In the overall design of the legislator, equity crowdfunding is seen as a tool that can favor the development of entrepreneurship and innovation through rules and methods of financing able to exploit the potential of the internet.

In summary, the Italian Decree for Growth-bis no. 179/2012 governed "innovative start-ups" that can have access to equity crowdfunding; introduced in the Consolidated Law on Finance (Italian Legislative Decree no. 58 of February 24, 1998), the notion of a portal for raising capital for innovative start-ups and offers through portals for raising capital: Art. 50-quinquies "Management of portals for the collection of capital for innovative start-ups"; Art. 100-ter "Offers through portals for raising capital"; delegated to CONSOB, the regulations applicable to the management of portals and offers for the collection of capital (Regulation on the subject of "Risk capital raising by innovative start-ups via online portals adopted by Resolution 18592 of June 26, 2013, hereinafter, the CONSOB Regulation). 

In 2015, the Italian Legislative Decree of January 24, 2015 (the so-called "Investment Compact" Decree) extended the possibility of raising capital through portals authorized to raise capital online also to innovative SMEs, to collective investment bodies, and to corporations that invest mainly in innovative start-ups and innovative SMEs (as defined in Article 1, paragraph 2, letter f) of the Decree of the Italian Ministry of Economy and Finance of January 30, 2014: f) "Other joint-stock companies that invest mainly in innovative start-ups" are those companies that, at the end of the tax period in progress at December 31 of the year in which the subsidized investment is made, hold shares or quotas of innovative start-ups, classified in the category of financial fixed assets, with a value of at least 70 percent of the total value of financial assets recorded in the financial statements ending during the aforementioned tax period.").

The main legislative and regulatory provisions and other relevant documents regarding innovative start-ups and equity crowdfunding are listed below.

Consult the text of Italian Legislative Decree no. 179 of October 18, 2012.
 
Consult the text of Italian Legislative Decree no. 3 of January 24, 2015 (the so-called "Investment Compact" Decree).

Consult the text of Italian Legislative Decree no. 58 of February 24, 1998 "Consolidated Law on Finance".

Consult the text of Article 50-quinquies of the TUF -Management of portals for raising capital for innovative start-ups and innovative SMEs.  

Consult the text of Article 100-ter of the TUF - Offers through portals for raising capital.

Following the regulatory delegation received from Italian Legislative Decree 179/2012, CONSOB adopted, with Resolution no. 18592, the specific Regulations on June 26, 2013.  With Resolution no. 19520 of February 24, 2016, CONSOB has incorporated the legislative changes and made several changes to the CONSOB Regulations.

The Regulations (referenced in the pages of this site as "CONSOB Regulation") entitled "Regulation on the collection of risk capital through online portals" are the reference text for the discipline of equity crowdfunding in Italy.

If you want to consult the CONSOB Regulations click here.

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