Portal Managers for crowdfunding

Portal Managers for crowdfunding


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 enterprises, pursuant to the provisions of Article no. 4-sexies.1, paragraph 9, of the Legislative Decree No. 58/1998. The text of the resolution adopting the Regulation and the document on the results of the consultation are available on the website.

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

As is known, as of 11 November 2023, only providers of crowdfunding services for companies that have obtained authorisation pursuant to Article no. 12 of Regulation (EU) 2020/1503 will be able to operate in Italy.

Entities that provide crowdfunding services under national law, including managers currently registered in the Register of portal operators held by Consob, will be able, pursuant to Article no. 48 of Regulation (EU) 2020/1503, to continue to provide their activity in the national territory until 10 November 2023 or until the granting of authorisation under the European Regulation, whichever is earlier. Such entities, if they intend to continue their activity, also in consideration of the timeframe for the granting of the authorisation pursuant to the European Framework [see, in particular, paragraphs nos. 4 to 8 of Article no. 12 of Regulation (EU) 2020/1503], are invited to submit their application[1] in due time, to avoid any interruption of their activities as of 11 November 2023.

Operators are invited to pay attention to the completeness, clarity and consistency of the information contained in the authorisation application that must be submitted to the Supervisory Authority.

For the purposes of preparing the authorisation application, operators are also invited to take into account all relevant legislation, including the Delegated Regulations implementing Regulation (EU) 2020/1503, as well as to consider the Supervisory Guidelines of the Bank of Italy published for consultation on 17 May 2023 (Bank of Italy - Supervisory Guidelines of the Bank of Italy on specialised crowdfunding service providers).

In order to facilitate operators interested in submitting the authorisation application, a filable file is made available that can be used in the preparation of the authorisation application. The file translates into editable format the form annexed to the Delegated Regulation (EU) 2022/2112 of the Commission of 13 July 2022 and contains some indications of an operational nature to assist in its completion.

[1] In this regard, reference is made to the division of competences with the Bank of Italy outlined in Article no. 4-sexies.1, paragraphs 3 and 4, of the Legislative Decree No. 58/1998.

Section in force until the implementation of the new legislation

The Register of portal managers for the collection of the small and medium-sized enterprises and for the social enterprises through on-line portals as well as the provisions completing or amending the information included therein are published in the Consob Bulletin (Bollettino della Consob), set-up in its electronic format by means of Consob resolution No. 15695 dated December 20, 2006.

The Register is established pursuant to article 50-quinquies of Legislative Decree No. 58/1998 (The Italian Financial Law - "TUF") and it includes:

  • an ordinary section in which are registered portal managers authorized by Consob pursuant to the verification of the requirements established by the TUF and the Regulation adopted by Consob by means of resolution No. 18592 dated June 26, 2013;
  • a special section in which are noted banks and investment firms (SIM) already authorized to provide the relative investment services who have communicated to Consob, before starting of their activity, the performing of the activities as portal manager. At the moment there are no registered portal managers.

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