Any doubts or questions?

Here is a list of frequently asked questions about the equity crowdfunding

What’s the crowdfunding?

The term crowdfunding means the process by which most people ("crowd" or crowd) give sums of money (funding), even modest, to fund a project or business initiatives, typically using different internet sites ("platforms" or "portals ") and sometimes getting in exchange for a reward.

There is talk of "equity-based crowdfunding" when by investing online you buy a real title of ownership in a company, in which case, the "reward" for funding is represented by complex economic and administrative rights arising from participation in the enterprise.

You can distinguish other models of crowdfunding depending on the type of relationship that is established between the person who finances and what he has requested funding .

What are rules applied in Italy? [ ANSWER ]

In most of the countries in which they operate portals of the crowdfunding phenomenon is not subject to regulation and is made therefore fall within the scope of existing disciplines ( public appeal to savings , payment services , etc. . ).

Italy is instead the first country in Europe to have with specific rules on the equity crowdfunding .

It is known as the Italian market is based on small businesses. It is also notes the difficulties faced by these companies , especially after the crisis of 2008 , to obtain loans from banks. Even greater difficulties encountered newly formed businesses , better known as start-ups.

Just in a particular type of start-ups ( those innovative ) are devoted some rules introduced by Decree-Law n . 179/2012 (converted into law December 17, 2012 , n . 221 ) entitled " Further urgent measures for the growth of the country" (also known as " growth -bis Decree "). The very title of the "Decree growth bis" helps to understand was adopted with the aim of providing a stimulus to the economic growth of our country. In the overall design of the legislature, the equity crowdfunding is seen as a tool that can facilitate the development of innovative start-ups through rules and funding arrangements can harness the power of the internet.

The Decree has delegated to the Consob shall regulate some aspects of the phenomenon with the goal of creating an "environment" that can reliably , that is, to create confidence among investors . Consob has adopted the new regulation June 26, 2013 .

What are the innovative start-ups? [ ANSWER ]

The innovative start-ups are small Italian companies ( spa , Ltd. or cooperatives), recently operating , engaged in innovative and technological or social vocation.

The "Decree growth bis" establishes the requirements that these companies must possess and has different regulatory relief to facilitate the dissemination and development.

To grow a favorable environment is needed: the legislature, designing the system, provided the " incubators ", Italian companies that provide services to support the creation and development of innovative start-ups .

The innovative start-ups can offer its securities (also) through online portals if they are recognized in a special section of the register of companies held by the Chambers of Commerce, Industry , Handicraft and Agriculture where it is possible to capture the main company information . Even the website of each start-up is an important source of information: it shows (and updated every six months) information on the work performed , the founding members , staff and other items specified by the Decree as well as on the budget.

Where can I find information on offers of funds on-line? What are the portals of equity crowdfunding? [ ANSWER ]

To acquire the information needed to decide whether to invest (via the Internet) in financial instruments issued by innovative start-ups investors consult the equity crowdfunding online portals. They are platforms supervised by Consob that facilitate the collection of risk capital for innovative start-ups.

The financial instruments of the online deals [ ANSWER ]

The portals provide investors with information on start-ups and individual offerings through specific forms (prepared according to the standard model annexed to the Regulations), which may also be submitted via a multi-media images, video, or "pitch" (presentations, normally in Microsoft PowerPoint format, which describes the company, its business idea, the people who make plans and who intend to pursue the investment sought).

Who can manage a portal for the online collection of risk capital issued by innovative start-ups? [ ANSWER ]

Given the crucial role of the portals, the legislature considered it necessary to ensure '"reliability" and "quality" of the service provided by the portals.

For these reasons, the web portal is restricted to two categories of persons:
• persons authorized by Consob and entered in a register kept by the same authority;
• banks and investment firms (SIM) already authorized to provide investment services (so-called "managers of law," noted in the special section of the register kept by CONSOB).

What happens when you invest through a portal managed by a person registered in the register of Consob ? There are differences in investor relations? [ ANSWER ]

Managers of the portals on the register of Consob applies a discipline "lighter " than the one dictated by traditional intermediaries at which investors usually carry their investments.

As a counterpart managers registered can not hold sums of money belonging to investors either directly execute orders for subscription of the securities offered on its portals, having to pass them exclusively for this purpose to banks or SIM card. Managers can not then play in any way financial advice in relation to investors.

The fundamental role of the portal is to ensure that investors can understand the features and risks of the proposed investment , taking vision of the related information in the portal and in this section of investor education.

You simply accept the offer on the portal to complete the investment? The role of banks and SIMs at this stage [ ANSWER ]

Once the investor decides to invest in a start -up, the operator of the site must convey the order of participation in a bank or an investment firm who will refine the underwriting of securities (and to collect the sums involved in unavailable for an account of the issuer).

Under current legislation (also known as "MiFID discipline") banks and the SIM will carry out the activity in accordance with the regulations on investment services which includes a series of disclosure and behavior towards investors (including the so-called "customer profiling").

