p took in € 200,000 in profit-participating loans in 48 minutes on 29 November 2012. Five issuers have taken in amounts of over € 1 million.Рparative Law EnvironmentРThe German legislator does not enter virgin territory by regulating crowdfunding and crowdinvesting. Comparable regulation already exists in the United States (US), where the federal government has fashioned a tightly-knit legal fabric two years ago with the CROWDFUND Act (Title III of the JOBS Act).25 At the center of this regulation is an exemption from the prospectus requirement for the offering of securities through defined “funding portals” up to an amount of US$ 1 million. In place of the prospectus requirement there are less stringent disclosure obligations depending on the amount of capital collected. In addition, the
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