EUROCROWD to join presentation of 7th Report on the Italian Crowdfunding Industry (POLIMI)
On 20 July 2022, EUROCROWD will join the Politecnico di Milano University for the presentation of its annual report on the performance of the Italian crowdfunding industry. EUROCROWD’s Deputy Director Francesca Passeri will join the opening panel to discuss with representatives from the European Commission, CONSOB and Bank of Italy, among others, the current trend and challenges in making crowdfunding under ECSPR a competitive market across Europe. Find the agenda below:
Francesca Passeri, EUROCROWD, comments: “It is fundamental to clarify how the bureaucratic issues are expected to be solved in the coming months. A number of European crowdfunding service providers have already submitted their ECSPR applications to their NCA’s, and some of them have already received their license and are fully able to reap the benefits of a European market.”
With a number of market operators already embracing the fully harmonised EU crowdfunding market, the recent announcement of the European Commission about a further 12-months extension to the transition period of ECSPR has certainly raised some concerns. Italy has witnessed a lively debate in recent months about the delay in defining compliance with ECSPR and its technical standards, including the definition of competencies between Consob and the Bank of Italy. With the extension of the transition period, the danger of an abrupt end to the provision of crowdfunding services in November 2022 has been averted. Nonetheless, the finalisation of licensing procedures must still rank as high priority in the agenda of both national regulators and governments, to provide crowdfunding service providers with legal certainty when facing competition with European peers.
“We need to make sure that the extension is seen only as a last opportunity for those national markets in which November 2022 would represent the end of their domestic crowdfunding industry. NCA’s must work towards finalising internal procedures and ensure that market operators preparing for a European market can apply and receive their ECSP license in a reasonable time-frame, in the spirit of the Regulation itself”, Passeri adds.
For the seventh consecutive year, the Politecnico di Milano University will release its annual report on the performance of the crowdfunding industry in the country. The report represents a reference point not only for the crowdfunding industry in Italy, but also for the investors and start-up communities looking to work with this financial mechanism. The report focuses primarily on assessing the performance of equity and lending crowdfunding, aiming at providing a clear picture of how market trends and stakeholders behaviours have developed in 2021.
The event will be live-streamed (registration is mandatory at this link) and the report will be made available for download on the POLIMI website on Wednesday, 20 July 2022. Click here for more information.