In recent years, crowdfunding has consistently gained momentum and popularity worldwide as a relatively efficient method of raising limited amounts of seed capital for new and growing enterprises. The regulatory response to this phenomenon has been less consistent. This session will address the following questions: - Is there a growing consensus among securities regulators in different jurisdictions around best practices in harnessing the potential for crowdfunding to stimulate innovation and economic growth without drowning small-scale entrepreneurs in too much red tape? - What lessons can be drawn from the first year of the United States’ Regulation Crowdfunding? -In countries that have posted early successes in fostering a robust local crowdfunding market, has domestic regulation been a help or a hindrance? -With significant experimentation in the structure and format of crowdfunding platforms still underway, is broad regulation still premature – and is Europe’s cautious and incremental approach the right one? -Does early evidence indicate that the potential advantages of cross-border crowdfunding platform implementation should drive rapid international harmonization and standardization? -How can the use of crowdfunding regulations (both licensing and transactional) be optimised for growing companies? -What aspects of crowdfunding regulations are useful for larger companies? -Given the disclosure and other requirements, has crowdfunding really reduced the cost of capital for growth companies? -What abuses have been identified early on? Do investors want to invest in crowdfunding? -Can stock exchanges, if mere service providers, play a role in crowdfunding services and can they secure the confidence of investors and small and medium-sized enterprises (SME) issuers? -How does the aftermarket work?