Equity Crowdfunding: The Italian Regulation

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Slides for the event "The Future of Crowdfunding", held in Berlin on the 17th of April 2013

Transcript of Equity Crowdfunding: The Italian Regulation

  • 1. www.twintangibles.co.ukEquity Crowdfunding:The Italian RegulationD.L. 179/2012Growth DecreeDaniela CastrataroThe Future of Crowdfunding, Berlin, 17/04/13
  • 2. www.twintangibles.co.ukItalian Crowdfunding Platforms Overview. Castrataro, Pais, April 201321 activeplatformsCrowdfunding in Italy
  • 3. www.twintangibles.co.ukCrowdfunding in ItalyApril 12October 12Work on the Regulation
  • 4. www.twintangibles.co.ukThe Path to the RegulationApril 12 Oct 12 Dec 12 Mar/Apr 13
  • 5. www.twintangibles.co.ukPurpose of CONSOB regulation Enable the development of an initial phaseof testing of capital raising through onlineportals, with the main purpose ofpromoting the development and growth ofthe country.
  • 6. www.twintangibles.co.ukSeeking the balance Marketdevelopment Lowering ofbarriersProtection ofunaccreditedinvestors
  • 7. www.twintangibles.co.ukMain Provisions:The Register for platforms operatorsand the role of traditional players
  • 8. www.twintangibles.co.ukWho can crowdfund? Only innovative startups (currently justover 450) can raise money through acrowdfunding portal in ItalyNoDistributionof ProfitsImages from http://startup.registroimprese.it/
  • 9. www.twintangibles.co.ukWho Can Invest and How Much?EUR 5 million5% Professional Investors
  • 10. www.twintangibles.co.ukProtection forunaccredited investors Mandatory Information about offerings Education of the investor Tag-Along Right
  • 11. www.twintangibles.co.ukMore Informationtwintangibles bloghttp://bit.ly/14QF5DSAnalysis of Italian Crowdfunding Platformshttp://slidesha.re/17WibHUCONSOB Consultation Documenthttp://bit.ly/11VAbo4
  • 12. www.twintangibles.co.ukGrazie!Daniela Castratarodaniela@twintangibles.co.uk@twintangibles@italiancrowdfunding@danielaCast