The European Commission (through a communication and two reports) and the European Parliament (through three resolutions) have taken an active interest in this form of financing. As a result, the Commission recently conducted a study on the state of the European crowdfunding market. It found that, while crowdfunding is developing fast, it is still concentrated in a few countries (the United Kingdom, France, Germany, Italy and the Netherlands), which have introduced tailored domestic regimes, and that it remains, for the time being, a national phenomenon with limited cross-border activity. The study therefore concluded that for the moment there is no strong case for EU-level policy intervention. Nonetheless, given the encouraging trends and the potential of crowdfunding to become a key source of financing for SMEs over the long term, the Commission noted that it will maintain regular dialogue with European supervisory authorities, Member States and the crowdfunding sector to monitor and review its development. Read the full report on the EP's website below.