Delibera n. 22720, adozione del Regolamento Consob in materia di servizi di crowdfunding in attuazione del Regolamento (UE) 2020/1503 sui fornitori di servizi di crowdfunding alle imprese e degli articoli 4-sexies.1 e 100-ter del TUF Data di pubblicazione: 01/06/2023 Data di adozione: 01/06/2023

Consob has published its Resolution No. 22720 of 1 June 2023, adopting the new Consob Regulation on crowdfunding services. This regulation implements the provisions of Regulation EU 2020/1503 regarding crowdfunding service providers for businesses pursuant to articles 4-sexies.1 and 100-ter of the Consolidated Law on Finance (TUF).
The new Regulation replaces the previous one on crowdfunding through online portals, adopted by Consob with Resolution No. 18592 on 26 June 2013.
Regulation EU 2020/1503 establishes a harmonised authorisation regime for providers of crowdfunding services for businesses.
However, Article 48 of the same Regulation EU 2020/1503 states that, until 10 November 2023, crowdfunding service providers can continue operating in accordance with applicable national law.
Therefore, until the aforementioned deadline of 10 November or until obtaining the authorisation provided by the European Regulation, the entities registered in the register pursuant to Article 50-quinquies, paragraph 2, of the TUF will continue to be subject to the provisions of the Consob Regulation on crowdfunding through online portals, adopted by Consob Resolution No. 18592.