Crowdfunding service providers

Crowdfunding service providers


The national regulation on crowdfunding, adopted in 2012 and which was applied until 10 November 2023, changed radically with the issuing of European Regulation (EU) no. 1503/2020 on crowdfunding service providers for businesses.

Said Regulation has, in fact, introduced a common framework at European level for all crowdfunding platform managers, regulating (and, therefore, subjecting to a specific reserve regime) crowdfunding services for businesses, both in the form of investment-based (typically having as its object capital and/or debt securities) and in the form of lending-based (typically having as its object loans). The same Regulation attributed supervisory powers, including authorization, to the competent authorities of the individual member states and provided for the establishment, by ESMA, of a single register at European level of crowdfunding service providers.

Consob, following the market consultation carried out in the period from 2 March to 17 March 2023, adopted - after consulting the Bank of Italy - the Regulation on crowdfunding services for businesses pursuant to the provisions of art. 4-sexies.1, paragraph 9, of Legislative Decree no. 58/1998. Together with the Regulation, the standard form for submitting the application and the explanatory report on the results of the consultation were also published.

As far as Consob is concerned, therefore, the process of adapting national legislation to the provisions dictated by Regulation (EU) 2020/1503 and the related delegated Regulations has been completed.

Following the conclusion of the transitional regime referred to in art. 48 of Regulation (EU) 2020/1503, from 11 November 2023 only crowdfunding service providers for companies that have obtained authorization pursuant to the same Regulation and which, as such, are registered in the specific Register of crowdfunding service providers pursuant to art. 14 of Regulation (EU) 2020/1503, held by ESMA.

Starting from the same date of 11 November 2023, the national regulations referred to in the previous article 50-quinquies of the TUF, including that relating to the Register referred to in paragraph 2 of the same article, are no longer applicable (see art. 1 , paragraph 3, of Legislative Decree 30/2023). Any information on previous registrations in the latter Register can be requested via the "SIPE form" available in the "Requests" section of the website.

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