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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 [email protected]
@twintangibles @italiancrowdfunding
@danielaCast
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