Public Sector Economics



Crowdfunding – Croatian legal perspective and comparison to other sources of financing*

Katarina Đurđenić
Article   |   Year:  2017   |   Pages:  259 - 287   |   Volume:  41   |   Issue:  2
Received:  June 1, 2016   |   Accepted:  October 24, 2016   |   Published online:  15.6.2017.
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  39. Prosper, 2016a. Fees

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  47. Legal Sources (original names in brackets)

    • Act on Payment Transactions (Zakon o platnom prometu, OG 133/09 and 136/12) 
    • Alternative Investment Funds Act (Zakon o alternativnim investicijskim fondovima, OG 16/13 and 143/14)
    • Capital Markets Act (Zakon o tržištu kapitala, OG 88/08, 146/08, 74/09, 54/13, 159/13, 18/15 and 110/15)
    • Commercial Companies Act (Zakon o trgovačkim društvima, OG 111/93, 34/99, 121/99, 52/00, 118/03, 107/07, 146/08, 137/09, 125/11, 152/11, 111/12, 68/13 and 110/15)
    • Credit Institutions Act (Zakon o kreditnim institucijama, OG 159/13, 19/15 and 102/15)
    • Deposit Insurance Act (Zakon o osiguranju depozita, OG 82/15)
    • Income Tax Act (Zakon o porezu na dohodak, OG 177/04, 73/08, 80/10, 114/11, 22/12, 144/12, 120/12, 125/13, 148/13, 83/14, 143/14 and 136/15), 
    • Law Concerning the Financing of Units of Local Government and Regional Self-Government (Zakon o financiranju jedinica lokalne i područne (regionalne) samouprave, OG 117/93, 33/00, 73/00, 59/01, 107/01, 117/01, 150/02, 147/03, 132/06, 26/07, 73/08, 25/12, 147/14 and 100/15)
    • Law on Obligations (Zakon o obveznim odnosima, OG 35/05, 41/08, 125/11 and 78/15)
    • Profit Tax Act (Zakon o porezu na dobit, OG 177/04, 90/05, 57/06, 146/08, 146/08, 80/10, 22/12, 148/13 and 143/14)
    • Regulation on the type and the amount of fees and administrative charges of Croatian Financial Services Supervisory Agency (Pravilnik o vrsti i visini naknada i administrativnih pristojbi Hrvatske agencije za nadzor financijskih usluga, OG 3/16)

    • Law number 2014-1053 on participative financing (Décret n. 2014-1053 relatif au financement participative, Official Gazette 215/14)

    • Investments Act (Vermögensanlagengesetz from 6. December 2011 (BGBl. I S. 2481), last time revised by Act from 18. July 2016 (BGBl. I S. 1666))
    • Retail Investor Protection Act (Kleinanlegerschutzgesetz, BGBl. I 2015, S. 1114)

    • Law Decree number 179 “Further urgent measures for economic growth of the country” (Decreto Legge n. 179 "Ulteriori misure urgenti per la crescita del Paese", Official Gazette 294/12)

    • Policy Statement 14/4 The FCA’s regulatory approach to crowdfunding over the internet, and the promotion of non-readily realisable securities by other media Available at [Accessed 8 April 2016]

    • Jumpstart Our Business Startups Act (H.R. 3606)
    • Securities Act of 1933 (15 U.S.C. § 77a et seq.)
    • Securities Act of 1934 (15 U.S.C. § 78a et seq.)

    • Commission regulation 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements, 2004 O.J. L 149/1
    • Proposal for a Regulation supplementing Directive 2003/71/EC of the European Parliament and of the Council with regard to regulatory technical standards for approval and publication of the prospectus and dissemination of advertisements and amending Commission Regulation (EC) No 809/2004, C(2015) 8379 final 

  June, 2017
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