With the adoption of Regulation (EU) No. 1503/2020 on European crowdfunding service providers for business, a common European framework was introduced for all operators of crowdfunding platforms, both in the investment-based form, typically involving equity and/or debt securities, and in the lending-based form, involving loans.
The previous national framework on crowdfunding, adopted in 2012, remained in force until 10 November 2023, under the transitional regime provided for by the above-mentioned European Regulation. Any information on previous registrations in the National Register of authorised entities, which was maintained by Consob, may be requested through the “SIPE form” available in the “Ask Consob” section of the website.
The same Regulation assigned supervisory powers, including authorisation powers, to the competent authorities of the individual Member States. In Italy, these authorities are Consob and Banca d'Italia, similarly to the framework applicable to intermediaries: Consob is responsible for matters relating to the fairness and transparency of conduct, while Banca d'Italia is responsible for aspects concerning financial soundness and sound and prudent management. The Single register of crowdfunding service providers is maintained by ESMA.