I had the opportunity to partecipate today in Rome to the first open hearing, held by Consob (the Italian SEC) on equity crowdfunding.
The conversion into law of Decreto Crescita, has delegated Consob to issue the regulatory framework on equity crowdfunding in Italy, with a very aggressive schedule, that would ask for completion of the work by March. Timing that, if met, would put Italy in the position of being the first nation in the world to have specific regulation, as I understand it.
In fact, while equity crowdfunding has existed for years in several countries among which UK and The Netherlands, it is not currently regulated, yet. In Australia, now crowdfunding has been successfully going on for seven years now, unregulated.
It was a very good meeting, and I found a sympathetic and open regulator, sincerely interested in understanding the phenomenon and listen to the voice of the industry. There were a couple hundred people and Alessandro Fusacchia, from the Ministry of Economic Development has stressed the importance of this specific regulation. Cornerstone of the startup legislation initiative launched by the Monti’s government.