IL CROWDFUNDING: REGOLAMENTAZIONE EUROPEA E TUTELA DEL CONSUMATORE-INVESTITORE.

This thesis examines the regulatory framework and operational aspects of crowdfunding, with specific regard to the process of adapting Italian law to Regulation (EU) No. 2020/1503 (ECSP) and the related implications for consumer protection. It outlines the changes imposed on crowdfunding service providers operating in Italy and the EU, with particular regard to organisational and information obligations, transparency requirements and the resulting consequences for the quality of relations with users. Particular emphasis is placed on the protection of individual investors/consumers and on outstanding issues, which are the focus of the most critical application problems and the scope for interpretative development of the system. The analysis starts from the classification of crowdfunding as a form of alternative finance for startups and small and medium-sized enterprises (SMEs), and moves on to examine the provisions of the ECSP Regulation, which will apply from 10 November 2023, following the transitional period, also in light of recent delegated regulations. Since the ECSP Regulation introduces ad hoc rules for crossborder operations through the establishment of a European mark for investment and lending platforms, the ultimate aim of the paper is to assess whether the measures imposed on providers and project owners are actually suitable for bridging the information gaps that burden the lender, ensuring informed investment choices and more complete systemic consistency of protection. Overcoming the lack of uniformity between national regimes and establishing a uniform framework are seen as prerequisites for promoting the development of the European market, encouraging investment flows and consolidating investor confidence. Nevertheless, the analysis highlights remaining critical issues relating to matters falling within the internal competence of Member States, with possible disparities in conditions and risks of regulatory arbitrage. Hence the central role of the supervisory authorities, the Bank of Italy and Consob, which are called upon to oversee internal adaptation, ensure a balance between innovation and protection, and monitor market integrity. In this context, the use of digital platforms supported by advanced credit-scoring models can further fuel alternative channels to bank credit, promoting the diversification of sources of financing for start-ups and SMEs. This need has been made particularly evident by the pandemic experience, which has highlighted the speed and remote operability of digital channels in meeting the financial needs of businesses.