On Aug. 12, 2025, ITA Consob Resolution 23656 of Jul. 30 was officially published.
On Jan. 17, ITA Consob issued draft on information duties' definition.
ITA Consob consulted on information obligations of Crowdfunding Service Providers.
Overview
Launched market consultation, for 30 days, to gather evidence and opinions from operators on adoption of set of information obligations that crowdfunding service providers (CSPs), authorized per art 4-sexies.1 TUF, would be required to fulfil.
The information and documents object of consultation, collection of which would allow ITA Consob to structure a database functional to implementation of a risk-based supervisory model, is divided in 3 categories.
I.e. structured data on published, concluded offers reported in file in Annex 1, that is, information re projects financed via crowdfunding platform in art 16.1 ECSPR, integrated with more data that for cost-effectiveness, would be acquired at same time.
In addition, information re material changes to authorization conditions, pursuant to art 15.3 ECSPR, illustrative and non-exhaustive list of which is given in Table 1.
Plus sheet containing key investment information (KIIS/KID), pursuant to art 6.1 Reg 22720/2023 on crowdfunding services, with reference to acquisition of data o offers reported in tables 2 and 3.
To facilitate dialogue with CSPs, ITA Consob developed the SIcrowd portal which will represent single channel to fulfil the information obligations towards it.
After the consultation, operating instructions will be published, specifying procedures for acquiring credentials to access SIcrowd portal, methods to fulfil information duties.
Effectiveness
Feedback on topic can be provided until Feb. 17, 2025 via post or SIPE system.
Aug. 1, 2025 Resolution Adopted
On Aug. 1, 2025, ITA Consob issued consultation results and contributions received.
Resolution to adopt the obligations to communicate data and news and transmission of acts/documents by crowdfunding service providers enters into force on Sep. 29, 2025.
Aug. 12, 2025 Publication
On Aug. 12, 2025, ITA Consob Resolution 23656 of Jul. 30 was officially published.
Regulators
ITA Consob
Entity Types
Corp; Inv Co; MSB
Reference
OG 186, 25A04467, 8/12/2025; PR, Rp, 8/1/2025; Res, 23656, 7/30/2025; CP, PR, 1/17/2025; ESCP Dir 2020/1504, Reg 2020/1503
