Brevi note in tema di marketplace lending alla luce del nuovo regolamento europeo in materia di crowdfunding
Crowdfunding platforms have been particularly relevant in the ambit of innovations introduced with the development of Fintech, including those that base their activity on lending (the so called “lending-based crowdfunding” platforms). The active platforms - whose number in Italy is still relatively small - carry out a market activity that facilitates the matching of interests between those who are in surplus (and wish to use money towards a return), and those who are in deficit (and wish to obtain funding). This article aims to provide a look at lending crowdfunding, with a twofold purpose: (i) understanding how the relevant platforms can be legally qualified, also with regard to their compatibility with the activities reserved by law to financial intermediaries; ii) analyzing the possible scenarios related to the “European Crowdfunding Service Providers” EU Regulation (ECSP), considering that only in recent years the Commission has decided to go beyond a mere monitoring of the sector.
Keywords: Compliance • Lending-based crowdfunding • Credit risk assessment • Legal certainty • EU regulation • Crowd-borrower • Cross-border activity • Crowd-investor • Risk management • Fintech • Platforms • KIIS • Disclosure