The article analyzes the new regulatory regime of equity-based and lending-based (i.e. social lending) crowdfunding service for business as established by Regulation (EU) 2020/1503 of 7.10.2020. After the relevant transitional period, most recently postponed to 10.11.2023, such framework will completely replace the pre-existing national regulatory regimes on the matter. As a result, from that date, only those subjects authorized pursuant to such regulation will be able to operate, and they will need to comply with relating prudential requirements, as well as transparency and conduct of business requirements to protect customers and investors, including those on the key investment information sheet, the entry knowledge test and bulletin boards. Finally, de jure condendo considerations are made regarding the possible extension of the eu regulation of “consumer credit” also to crowdfunding services to “consumers”, namely to “credit services through crowdfunding”.
L’articolo analizza il nuovo regime giuridico dei servizi di crowdfunding per le imprese di tipo equity-based e lending-based (ovvero social lending) di cui al Regolamento (UE) 2020/1503 del 7.10.2020, il quale dopo il relativo periodo transitorio, da ultimo posticipato al 10.11.2023, sostituirà in toto i regimi giuridici nazionali preesistenti in materia. A partire da tale data potranno quindi operare solamente i soggetti autorizzati ai sensi delle norme del medesimo Regolamento, i quali dovranno rispettare anche gli appositi requisiti prudenziali, nonché di trasparenza e correttezza a tutela dei clienti e degli investitori, tra cui quelli sul key investment information sheet, l’entry knowledge test e i bulletin boards. Considerazioni de jure condendo sono infine svolte circa la possibile estensione della disciplina unionale del “credito al consumo” anche ai servizi di crowdfunding ai “consumatori”, ovvero ai “servizi di credito tramite crowdfunding”.
Il nuovo regime giuridico del “financial return” crowdfunding nel mercato interno, tra regolamentazione unionale uniforme e passporting UE.
simone mezzacapo
2022
Abstract
The article analyzes the new regulatory regime of equity-based and lending-based (i.e. social lending) crowdfunding service for business as established by Regulation (EU) 2020/1503 of 7.10.2020. After the relevant transitional period, most recently postponed to 10.11.2023, such framework will completely replace the pre-existing national regulatory regimes on the matter. As a result, from that date, only those subjects authorized pursuant to such regulation will be able to operate, and they will need to comply with relating prudential requirements, as well as transparency and conduct of business requirements to protect customers and investors, including those on the key investment information sheet, the entry knowledge test and bulletin boards. Finally, de jure condendo considerations are made regarding the possible extension of the eu regulation of “consumer credit” also to crowdfunding services to “consumers”, namely to “credit services through crowdfunding”.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
