La modifica al regolamento Consob in materia di equity crowdfunding alla luce dell’evoluzione del diritto finanziario europeo e delle tendenze di regolazione dell’investment-based crowdfunding in Europa

The paper examines the evolution of equity crowdfunding regulation in Italy in the context of the recent developments in European financial law (MiFID II/MiFIR, Capital Markets Union, AIFMD, etc.) and of member States trends in regulating investment-based crowdfunding. The main legal issues pertaining crowdfunding regulation in Europe are discussed, along with a critical analysis of member States’ qualificationsof investment-based crowdfunding. In the light of divergent interpretations of basic concepts such as financial instruments and investment services as well as of the now restricted article 3 MiFID exemption, I discuss the future of national crowdfunding regimes and advance proposals for a more adequate regime at EU level.