On July 12, 2013,the Commissione Nazionale per le Società e la Borsa (hereinafter “Consob”), which is the public authority responsible for regulating the Italian securities market, published the regulation on the “Collection of risk capital by innovative start-up companies via on-line portals” (equity crowdfunding). Consob issued the regulation in accordance with the rules of the “Growth Decree bis” of 2012, which introduced, among other things, Articles 50-quinquies and 100-ter into the Consolidated Law on Finance – respectively entitled “Management of portals to collect capital for innovative start-ups” and “Offers through portals to collect capital”.

“Equity crowdfunding” indicates the possibility for companies (normally start-ups) to collect risk capital (“funding”) via the Internet thus making an appeal for public savings aimed at a large number of addressees (“crowd”), which in practice make investments of a modest amount.

Italy is the first country in Europe to adopt such legislation. This regulation is divided up into three parts, which respectively cover: the general provisions; the register and regulations of portal management; and the regulations of offers made via web portals.