Last March 29, Italy’s Commissione Nazionale per le Società e la
Borsa (CONSOB), the equivalent of the Securities and Exchange Commission
in the US, submitted requests for public commenting on the equity
crowdfunding rules currently considered. It seems that Italy will
surpass the JOBS Act in the implementation of the first equity
crowdfunding law in the world.
One of the leading business angels in Milan, Alberto Giusti,
commented that this crowdfund equity proposal has some limitations. “The
definitions are not fully settled but right now only ‘innovative
startups’ can be considered so brick and mortar businesses do not
apply,” says Giusti. He adds that firms that control the Internet
portals conducting crowdfunding investments have to be a financial
entity SpA Societa per Azioni – roughly the US equivalent of an
Incorporation) or a bank registered and monitored by CONSOB as these
offer the highest corporate control structures. Furthermore, a financial
entity registered by CONSOB must have first invested at least 5% in an
offering for it to qualify to be crowd funded for equity. View The Full Story On Forbes
