Beyond Borders: ECSPR Lessons & Principle-Based Supervision for Global Crowdfunding Passports

In Episode 2 of GECA’s Architects of Change, moderator Karsten Wenzlaff leads Benoît Collas (Enerfip), Aaron Shafton (DealMaker Securities) and Honish Zaveri (Kiani Ventures) through a practical look at “passporting.” The panel separates ECSPR’s promise from on-the-ground realities – language and tax localization, divergent KYC standards, platform fee-split friction – and makes the case for principle-based supervision and collaboration templates that could let compliant platforms recognize each other’s regimes and finally scale cross-border deal access.

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Moderator — Karsten Wenzlaff
Secretary General of the German Crowdfunding Association and board member of the European Digital Finance Association. A GECA steering committee member, Karsten helped shape the EU’s ECSPR framework and advises regulators globally on digital finance and crowdfunding policy.

Benoît (Ben) Collas — Enerfip
Cross-border lead at Enerfip, one of Europe’s leading renewable-energy crowdfunding platforms and among the first ECSPR-licensed in France. Ben brings an energy-industry background and hands-on experience rolling out ECSPR operations in Spain, France and Italy, including investor tax and disclosure localization.

Aaron Shafton — DealMaker Securities (USA)
Managing Director at DealMaker Securities, where he helps issuers run Reg CF, Reg A and Reg D raises at scale. Aaron specializes in cross-border mechanics between the U.S. and Canada, disclosure standardization, and founder readiness for retail offerings.

Honish Zaveri — Kiani Ventures (India)
Partner at Kiani Ventures and active angel investor. A serial entrepreneur, Honish operates syndicates that back early-stage tech across India and abroad, navigating SEBI rules, accredited-investor thresholds and emerging pathways for global participation.