argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: crowdfunding

On 5 November 2018, it emerged that the European Parliament is working, with a proposed Regulation, to create a genuine internal capital market, through the introduction of a European passport for crowdfunding service providers and a real “European brand” for crowdfunding platforms that it will enable it to offer services across Europe, unlock financing for businesses and ensure high levels of transparency and investor protection. Specific requirements are also laid down for the provision of services, including cross-border services, as well as for the management of operational risks. In order to increase access to capital, in particular for SMEs and micro-enterprises, the U.E. also intends to raise the threshold for crowdfunding offers, which would increase from 1 to 8 million euros. There are two specific legislative initiatives under scrutiny: the first is a Regulation (COM (2018) 113) on European crowdfunding service providers and includes proportionate requirements for the provision of such services, facilities for cross-border supply, risk management operational and high levels of transparency and investor protection. The second, complementary, is a proposal for a Directive that falls within the same framework of initiatives to widen access to finance for innovative companies, start-ups and other unlisted companies. It provides that crowdfunding service providers are exempted from the obligations of the MIFID II Directive on financial instrument markets.