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The review of Consob regulation on equity crowdfunding in the light of the developments in European financial law and of recent trends in regulating investment-based crowdfunding in Europe

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  • Eugenia Macchiavello

Abstract

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' qualifications of 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.

Suggested Citation

  • Eugenia Macchiavello, 2016. "The review of Consob regulation on equity crowdfunding in the light of the developments in European financial law and of recent trends in regulating investment-based crowdfunding in Europe," Banca Impresa Società, Società editrice il Mulino, issue 2, pages 283-354.
    • Handle: RePEc:mul:jqmthn:doi:10.1435/85318:y:2016:i:2:p:283-354
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