The Crowd Funding Platform phenomenon has exploded all over Europe and achieved the greatest development in countries which are highly dependent on Bank financing, such as Spain.

The newly passed Ley de Financiación Empresarial or Crowd Funding Act is a step forward for the development of the activity and provides safety to the platforms that manage this new financing system and thus, to their investors and clients.

One of the keys to the exponential growth of Crowd Funding Platforms is the set up as multifunctional financial intermediaries.

In his article on the Crowd Funding Platforms’ Legal System, F. Zunzunegui says;

The legal frame allows the platforms to provide payment services, collection and consumer lending and credit intermediary services. A platform which, as well as providing typical complementary services, has become the most complex financial intermediary type in Spanish Law”.

Secondly, this growth has been promoted by the legal limitations on the activity, whereby even credit institutions may not take part in activities reserved, by law, to Crowd Funding Platforms.

The Crowd Funding legislation in Spain is one of the strictest in Europe and requires compliance with very complex yearly supervisión from their inception by the “CNMV” (“National Stockmarket Supervisory Board”). The information and transparency requirements, the classification of investors, the control regarding conflicto of interests, the compliance with codes of conduct, to name but a few, entail a very specialised regulatory effort for these Platforms.

In view of these developments, Fornesa Abogados has created a special unit to provide Legal Advice to Crowd Funding Platforms, aimed at the compliance with the current highly complex legislation on finance intermediation.


For more information regarding our services for Crowd Funding Platforms, please do not hesitate to contact us at

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Written by carlos guerrero

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