Many countries implement special regulations to foster debt and equity based finance to promote entrepreneurship. For example, Austria’s new legislation is considered to be at the forefront of legislation in Europe. With the new law the obligation to publish a complete prospectus will only be needed for raising over €5 million. Many other countries have implemented or are planning to implement similar legislation with different maximum amounts. Belgium seems to be lagging behind. But each Member state tend to have special requirement for maximum amount as found here:

See also: CROWDTHERMAL DELIVERABLE D 2.2.: Regulative Framework for community funding