A regulação do crowdfunding de capital no ordenamento jurídico português

Crowdfunding is an alternative method of gathering funding that aims to bring together contributions from a multitude of investors through electronic platforms connected to the Internet. In recent years, the volume of capital raised through crowdfunding has been growing significantly worldwide with a significant economic impact, especially for SMEs. Among the various types of crowdfunding, equity crowdfunding - characterized by offering investors participation rights in the share capital, in the distribution of dividends, or the sharing of profits of the funded entity - raises particularly interesting challenges from a regulatory point of view. In Portugal, the response to these challenges has been provided by the Legal Regime of Collaborative Financing and the CMVM Regulation no. 1/2016. This publication evaluates the quality of that response.