Autore: Macchiavello, Eugenia
Titolo: La modifica al regolamento Consob in materia di equity crowdfunding alla luce dell'evoluzione del diritto finanziario europeo e delle tendenze di regolazione dell'investment-based crowdfunding in Europa
Periodico: Banca impresa società
Anno: 2016 - Fascicolo: 2 - Pagina iniziale: 283 - Pagina finale: 354

The paper examines the evolution of equity crowdfunding regulation in Italy in the context of the recent developments in European financial law (MiFID II/MiFIR, Capital Markets Union, AIFMD, etc.) and of member States trends in regulating investment- based crowdfunding. The main legal issues pertaining crowdfunding regulation in Europe are discussed, along with a critical analysis of member States' qualifications of investment-based crowdfunding. In the light of divergent interpretations of basic concepts such as financial instruments and investment services as well as of the now restricted article 3 MiFID exemption, I discuss the future of national crowdfunding regimes and advance proposals for a more adequate regime at EU level.




SICI: 1120-9453(2016)2<283:LMARCI>2.0.ZU;2-P
Testo completo: https://www.rivisteweb.it/download/article/10.1435/85318
Testo completo alternativo: https://www.rivisteweb.it/doi/10.1435/85318

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