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Equity Crowdfunding: The Italian Regulation

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Slides for the event "The Future of Crowdfunding", held in Berlin on the 17th of April 2013

Slides for the event "The Future of Crowdfunding", held in Berlin on the 17th of April 2013

Published in: Economy & Finance, Business

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  • 1. www.twintangibles.co.ukEquity Crowdfunding:The Italian RegulationD.L. 179/2012“Growth Decree”Daniela CastrataroThe Future of Crowdfunding, Berlin, 17/04/13
  • 2. www.twintangibles.co.ukItalian Crowdfunding Platforms Overview. Castrataro, Pais, April 201321 activeplatformsCrowdfunding in Italy
  • 3. www.twintangibles.co.ukCrowdfunding in ItalyApril ‘12October ‘12Work on the Regulation
  • 4. www.twintangibles.co.ukThe Path to the RegulationApril ‘12 Oct ‘12 Dec ‘12 Mar/Apr ‘13
  • 5. www.twintangibles.co.ukPurpose of CONSOB regulation•  Enable the development of an initial phaseof ‘testing’ of capital raising through onlineportals, with the main purpose ofpromoting the development and growth ofthe country.
  • 6. www.twintangibles.co.ukSeeking the balance•  Marketdevelopment•  Lowering ofbarriersProtection ofunaccreditedinvestors
  • 7. www.twintangibles.co.ukMain Provisions:The Register for platforms operatorsand the role of traditional players
  • 8. www.twintangibles.co.ukWho can crowdfund?•  Only innovative startups (currently justover 450) can raise money through acrowdfunding portal in ItalyNoDistributionof ProfitsImages from http://startup.registroimprese.it/
  • 9. www.twintangibles.co.ukWho Can Invest and How Much?EUR 5 million5% “Professional Investors”
  • 10. www.twintangibles.co.ukProtection forunaccredited investors•  Mandatory Information about offerings•  Education of the investor•  Tag-Along Right
  • 11. www.twintangibles.co.ukMore Informationtwintangibles bloghttp://bit.ly/14QF5DSAnalysis of Italian Crowdfunding Platformshttp://slidesha.re/17WibHUCONSOB Consultation Documenthttp://bit.ly/11VAbo4
  • 12. www.twintangibles.co.ukGrazie!Daniela Castratarodaniela@twintangibles.co.uk@twintangibles@italiancrowdfunding@danielaCast