"Crowdfunding" is an innovative and advanced form of financing that allows companies to collect funds through the issuance of alternative financial instruments from a large number of private investors in order to finance the company's operational activity. Thus, it represents a seriously increasing alternative to traditional bank loans. Since September 2015 the “Alternativfinanzierungsgesetz” has become effective in Austria, which is the legal framework for "crowdfunding".This thesis deals with the local, personal and material scope of the “Alternativfinanzierungsgesetz”. Setting out from these theoretical reflections, this study does not only provide an analysis of individual alternative financial instruments, which are presented in detail, but also the issuer is given particular attention. In addition, this thesis is intended to show the conditions under which an alternative financial instrument can be issued and which limits of issue, total indebtedness and individual restrictions have to be observed. Furthermore, this thesis addresses the question concerning the relationship between the “Alternativfinazierungsgesetz” and the “Kapitalmarktgesetz”. On the basis of numerous theoretical and practical case studies, this work shows the importance of a smooth transition between the application area of the “Alternativfinanzierungsgesetzt” and the “Kapitalmarktgesetzt” and, more specifically, for which alternative financial instruments this may cause problems. The aim of the present work is, therefore, to show the deficiencies of the “Altarnativfinanzierungsgesetz” as well as to present solutions to the problems discovered.