Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian equivalent of the Securities and Exchange Commission in the U.S., issued regulatory provisions about the implementation of the “Decreto Crescita Bis” bill, which contains rules to launch online equity crowdfunding.
The law currently limits the crowdfunding to innovative startups, which must meet some prerequisites and filed in a special registry and focus on the development, production or provision of innovative products and services with high technological value.
After the publication of the law, innovative startups headquartered in Italy – regardless of the nationality of their shareholders – will be able to raise funds in exchange of equity.
According to the law:
– An offering must receive 5% investment by a professional investor, a registered incubator or a bank foundation.
– The maximum amount raised cannot exceed €5m per year.
– Individual investments must be finalized by broker-dealers in order to comply with anti-laundering laws and the EU Markets in Financial Instruments Directive (MiFID) with an exemption for investments of small amounts (lower than €500 for individuals and €1000 for companies).
CONSOB also established rules for managers of online equity crowdfunding platforms.