L’impianto della disciplina europea ed il ruolo di intermediario del fornitore di servizi di crowdfunding alle imprese: un nuovo gatekeeper? (The architecture of the European crowdfunding legal framework and the intermediary role of the crowdfunding service provider for business: a new gatekeeper?)

The present work aims at shedding light on the recently introduced European “crowdfunding services provider”, in particular as gatekeeper. The analysis of the main aspects of the European Crowdfunding Services Providers Regulation No. 1503-2020 (ECSPR) will allow identifying a complex, hybrid and varied form of financial intermediary, subject in part to rules inspired to other regimes and, in part, to innovative regulatory solutions. The crowdfunding provider appears a new form of gatekeeper, tasked with a lighter role compared to other regulated ones (“light gatekeeper”). Nonetheless, some aspects of this new intermediary remain uncertain because of residual grey areas and national discretions left in the ECSPR.