This article analyzes the regulatory implications of the recent definition under EU law of a new "financial" service of “‘individual portfolio management of loans”. The related discipline is codified in the recent Regulation (EU) 2020/1503 on crowdfunding services, however such service does not actually constitute a type of crowdfunding service, but it rather consists in executing an ”individual mandate” (given by an investor) on a discretionary investor-by-investor basis for the allocation of a pre-determined amount of funds of each investor (mandator), therefore also considered as “an original lender”, to one or multiple “projects” admitted on a crowdfunding platform. This management service therefore is to be regarded essentially as a "value added" service that can be provided alongside and in combination with crowdfunding services in the strict sense and typically as a service ancillary to those of lending-based crowdfunding also regulated by Regulation (EU) 2020/1503, i.e. those consisting in the "facilitation of granting of loans”. Specific attention is reserved to the analysis of the harmonized rules of conduct, transparency and on contracts established under EU law for the provision of the service in question and the issue relating to the phasing out of the domestic laws and regulations applicable on the matter.
Il presente articolo analizza le implicazioni regolatorie della recente tipizzazione ai sensi del diritto unionale di un nuovo servizio “finanziario” di “gestione individuale di portafogli di prestiti”. La relativa disciplina è codificata nel recente Regolamento (UE) 2020/1503 sui servizi di crowdfunding, tuttavia il servizio in questione non costituisce in realtà un tipo di servizio di crowdfunding, ma si sostanzia piuttosto nell’esecuzione di un “mandato individuale” per l’allocazione su base discrezionale di un importo prestabilito di fondi di ciascun investitore mandante (perciò qualificato anche quale “prestatore originario”) verso uno o più “progetti” presenti su una piattaforma di crowdfunding. Tale servizio di gestione individuale sembra quindi essenzialmente un servizio a “valore aggiunto” che può essere prestato a latere dei servizi di crowdfunding in senso proprio e tipicamente quale servizio accessorio rispetto a quelli di lending-based crowdfunding pure disciplinati dal Regolamento (UE) 2020/1503, ossia quelli consistenti nella “intermediazione nella concessione di prestiti”. Specifica attenzione è riservata all’analisi delle regole armonizzate di condotta, di trasparenza e in materia di contratti stabilite dal diritto UE per la prestazione del servizio in esame e alla questione del progressivo superamento delle norme nazionali in materia.
LA DISCIPLINA UE DEL SERVIZIO DI “GESTIONE INDIVIDUALE DI PORTAFOGLI DI PRESTITI” PER IL FINANZIAMENTO DI “PROGETTI DI CROWDFUNDING”.
simone mezzacapo
2022
Abstract
This article analyzes the regulatory implications of the recent definition under EU law of a new "financial" service of “‘individual portfolio management of loans”. The related discipline is codified in the recent Regulation (EU) 2020/1503 on crowdfunding services, however such service does not actually constitute a type of crowdfunding service, but it rather consists in executing an ”individual mandate” (given by an investor) on a discretionary investor-by-investor basis for the allocation of a pre-determined amount of funds of each investor (mandator), therefore also considered as “an original lender”, to one or multiple “projects” admitted on a crowdfunding platform. This management service therefore is to be regarded essentially as a "value added" service that can be provided alongside and in combination with crowdfunding services in the strict sense and typically as a service ancillary to those of lending-based crowdfunding also regulated by Regulation (EU) 2020/1503, i.e. those consisting in the "facilitation of granting of loans”. Specific attention is reserved to the analysis of the harmonized rules of conduct, transparency and on contracts established under EU law for the provision of the service in question and the issue relating to the phasing out of the domestic laws and regulations applicable on the matter.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
