Le financement participatif (Crowdfunding).

Summary The 4th cover page states: "Participatory financing is at the heart of socio-political debates, particularly since the "subprime" crisis. This episode, which could have been similar in scale to that of the 1930s, has weakened the banking and financial systems. Crowdfunding represents a new alternative mode of financing to traditional channels. It allows to collect funds, usually small amounts, from a large public in order to finance an artistic or entrepreneurial project. Crowdfunding has proven to be a powerful tool for financing projects. Given its success, participatory financing was therefore at the center of the French legislator's concerns. Faced with the legal obstacles that were blocking the deployment of this method of financing, a reform appeared necessary. This reform came about with the adoption of Ordinance No. 2014-599 of May 30, 2014. This ordinance is the culmination of the battle waged by the supporters of this "financial miracle". Oscillating between a concern for security and flexibility, the new legal framework for participatory financing aims to make France the "pioneer" state of "crowdfunding" in Europe. Faced with this metamorphosis that marks the legal regime of "crowdfunding", it is essential to question the compatibility of this new system with the requirements of this type of financing.