Legal Frameworks for Equity Crowdfunding in Europe
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By Alessandro Maria Lerro, Lerro & Partners. Presented at Crowdsourcing Week Europe 2014. Join us at the next event: http://crowdsourcingweek.com/
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Legal Frameworks for Equity Crowdfunding in Europe
- 1. ALESSANDRO M. LERRO LEGAL FRAMEWORKS FOR EQUITY CROWDFUNDING IN EUROPE WWW.LERRO.IT COPENHAGEN 2014
- 2. THE AMERICAN POINT OF VIEW ©2014 A.M. Lerro
- 3. POINTS OF VIEW THE EUROPEAN POINT OF VIEW ©2014 A.M. Lerro
- 4. INVESTORS
- 6. integrity orderly functioning efficiency investor protection transparency “DEVELOPMENT OF A SINGLE RULE BOOK” equal conditions of competition
- 7. REGULATORY BODIES National Financial Authorities regulating financial markets
- 8. American JOBS Act TIT. 2: ACCREDITED INVESTORS: IMPLEMENTED TIT. 3: RETAIL INVESTORS: WAITING FOR SEC REGULATION ©2013 A.M. Lerro
- 9. SINCE JUNE 2013, CONSOB AUTHORIZES AND RULES EQUITY PLATFORMS ©2014 A.M. Lerro
- 10. NEW RULES SINCE April 1°, 2014 ©2013 A.M. Lerro
- 11. DECREE N. 2014-1053 SEPT. 16, 2014 EFFECTIVE OCT. 1, 2014
- 12. INTEGRITY MINIMUM CAPITAL DUAL SYSTEM MANAGEMENT EQUITY PLATFORM LICENSED BROKER-DEALERS PROFESSIONALISM ©2014 A.M. Lerro
- 13. ORDER EXECUTION
- 14. HOW TO: A - PROTECT THE INVESTOR B - REDUCE COSTS C - OBTAIN EFFICIENCY - Order execution through Broker-Dealers - MIFID - Money in escrow - Threshold Pledge System (all or nothing) - Kind of contract (digital, written,…)
- 15. TRANS-NATIONAL INVESTMENTS ©2014 A.M. Lerro
- 16. U.S.A. REGULATIONS ARE VERY RESTRICTIVE. WHAT HAPPENS WITH NON U.S. INVESTORS IN U.S.A.? ARE AMERICAN INDIVIDUALS ALLOWED TO INVEST ABROAD ? ©2014 A.M. Lerro
- 17. E.U. BROKER DEALERS HAVING E.U. PASSPORT MAY OPERATE THROUGHOUT THE E.U.. WHAT HAPPEN WITH NON E.U. INVESTORS ? ©2014 A.M. Lerro
- 18. ASIA IS JUST STARTING TO DEAL WITH CROWD -INVESTMENT ©2014 A.M. Lerro
- 20. What can be told What must be told Minimum information Spot on the risks Regulation of advertising Investors’ education
- 21. MAY WE USE SOCIAL MEDIA FOR ADVERTISING INVESTMENT OPPORTUNITIES ?
- 22. REWARD-BASED PROFILES AS INCENTIVES DISCOUNTS OPTIONS PERKS VIP PROFILES ©2014 A.M. Lerro
- 23. EQUITY LIMIT
- 24. from 1.000.000 € to 5.000.000 €
- 25. INVESTMENT LIMIT PER PERSON ?
- 26. IT’S NOT GAMBLING ITALY: SCRATCH CARDS: € 10,2B LOTTO: € 6,8 B
- 27. Is the PERSONAL INVESTMENT LIMIT a right protection for the investor ? What about checking the investor’s PROCLIVITY TO RISKY INVESTMENTS (i.e. MIFID) ?
- 28. FAILURE LIQUIDITY RISKS FRAUD
- 29. TARGET COMPANIES
- 30. SECONDARY MARKET
- 31. ©2013 A.M. Lerro EDUCATION WITH DRAWAL TAG ALONG MIFID NO INVESTMENT LIMIT INFORMATION NO RECKLESS INVESTMENTS
- 32. CURATE THE CROWD PROVIDE INFORMATION GET FEEDBACK BE LOYAL RESPECT THE CROWD ©2014 A.M. Lerro
- 33. WWW.LERRO.IT ROME Alessandro M. Lerro alessandrolerro alessandro@lerro.it Available on: