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Equity Crowdfunding: The Italian Regulation

D.L. 179/2012 “Growth Decree”

Daniela Castrataro The Future of Crowdfunding, Berlin, 17/04/13

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Italian Crowdfunding Platforms Overview. Castrataro, Pais, April 2013

21 active platforms

Crowdfunding in Italy

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Crowdfunding in Italy

April ‘12 October ‘12

Work on the Regulation

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The Path to the Regulation

April ‘12 Oct ‘12 Dec ‘12 Mar/Apr ‘13

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Purpose of CONSOB regulation

•  Enable the development of an initial phase of ‘testing’ of capital raising through online portals, with the main purpose of promoting the development and growth of the country.

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Seeking the balance

•  Market development

•  Lowering of barriers

Protection of unaccredited investors

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Main Provisions: The Register for platforms operators

and the role of traditional players

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Who can crowdfund?

• Only innovative startups (currently just over 450) can raise money through a crowdfunding portal in Italy

No Distribution

of Profits Images from http://startup.registroimprese.it/

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Who Can Invest and How Much?

EUR 5 million

5% “Professional Investors”

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Protection for unaccredited investors

• Mandatory Information about offerings

•  Education of the investor

•  Tag-Along Right

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More Information twintangibles blog http://bit.ly/14QF5DS

Analysis of Italian Crowdfunding Platforms http://slidesha.re/17WibHU

CONSOB Consultation Document http://bit.ly/11VAbo4

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Grazie!

Daniela Castrataro daniela@twintangibles.co.uk

@twintangibles @italiancrowdfunding

@danielaCast