,
orders for shares of
Communication
convertibles
unlisted innovative
firms

No limitations on
types of securities

No limitation on
types of securities

No limitation types
of securities

Maximum size of
offer of securities
to retail investors*

CA $ 500K or CA$
1,5 million

2,5 million

2 million

1 millionsoon
2,5 million

5 million

NZ $ 2 million

5 million soon
20 million (EU
regulation)

US $ 1 million

Maximum
investible by retail
investors*

CA $ 10K also CA
$1.5K or 2.5K limit
per distribution

1,000 or 10,000
depending on test

3,000 per project

10,000 a year

None
(Lending 1K per
project)

1,000 per year, if

did not pass test

None

10% of investible
assets

Bespoke regime
for equity CF
platforms serving
retail investors

Bespoke regime
for equity CF
platforms serving
retail investors

Bespoke regime
for equity CF
platforms serving
retail investors

$2,000 or 5% of
annual income
when <$100K