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ALESSANDRO M. LERRO 
LEGAL FRAMEWORKS 
FOR EQUITY CROWDFUNDING 
IN EUROPE 
WWW.LERRO.IT 
COPENHAGEN 2014
THE AMERICAN 
POINT OF VIEW 
©2014 A.M. Lerro
POINTS OF VIEW THE EUROPEAN 
POINT OF VIEW 
©2014 A.M. Lerro
INVESTORS
TOWARD 
UNIFORM 
REGULATIONS
integrity 
orderly functioning 
efficiency 
investor protection 
transparency 
“DEVELOPMENT OF 
A SINGLE RULE BOOK” 
equal...
REGULATORY 
BODIES 
National Financial Authorities 
regulating financial markets
American JOBS Act 
TIT. 2: ACCREDITED INVESTORS: 
IMPLEMENTED 
TIT. 3: RETAIL INVESTORS: 
WAITING FOR SEC REGULATION 
©201...
SINCE JUNE 2013, CONSOB AUTHORIZES 
AND RULES EQUITY PLATFORMS 
©2014 A.M. Lerro
NEW RULES SINCE April 1°, 2014 
©2013 A.M. Lerro
DECREE N. 2014-1053 
SEPT. 16, 2014 
EFFECTIVE OCT. 1, 2014
INTEGRITY 
MINIMUM 
CAPITAL 
DUAL 
SYSTEM 
MANAGEMENT 
EQUITY 
PLATFORM 
LICENSED 
BROKER-DEALERS 
PROFESSIONALISM 
©2014 ...
ORDER 
EXECUTION
HOW TO: 
A - PROTECT THE INVESTOR 
B - REDUCE COSTS 
C - OBTAIN EFFICIENCY 
- Order execution through Broker-Dealers 
- MI...
TRANS-NATIONAL INVESTMENTS 
©2014 A.M. Lerro
U.S.A. REGULATIONS ARE VERY RESTRICTIVE. 
WHAT HAPPENS WITH NON U.S. INVESTORS IN U.S.A.? ARE 
AMERICAN INDIVIDUALS ALLOWE...
E.U. BROKER DEALERS HAVING E.U. PASSPORT MAY 
OPERATE THROUGHOUT THE E.U.. 
WHAT HAPPEN WITH NON E.U. INVESTORS ? 
©2014 A...
ASIA IS JUST STARTING TO DEAL WITH 
CROWD -INVESTMENT 
©2014 A.M. Lerro
INFORMATION 
MARKETING 
ADVERTISING
What can be told 
What must be told 
Minimum information 
Spot on the risks 
Regulation of advertising 
Investors’ educati...
MAY WE USE SOCIAL MEDIA 
FOR ADVERTISING 
INVESTMENT OPPORTUNITIES ?
REWARD-BASED PROFILES 
AS INCENTIVES 
DISCOUNTS 
OPTIONS 
PERKS 
VIP PROFILES 
©2014 A.M. Lerro
EQUITY 
LIMIT
from 
1.000.000 € 
to 
5.000.000 €
INVESTMENT LIMIT PER PERSON 
?
IT’S NOT GAMBLING 
ITALY: 
SCRATCH CARDS: € 10,2B 
LOTTO: € 6,8 B
Is the PERSONAL INVESTMENT LIMIT 
a right protection for the investor 
? 
What about checking the investor’s 
PROCLIVITY T...
FAILURE 
LIQUIDITY 
RISKS 
FRAUD
TARGET 
COMPANIES
SECONDARY MARKET
©2013 A.M. Lerro 
EDUCATION 
WITH DRAWAL 
TAG ALONG 
MIFID 
NO INVESTMENT 
LIMIT 
INFORMATION 
NO RECKLESS INVESTMENTS
CURATE THE CROWD 
PROVIDE INFORMATION 
GET FEEDBACK 
BE LOYAL 
RESPECT THE CROWD 
©2014 A.M. Lerro
WWW.LERRO.IT 
ROME 
Alessandro M. Lerro 
alessandrolerro 
alessandro@lerro.it 
Available on:
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Legal Frameworks for Equity Crowdfunding in Europe

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By Alessandro Maria Lerro, Lerro & Partners. Presented at Crowdsourcing Week Europe 2014. Join us at the next event: http://crowdsourcingweek.com/

Publicada em: Economia e finanças
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Legal Frameworks for Equity Crowdfunding in Europe

