The article analyses the key elements of the latest EU regulation of crowdfunding services characterized by a financial return (e.g. those relating to investment-based or lending-based financing operations) as established by Regulation (EU) 2020/1503 which however intentionally exclude from its scope crowdfunding services relating to lending to consumers. In particular the analysis delves into the legal framework established therein for the newly regulated financial service of individual portfolio management of loans (IPML) (offering to investors, which therefore play the role of original lenders, greater flexibility and added value in financing one or multiple crowdfunding projects), specifically with regard to related key features in terms of discretionality of the portfolio manager, conduct of business rules (e.g. obligation to carry out a Credit Risk Assessment and derogation to the otherwise generally provided reflection period) and possible establishment and operation of a contingency fund for the activity related to IPML so as to mitigate the associated risks.
Il finanziamento di «progetti di crowdfunding» a favore delle PMI e la «gestione individuale di portafogli di prestiti».
simone mezzacapo
2023
Abstract
The article analyses the key elements of the latest EU regulation of crowdfunding services characterized by a financial return (e.g. those relating to investment-based or lending-based financing operations) as established by Regulation (EU) 2020/1503 which however intentionally exclude from its scope crowdfunding services relating to lending to consumers. In particular the analysis delves into the legal framework established therein for the newly regulated financial service of individual portfolio management of loans (IPML) (offering to investors, which therefore play the role of original lenders, greater flexibility and added value in financing one or multiple crowdfunding projects), specifically with regard to related key features in terms of discretionality of the portfolio manager, conduct of business rules (e.g. obligation to carry out a Credit Risk Assessment and derogation to the otherwise generally provided reflection period) and possible establishment and operation of a contingency fund for the activity related to IPML so as to mitigate the associated risks.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
