Consob Regulation on crowdfunding services - Start of consultation - 2 March 2023 - CONSOB AND ITS ACTIVITIES
Consob has launched a consultation with the market (available only in Italian) for the adoption of a Regulation implementing the provisions of Regulation (EU) 2020/1503, which introduced a single regulatory regime for European crowdfunding service providers for companies. The authorization issued in the framework of the European Regulation will allow European crowdfunding service providers to operate under a passporting regime in all EU Member States.
The provisions set up for consultation, for a period of 15 days, will involve the definition of some detailed features of the European regulation on the provision of crowdfunding services in consideration of the future completion of the adaptation process of the national legislation to Regulation (EU) 2020/1503.
The regulatory scheme submitted to market consultation will refer to the regulation of the following aspects:
1) Procedure for release and revocation of the authorization,
2) Definition of information obligations for crowdfunding service providers,
3) Definition of domestic legislation applicable to marketing communications,
4) Definition of further obligations originating from the civil law regime.
The comments on the consultation document must reach Consob by 17 March 2023 online, through the Sipe (Integrated System for External Services).