Italian equity crowdfunding portal managers registred by Italian financial markets supervisory Authority, Consob, are now ten (see here the ordinary section of Consob’s Registry). Last two portals are fucused on green economy.
More in detail, last October 29 Consob authorized Ecomill srl, a portal promoting investments in projects related to renewable energy sector and power distribution, energy efficiency, smart grids, substainable mobility, biotech, environmental services, but also to no-profit and redevelopment of real estate areas.
At the beginning of September, instead, Consob authorized Fundera srl, focused too on cleantech and green economy sectors and more in detail on renweablke energy, agribusiness, green building, substainable mobility, green chemical, energy efficiency, biotech, waste management and environmental services.
The first Italian equity crowdfunding deal was closed last March. Italian startup company Diaman Tech srl raised almost 160k euros in equity crowdfunding using Unicaseed portal (managed by Italian financial broker Unicasim, see a previous post by BeBeez), which is the only one portal registred on the special section of the Consob’s Register, in which are noted banks and investment firms (sim) already authorized to provide the relative investment services who have communicated to Consob, before starting of their activity, the performing of the activities as portal manager.
The deal on Diaman Tech shares was the first deal of this kind in Italy and in the World as this was the first time an equity crowdfunding deal has been closed after a national law and a supervision authority had been ruling on the sector.
Following a specific input by the Government (see here the consolidated Law of Finance new provisions as introduced by Italian Decree Law n° 179/2012 (converted into Law n° 221 of 17 December 2012) bearing “Further urgent measures for the growth of the Country” (also known as the Growth Decree bis), Consob published in June 2013 a “Regulation on the raising of venture capital by innovative start-ups through on-line portals” (see here the Regulation), thanks to which Italy has become the first country in the World to have introduced a structured legislation on equity-based crowdfunding. (see a previos post by BeBeez).
Only so called “innovative start-ups” can offer their own financial instruments through on-line portals if they are listed in the special section of the Companies Register held by the Chamber of Commerce, where the main information on the companies can be obtained.
Innovative start-ups are small Italian companies (joint stock (s.p.a.), limited (s.r.l.) or cooperative companies) which have been operating for only a short time, and are engaged in innovative and technical sectors or which have a social purpose. The Growth Decree bis establishes the requirements which such companies must meet and imposes various regulatory simplifications to encourage
their creation and development.