To encourage the development of crowdfunding, and thus facilitate access to finance for innovative start-ups, the agreement provides for an exemption from the application of the legislation on investment services for investments that are overall below a certain threshold equal to:
• 500 € and 1,000 € per order for orders total annual investment of individuals,
• 5,000 € and 10,000 € per order for orders total annual investment of legal persons.

In order to apply the exemption, it is necessary that investors do not declare having exceeded the threshold (taking into account, for the annual threshold, the investments made with other portals in the calendar year of reference).

What are the rules that apply to capital deals online? [ ANSWER ]

From the moment investors participating online bid on a portal at the time that will actually hold the securities to be offered could spend time and sometimes the offer may not be successful.

At the close of the portal will have to check that 5% of the securities offered has been signed by professional investors and that they are complying with all other terms of the bid.

What information about individual deals that I find on the portal? [ ANSWER ]

Offers online financial instruments issued by innovative start-ups are "special" offers. In fact, they are subject to the rules established by law and by Consob : for example, it is important to know that it is not a prospectus but an information sheet (not approved by Consob) to be published on the portal and follow the model established by the same authority.

Highlight 9 / The rules of special online deals for financial instruments issued by innovative start-ups

Highlight 10 / What are the information about the individual deals that I find on the portal?

From the moment investors participating online bid on a portal at the time that will actually hold the securities to be offered could spend time and sometimes the offer may not be successful.

At the close of the portal will have to check that 5% of the securities offered has been signed by professional investors and that they are complying with all other terms of the bid.

I joined a range of innovative start-up capital of a portal: now what? Can I change my mind? [ ANSWER ]

Retail investors have the right to change your mind as long as this is done within the time limits. In particular:

• accession within 7 days you can always withdraw at no cost via a communication portal, in the manner specified by him;

• Within 7 days from the date on which new information (new fact or warning of a clerical error) to that shown on the portal are brought to the attention of investors, it is possible to revoke the acceptance of the offer, in both cases the money already paid will be returned.

What are the main risks of investing in innovative start-ups? [ ANSWER ]

The investment in innovative start-ups has special characteristics and economic risks are higher than traditional investments.

Let's think first about the fact that an innovative start-up is something new: it has a history, nor his nor related to the sector in which it operates, has no results to be presented , did not promise to dividends (whose distribution is not permitted so that profits may be made are reinvested in an enterprise).

A start-up, in essence, gives you an idea and a plan to achieve it.

The decision whether to invest or not, therefore, is not based , as traditionally happens on economic factors and rational but , inevitably, on our way to appreciate, even emotionally, a project that is presented to us. And on the emotional impact that the project may have on us may well affect not only the words, images, videos, or "pitch" on the portal.

All studies dealing with the topic of crowdfunding emphasize the importance of the emotional factor in the choice of projects to be funded . And this is perhaps one of the most sensitive aspects of the investor (especially non-professional ) must become aware in its decision to employ you their savings.

The lack of economic and rational elements to refer to and, consequently, the approach inevitably emotional with which you evaluate the investment, as well as the inherent riskiness of newly formed companies operating in innovative sectors, are the basis of the principal risks of investing in innovative start-ups. Added to these is the risk of fraud typical of all transactions made online.

And what are the risks associated with the investments made through online portals? [ ANSWER ]

The widespread use of the Internet for commercial transactions has increased the risk of encountering any illegal actions or real scams.

If we receive an investment proposal by e-mail, or if we want to adhere to an offer to subscribe or purchase financial products on a website, it is good to do some more checking, for example:

• check that the person proposing the investment is clearly identifiable;

• verify that the addresses provided (telephone, fax and home of the subject) actually correspond to those of the subject, perhaps using the services "telephone subscriber list" ;

• Always check directly with Consob that the operator of the site is registered in the register of operators portals held by Consob . It should also be noted that even where the state ( and it actually is ) to be supervised by a public authority, that does not imply any assumption of responsibility on the part of that authority nor guarantees the content of the proposals made;

• Verify that the internet address of the site you are connected to matches that specified in the register of operators portal on the website of Consob ;

• be wary of requests for data / personal information, it is always good to check the policy of processing of personal data that the portal should be made available to investors (in order to ensure that their data will not be transmitted to third parties).

• Finally, remember that the raising of capital promoted through portals crowdfunding enrolled in the ordinary section of the register kept by Consob is perfected forever through banks or investment firms (SIM). the manager entered in the register of the portals can not require the customer to pay on his behalf the funds needed for the underwriting of securities. These should be paid only into an account held by the issuer unavailable at the Bank or on the SIM card. Finally, if you have any questions, please contact the Consob, for any reports of activities that do not appear at all "legitimate".

Invest their savings not only involves the selection and purchase: it is good to continue to follow our investment in time and acquire the most information.

If we become members of a start-up company, we participate in the life of the company exercising - where applicable - the right to vote at meetings or reviewing and approving corporate balance sheets. We agree: it is not about documents that appear to be particularly interesting. But it should be read, because they provide information on the "health" of our investment and can make us reflect on whether to keep it or sell it.

Source: CONSOB

Via Enrico Pappacena, 22
70124 BARI
VAT 07567830729
Cap. Soc. € 10.000,00
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