Slides for the event "The Future of Crowdfunding", held in Berlin on the 17th of April 2013

1. www.twintangibles.co.uk
Equity Crowdfunding:
The Italian Regulation
D.L. 179/2012
“Growth Decree”
Daniela Castrataro
The Future of Crowdfunding, Berlin, 17/04/13

2. www.twintangibles.co.uk
Italian Crowdfunding Platforms Overview. Castrataro, Pais, April 2013
21 active
platforms
Crowdfunding in Italy

3. www.twintangibles.co.uk
Crowdfunding in Italy
April ‘12
October ‘12
Work on the Regulation

4. www.twintangibles.co.uk
The Path to the Regulation
April ‘12 Oct ‘12 Dec ‘12 Mar/Apr ‘13

5. www.twintangibles.co.uk
Purpose of CONSOB regulation
• Enable the development of an initial phase
of ‘testing’ of capital raising through online
portals, with the main purpose of
promoting the development and growth of
the country.

6. www.twintangibles.co.uk
Seeking the balance
• Market
development
• Lowering of
barriers
Protection of
unaccredited
investors

7. www.twintangibles.co.uk
Main Provisions:
The Register for platforms operators
and the role of traditional players

8. www.twintangibles.co.uk
Who can crowdfund?
• Only innovative startups (currently just
over 450) can raise money through a
crowdfunding portal in Italy
No
Distribution
of Profits
Images from http://startup.registroimprese.it/

9. www.twintangibles.co.uk
Who Can Invest and How Much?
EUR 5 million
5% “Professional Investors”

10. www.twintangibles.co.uk
Protection for
unaccredited investors
• Mandatory Information about offerings
• Education of the investor
• Tag-Along Right

11. www.twintangibles.co.uk
More Information
twintangibles blog
http://bit.ly/14QF5DS
Analysis of Italian Crowdfunding Platforms
http://slidesha.re/17WibHU
CONSOB Consultation Document
http://bit.ly/11VAbo4

12. www.twintangibles.co.uk
Grazie!
Daniela Castrataro
daniela@twintangibles.co.uk
@twintangibles
@italiancrowdfunding
@danielaCast