On 20 June 2023, Consob (Commissione Nazionale per le Società e la Borsa) and the Bank of Italy submitted a Memorandum of Understandingaimed at coordinating the exercise of their supervisory functions over crowdfunding service providers for business, in light of Regulation (EU) 2020/1503 and Italian Legislative Decree No. 30/2023, which respectively supplemented the regulatory framework on crowdfunding service providers for business and attributed regulatory, informational, inspection and sanctioning powers to Consob and the Bank of Italy. The Memorandum of Understanding'smain aim is to regulate the exercise of Consob and Bank of Italy's supervisory powers by minimising the burdens placed on crowdfunding service providers as much as possible. In summary, it introduces new provisions related to (a) the exercise of regulatory powers, (b) the operational modes of exchange for information acquired within the scope of the controls, (c) the coordination of procedures for issuing authorisation and revocation measures and (d) coordination in the event that irregularities are detected.
Originally published July 2023.
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