Financial, Companies, Crowdfunding, SME Bonds, Consob
Art. 100 – ter Tuf
Consob Resolution n. 21110 of 10 October 2019
Amendments to Consob Regulation n. 18592 of 26 June 2013 on the collection of risk capital through online portals and subsequent amendments and additions (Crowdfunding Regulation) for the adaptation to the changes introduced by the 2019 budget law
Crowdfunding: the bonds of SMEs are also admitted to the offer, Consob amends the Regulations to extend the operation of the portals
The sources of financing for small and medium enterprises (SMEs) are widening.
In fact, crowdfunding portals will no longer be able to offer capital securities only, such as shares or quotas, but also bonds and other debt securities.
This is the main novelty contained in the changes to the Crowdfunding Regulation, approved by the Commission with resolution no. 21110 of 10 October 2019.
Therefore, SMEs will have a new channel for accessing the capital market.
The changes implement the new rules (Article 100-ter) included in the Consolidated Law on Finance (TUF) by the budget law for 2019.
Consistently with the new legal requirements, Consob has identified the categories of investors, other than the professional ones, who can subscribe – within the limits established by the Civil Code – the bonds and debt securities issued by the SMEs up to a maximum amount of 8 million euros.
In particular, these instruments may be subscribed by banking foundations, start-up incubators and investors in support of SMEs as well as by non-professional investors who meet certain capital requirements or make use of the advice of an intermediary.
21 October 2019
Source Consob
