ERDEM-NEWSLETTER-2018-metin

221 CAPITAL MARKETS LAW differences exist amongst the Member States adopting the same ap- proach. In addition to national legislation, crowdfunding business models may also be subject to EU legislation such as; • Directive 2000/31/EC concerning electronic commerce; • Directive 2006/114/EC concerning misleading and compara- tive advertising; • Directive 2005/29/EC concerning unfair business-to- consumer commercial practices in internal markets; • Directive 93/13/EEC concerning unfair terms in consumer contracts; • Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to tra- ding; • Directive 2007/64/EC on payment services; • Directive 2004/39/EC on markets in financial instruments; • Directive 2013/36/EU on access to investment firms; • Directive 2011/61/EU on alternative investment fund mana- gers; • Directive 2008/48/EC on credit agreements for consumers; • Directive 2002/65/EC concerning the distance marketing of consumer financial services; • Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms; • Regulation (EU) No. 345/2013 on European venture capital funds; and Regulation (EU) No. 346/2013 on European soci- al entrepreneurship funds.