DECRETO LEGISLATIVO 10 marzo 2023, n. 30 : Attuazione del regolamento (UE) 2020/1503, relativo ai fornitori europei di servizi di crowdfunding per le imprese, e che modifica il regolamento (UE) 2017/1129 e la direttiva (UE) 2019/1937. (23G00038)

The Legislative decree No. 30 of 10 March 2023 implementing European Crowdfunding Service Providers Regulation (ECSPR), was published in the Official Journal, Gazzetta ufficiale.
The decree defines the competent national authorities and the activity of crowdfunding service providers, including the level of due diligence they must perform on project owners. The decree also specifies the sanctions for non-compliance. The Bank of Italy and Consob are identified as the competent authorities for ensuring compliance with the regulation. The decree also permits banks, payment institutions, electronic money institutions, and financial intermediaries to provide crowdfunding services after authorization from the Bank of Italy, with the possibility of revocation after consultation with the Consob.
The ECSPR has a significant impact on the European capital market, with the aim of harmonising the rules of conduct at EU level and increase cross-border capital raising and cross-border investment capabilities.
The ECSPR aims to increase the efficiency and diversification of the EU capital market, improve access to funding for small and medium-sized enterprises, create a single European crowdfunding market by providing access to alternative financing tools beyond bank loans, and ensure adequate protection for investors. The ECSPR establishes a common set of rules for all crowdfunding platform managers, covering both lending and equity crowdfunding. It sets uniform requirements for providing crowdfunding services, organizing, authorizing and supervising providers, operating platforms, ensuring transparency, and regulating marketing communications.
The decree has also made necessary amendments to the TUF as per the changes made to the current regulations on EU level.
The measure will come into effect on 8 April 2023.