»The Regulation on European Crowdfunding Service Providers. The Scope of Application with Regard to Investment Instruments of German Law«: Crowdfunding as an alternative method of raising capital has been effectively limited within the European Union to the individual member states. The ECSP-Regulation is the first attempt to create a common crowdfunding market within the European Union. The study examines whether the Regulation has a disruptive potential for the German crowdfunding market. For this purpose, the applicability of the investment instruments of German law under the Regulation will be analyzed.