La regolazione europea e italiana del crowdfunding. Un possibile “modello” di regolazione per gli strumenti di finanza alternativa?

Technological innovation in finance presents characteristics of rapidity and changeability that often do not reconcile with the normal requirements of economic dynamics, regulation, sometimes ending up in areas of substantial regulatory vacuum and posing the problem of the characteristics of the rules to be adopted to remedy these shortcomings. Processes that have also concerned the phenomenon of crowdfunding, for which the thesis of elaborating a specific discipline has prevailed, due to the objective of favoring its cross-border provision, identifying mechanisms of investor protection, and defining homogeneous authorization procedures, obligations and requirements for crowdfunding service providers throughout the E.U. And it is precisely with reference to these features of the current regulation that this paper investigates the possibility of using the regulatory architecture, adopted by the European Regulation 1503/2020 and its implementation in national legal systems, as a possible regulatory model for other activities characterized by a high rate of innovation in the field of financial markets.