The document summarizes Italy's regulation of equity crowdfunding under decree law 179/2012. It outlines the development of crowdfunding regulations between April 2012 and April 2013, including CONSOB's purpose to promote market development while protecting unsophisticated investors. Key provisions include registration of platform operators, restrictions on companies and investors, and required investor education and protections.

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Equity Crowdfunding:
The Italian Regulation
D.L. 179/2012
“Growth Decree”
Daniela Castrataro
The Future of Crowdfunding, Berlin, 17/04/13

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Italian Crowdfunding Platforms Overview. Castrataro, Pais, April 2013
21 active
platforms
Crowdfunding in Italy

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Crowdfunding in Italy
April ‘12
October ‘12
Work on the Regulation

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The Path to the Regulation
April ‘12 Oct ‘12 Dec ‘12 Mar/Apr ‘13

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Purpose of CONSOB regulation
• Enable the development of an initial phase
of ‘testing’ of capital raising through online
portals, with the main purpose of
promoting the development and growth of
the country.

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Seeking the balance
• Market
development
• Lowering of
barriers
Protection of
unaccredited
investors

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Main Provisions:
The Register for platforms operators
and the role of traditional players

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Who can crowdfund?
• Only innovative startups (currently just
over 450) can raise money through a
crowdfunding portal in Italy
No
Distribution
of Profits
Images from http://startup.registroimprese.it/

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Who Can Invest and How Much?
EUR 5 million
5% “Professional Investors”

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Protection for
unaccredited investors
• Mandatory Information about offerings
• Education of the investor
• Tag-Along Right

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More Information
twintangibles blog
http://bit.ly/14QF5DS
Analysis of Italian Crowdfunding Platforms
http://slidesha.re/17WibHU
CONSOB Consultation Document
http://bit.ly/11VAbo4

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Grazie!
Daniela Castrataro
daniela@twintangibles.co.uk
@twintangibles
@italiancrowdfunding
@danielaCast