Eugenia Macchiavello

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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Keywords: Crowdfunding; MiFID; Prospectus; Investment Services; Financial Instruments.

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.

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