Equity Crowdfunding: The Italian Regulation

www.twintangibles.co.uk

Equity Crowdfunding: The Italian Regulation

D.L. 179/2012 “Growth Decree”

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


Italian Crowdfunding Platforms Overview. Castrataro, Pais, April 2013

21 active platforms

Crowdfunding in Italy


Crowdfunding in Italy

April ‘12 October ‘12

Work on the Regulation


The Path to the Regulation

April ‘12 Oct ‘12 Dec ‘12 Mar/Apr ‘13


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.


Seeking the balance

• Market development

• Lowering of barriers

Protection of unaccredited investors


Main Provisions: The Register for platforms operators

and the role of traditional players


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/


Who Can Invest and How Much?

EUR 5 million

5% “Professional Investors”


Protection for unaccredited investors

• Mandatory Information about offerings

• Education of the investor

• Tag-Along Right


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

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

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


Grazie!

Daniela Castrataro [email protected]

@twintangibles @italiancrowdfunding

@danielaCast

Equity Crowdfunding: The Italian Regulation

Economy & Finance

Transcript of Equity Crowdfunding: The Italian Regulation