Equity crowdfunding may be carried out only through funding portals enrolled in the relevant register held by CONSOB (the CONSOB Register). There are two types of funding portals:
– investment companies and banks: these are enrolled in the special section of the CONSOB Register and simply must provide advance notice to the CONSOB prior to commencement of business; and
– other entities which carry out, on a professional basis, the business of online Italy crowdfunding software portals: they must apply for registration, provide detailed reports on their intended activity and meet the requisites of honourability and professionalism.
As of 12 December, 2013 two funding portals (one of each type listed above) have been enrolled in the CONSOB Register.
Funding portals of the second type, above, may not hold sums of money or financial instruments belonging to third parties and are obliged to transmit the orders regarding the underwriting and trading of financial instruments exclusively to banks and investment companies. Banks and investment companies They must treat and process the orders in compliance with all the applicable regulations on investment services along the lines of the MiFID (Markets in Financial Instruments Directive) regime, including evaluation. An exemption in this regard will apply if the investment does not exceed the following thresholds:
– EUR 500 for each order (up to a maximum annual amount of EUR 1,000) for investments by individuals; and
– EUR 5,000 for each order (up to a maximum annual amount of EUR 10,000) for investments by legal entities.
Review the current Italy Crowdfunding software platform discussion:
Here are just a few features for Italy crowdfunding software included in the CrowdForce platform software:
• Currency options include $, £, € with more custom options available
• Localization and language packs available
• Complete and simple document signing and management
• Easy offline payments, custom payment solutions available
• Plug in your local escrow account
• Plug in your broker services for accredited investments
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