The following Chapter contains a comparison of the ECSPR with the United States regulatory framework for crowdfunding. In particular, the focus is on securities regulation in the United States. In order to provide for a more innovative European financial sector, it is important that the ECSPR is competitive in a global perspective. The United States is an important jurisdiction to compare the ECSPR with, considering the significant market volume of US crowdfunding as well as the fact that the United States has been a forerunner in adopting crowdfunding legislation. A conclusion in the Chapter is that the ECSPR contains many of the authorization and investor protection features which are applicable in the United States. However, there are also differences, for example regarding monetary limits on investments and ongoing disclosure obligations.

This Chapter examines the regulation of crowdfunding in the Nordic countries, specifically Denmark, Norway, Sweden, and Finland. Although the ECSPR harmonizes the regulation of crowdfunding platforms, the allowance of national interpretation in many important areas leads to a disparate regulatory landscape in the Nordic countries. This concerns the following three areas: firstly, the fact that it is decided in the civil law of each Member State which securities are considered transferable securities or other admitted instruments for crowdfunding purposes, which creates low harmonization. Secondly, the decision not to harmonize AML legislation with the ECSPR, which has led to different interpretations of the scope of AML requirements applicable to crowdfunding platforms. And thirdly, the monetary threshold for crowdfunding offers leaves some offers outside the scope of ECSPR, which leads to inconsistent disclosure requirements at the national level. This Chapter therefore concludes that the ECSPR would benefit from additional harmonization.

This book uniquely focuses on human rights issues associated with tourism development and tourism businesses. Tourism is a manifestation of globalization and it intersects with human rights on so many levels. These implications are increasingly relevant in light of the COVID-19 pandemic and subsequent global economic hardship. Split into two main sections, the first establishes a background to human rights issues with reference to tourism, and the second provides a multi-disciplinary analysis of a range of selected human rights issues in tourism; these include displacement, security, privacy, discrimination, freedom of movement, the rights of Indigenous people, sex tourism and labour conditions. All chapters include case studies to showcase specific issues such as legal rulings or tourism policies/regulations. This book is written by a highly regarded team of authors specializing in tourism studies and human rights law. This significant volume on the interaction between tourism development and the safeguarding of human rights will be of interest to a variety of disciplines, in the fields of tourism, political science and tourism/human rights.

The paper aims to contribute to the debate on corporate ownership, contextualising it in light of two trends on the global financial markets: the increased institutional ownership of corporations and the move towards a sustainable financial system. In particular, the focus is on institutional investors, risk management, and transparency as a tool to reorient capital flows and manage financial risk from non-sustainable activities. From a regulatory perspective, the focus is on one of the regulatory initiatives introduced in the European Commission Action Plan on Sustainable Growth to further these goals, i.e., the Sustainable Finance Disclosure Regulation (SFDR).