La disciplina italiana dell'equity crowdfunding: tra incentivazione degli emittenti e tutela degli investitori

The paper analyzes the Italian regulatory framework of Equity Crowdfunding, focusing on both the incentives to firms and the savers’ safeguard. It takes into account also the involvement of ‘Start-up’ companies and the rules of conduct provided to the service providers which manage web sites. The conclusions highlight a strict regulatory set-up which can disadvantage the use of this tool. Hence, there is the risk of regulatory arbitrage and then the use of foreign systems of crowdfunding. So we need a new set of rules made at European level.