Wydział Prawa i Administracji Uniwersytet Warszawski

1. Research Object and Research Gap
   The research focuses on the legal status of crowdfunding investors, particularly within the equity crowdfunding framework. While crowdfunding has gained recognition as an alternative financing method, the legal classification and investor protection mechanisms remain underdeveloped, especially in Poland. The study aims to bridge this gap by analyzing regulatory approaches, investor rights, and potential risks associated with crowdfunding investments. While international literature provides fragmented insights, a comprehensive legal framework balancing investor protection and financial opportunity remains absent in Polish literature.
2. Research Questions
   The project seeks to determine whether the current Polish legal framework adequately defines the legal status of crowdfunding investors. Since equity crowdfunding does not fit neatly into traditional contract classifications, its legal treatment remains uncertain. Investors operate in a regulatory grey area, leading to ambiguity regarding their rights and obligations. The study will explore how other jurisdictions classify crowdfunding investments and whether their approaches can inform a clearer legal standing in Poland.
   
   Equity crowdfunding democratizes investment opportunities, but it also exposes investors to unique risks, such as misleading advertising, lack of exit strategies, and fraudulent activities. Without a well-defined regulatory framework, investors may find themselves inadequately protected in case of legal disputes. This research will assess how current regulations (or lack thereof) impact investor security and whether additional safeguards are necessary to ensure fair treatment and risk mitigation.

• 18 October 2024: active participation with a paper entitled ‘Protection instruments for loan-crowdfunding contributors - conclusions from the “Skarbiec Palikota” loan campaign case study’ in the scientific conference ‘Alternative Investments 2024’ organised by the Department of Insurance and Investment at the Institute of Economics and Finance of the Faculty of Economics of the Maria Curie- Skłodowska University in Lublin
• 16 April 2024: active participation with a paper entitled ‘The interaction of EU law and Polish law and investment crowdfunding: a sketch of the regulatory map’ in a doctoral seminar ‘European Union law and its impact on the establishment and application of Polish law - current legal problems’ organised by INP PAN in Warsaw
• 3-4 November 2023: active participation with a paper entitled ‘FinTech & ESG - Marriage of buzzwords, or compelling policy avenue for sustainable development?’ in the international scientific conference ‘Yunus Social Business Centre Conference in Sustainable and Socially Responsible Finance 2023’ organised by Alma Mater Studiorum - Università di Bologna in Bologna (together with Dr Anne-Marie Weber)

The list of publications will be supplemented on an ongoing basis.

Aleksandra Szczęsna is currently a PhD candidate at the Chair of Commercial Law at the University of Warsaw. She completed her undergraduate studies at the University of Warsaw and holds a Master's degree in Business Law, with a specialisation in French and European Business Law from the University of Poitiers. Her academic research concentrates on the influence of technological advancements, climate change, and social issues on various facets of the legal system.

Anne-Marie Weber holds the position of Assistant Professor at the Chair of Commercial Law of the University of Warsaw, where she has defended her doctoral thesis, which was then awarded by the Chairman of the Polish Financial Supervision Authority in the competition for the best doctoral thesis in the field of the financial market and published as a monograph entitled ‘Wpływ instytucji prawnych rynku kapitałowego na efektywność spółek Skarbu Państwa’ (‘The influence of capital market institutions on state-controlled companies’ efficiency’). She is a graduate of Master's studies (LL.M.) at the Berkeley School of Law. She teaches company law and financial market law and is a lecturer at the School of German Law operating at the Faculty of Law and Administration of the University of Warsaw. Dr. Anne-Marie Weber is a frequent Visiting Scholar of the Max Planck Institute for Comparative and International Private Law in Hamburg . She also was a Visiting Professor at the Berkeley School of Law and the University of Mainz. She has been awarded with several scholarships and research grants, amongst others, by the French Government (Campus France), the Max Planck Gesellschaft and the Polish National Science Center. Her habilitation thesis, which is currently in preparation, concerns the issue of implementing and enforcing climate policy goals by means of private law institutions, primarily company law.