The paper aims at analyzing the regulatory framework of investment and lending crowdfunding according to Regulation (EU) 2020/1503 (and the complementary national laws), with the purpose of providing an overview of its regulatory objectives and approach, as well as examining its place within the broader legal framework of financial markets. Specifically, after depicting the relationship between EU and national sources and illustrating the structure of Regulation (EU) 2020/1503, the article deals with its scope of application, focusing on the distinct types of investment and lending crowdfunding, with particular attention to the cases in which it is most problematic to determine whether the mentioned Regulation is or not applicable. Subsequently, the article examines the rules set forth for to the provision of crowdfunding services, addressing both the authorization process and the obligations imposed on platform operators, dividing them into general conduct and governance obligations and obligations related to individual campaigns. In conclusion, the paper briefly discusses the internal consistency of Regulation (EU) 2020/1503.

Lo scritto si propone di analizzare il regime normativo dell’investment e del lending crowdfunding a seguito del Regolamento (UE) 2020/1503 (e della disciplina nazionale di completamento e adeguamento del medesimo), allo scopo di dare una visione d’insieme dei suoi obiettivi normativi e del suo approccio regolatorio, nonché di esaminarne la collocazione all’interno della disciplina dei “mercati finanziari” in senso ampio. Nella specie, dopo la ricostruzione del rapporto tra fonti eurounitarie e nazionali e l’illustrazione della struttura del Regolamento (UE) 2020/1503, vie-ne analizzato l’ambito applicativo del medesimo, e quindi le distinte fattispecie dell’investment e del lending crowdfunding, dando auto-nomo rilievo alle ipotesi la cui riconduzione all’interno della fatti-specie astratta è più problematica. Successivamente, l’articolo analizza la disciplina applicabile alla prestazione del servizio di crowdfunding, in punto sia di procedimento autorizzatorio sia di obblighi imposti ai gestori di piattaforme, suddividendoli rispettivamente in obblighi generali di condotta e di governance e in obblighi relativi alle singole campagne. In chiusura, vengono formulate alcune osservazioni di sintesi sulla coerenza interna del Regolamen-to (UE) 2020/1503.

Spolaore, P. (2024). Il regime del crowdfunding tra fonti europee e nazionali. LE NUOVE LEGGI CIVILI COMMENTATE, 47(2), 393-436.

Il regime del crowdfunding tra fonti europee e nazionali

Spolaore, P
2024

Abstract

The paper aims at analyzing the regulatory framework of investment and lending crowdfunding according to Regulation (EU) 2020/1503 (and the complementary national laws), with the purpose of providing an overview of its regulatory objectives and approach, as well as examining its place within the broader legal framework of financial markets. Specifically, after depicting the relationship between EU and national sources and illustrating the structure of Regulation (EU) 2020/1503, the article deals with its scope of application, focusing on the distinct types of investment and lending crowdfunding, with particular attention to the cases in which it is most problematic to determine whether the mentioned Regulation is or not applicable. Subsequently, the article examines the rules set forth for to the provision of crowdfunding services, addressing both the authorization process and the obligations imposed on platform operators, dividing them into general conduct and governance obligations and obligations related to individual campaigns. In conclusion, the paper briefly discusses the internal consistency of Regulation (EU) 2020/1503.
Articolo in rivista - Articolo scientifico
investment crowdfunding, crowdfunding regulation, equity crowdfunding, lending crowdfunding, crowdfunding platforms, financial markets regulation
Italian
2024
47
2
393
436
reserved
Spolaore, P. (2024). Il regime del crowdfunding tra fonti europee e nazionali. LE NUOVE LEGGI CIVILI COMMENTATE, 47(2), 393-436.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/473038
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