  1. 1. ALESSANDRO M. LERRO LEGAL FRAMEWORKS FOR EQUITY CROWDFUNDING IN EUROPE WWW.LERRO.IT COPENHAGEN 2014
  2. 2. THE AMERICAN POINT OF VIEW ©2014 A.M. Lerro
  3. 3. POINTS OF VIEW THE EUROPEAN POINT OF VIEW ©2014 A.M. Lerro
  4. 4. INVESTORS
  5. 5. TOWARD UNIFORM REGULATIONS
  6. 6. integrity orderly functioning efficiency investor protection transparency “DEVELOPMENT OF A SINGLE RULE BOOK” equal conditions of competition
  7. 7. REGULATORY BODIES National Financial Authorities regulating financial markets
  8. 8. American JOBS Act TIT. 2: ACCREDITED INVESTORS: IMPLEMENTED TIT. 3: RETAIL INVESTORS: WAITING FOR SEC REGULATION ©2013 A.M. Lerro
  9. 9. SINCE JUNE 2013, CONSOB AUTHORIZES AND RULES EQUITY PLATFORMS ©2014 A.M. Lerro
  10. 10. NEW RULES SINCE April 1°, 2014 ©2013 A.M. Lerro
  11. 11. DECREE N. 2014-1053 SEPT. 16, 2014 EFFECTIVE OCT. 1, 2014
  12. 12. INTEGRITY MINIMUM CAPITAL DUAL SYSTEM MANAGEMENT EQUITY PLATFORM LICENSED BROKER-DEALERS PROFESSIONALISM ©2014 A.M. Lerro
  13. 13. ORDER EXECUTION
  14. 14. HOW TO: A - PROTECT THE INVESTOR B - REDUCE COSTS C - OBTAIN EFFICIENCY - Order execution through Broker-Dealers - MIFID - Money in escrow - Threshold Pledge System (all or nothing) - Kind of contract (digital, written,…)
  15. 15. TRANS-NATIONAL INVESTMENTS ©2014 A.M. Lerro
  16. 16. U.S.A. REGULATIONS ARE VERY RESTRICTIVE. WHAT HAPPENS WITH NON U.S. INVESTORS IN U.S.A.? ARE AMERICAN INDIVIDUALS ALLOWED TO INVEST ABROAD ? ©2014 A.M. Lerro
  17. 17. E.U. BROKER DEALERS HAVING E.U. PASSPORT MAY OPERATE THROUGHOUT THE E.U.. WHAT HAPPEN WITH NON E.U. INVESTORS ? ©2014 A.M. Lerro
  18. 18. ASIA IS JUST STARTING TO DEAL WITH CROWD -INVESTMENT ©2014 A.M. Lerro
  19. 19. INFORMATION MARKETING ADVERTISING
  20. 20. What can be told What must be told Minimum information Spot on the risks Regulation of advertising Investors’ education
  21. 21. MAY WE USE SOCIAL MEDIA FOR ADVERTISING INVESTMENT OPPORTUNITIES ?
  22. 22. REWARD-BASED PROFILES AS INCENTIVES DISCOUNTS OPTIONS PERKS VIP PROFILES ©2014 A.M. Lerro
  23. 23. EQUITY LIMIT
  24. 24. from 1.000.000 € to 5.000.000 €
  25. 25. INVESTMENT LIMIT PER PERSON ?
  26. 26. IT’S NOT GAMBLING ITALY: SCRATCH CARDS: € 10,2B LOTTO: € 6,8 B
  27. 27. Is the PERSONAL INVESTMENT LIMIT a right protection for the investor ? What about checking the investor’s PROCLIVITY TO RISKY INVESTMENTS (i.e. MIFID) ?
  28. 28. FAILURE LIQUIDITY RISKS FRAUD
  29. 29. TARGET COMPANIES
  30. 30. SECONDARY MARKET
  31. 31. ©2013 A.M. Lerro EDUCATION WITH DRAWAL TAG ALONG MIFID NO INVESTMENT LIMIT INFORMATION NO RECKLESS INVESTMENTS
  32. 32. CURATE THE CROWD PROVIDE INFORMATION GET FEEDBACK BE LOYAL RESPECT THE CROWD ©2014 A.M. Lerro
  33. 33. WWW.LERRO.IT ROME Alessandro M. Lerro alessandrolerro alessandro@lerro.it Available on:

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