«Impact investing» in the european legal system: an italian perspective on investors’ protection and regulatory compliance
1. For profit vs. non-profit: the Swan-song of a black and white view on the World. – 2. The overall inadequacy of the Italian regulatory system and the call for legislative reform. – 3. Capitalistic interest and social-impact investment: from financial returns to measurable social impact. – 4.The renewed European legal scenario: equity-based crowdfunding, EUSEF funds (EU Regulation n. 346/2013) and Social impact bond. – 5. Key elements of investors’ protection and regulatory compliance: the private benefit doctrine and the legislative ban on public administrations’ use of derivatives.
Il presente contributo approfondisce il tema dell’«impact investing», per tale intendendosi l’insieme degli strumenti di natura finanziaria secondo i quali il rendimento dell’investimento dipende dal (misurabile) impatto sociale delle attività che sono finanziate dall’investimento stesso. Prendendo le mosse dalle premesse culturali del fenomeno, e avendo rilevato l’inadeguatezza del relativo assetto normativo italiano, l’articolo conduce un’analisi dello scenario regolamentare di fonte europea, con particolare riferimento all’equity-based crowdfunding, ai fondi europei di imprenditorialità sociale (Regolamento EU no. 346/2013) e ai social impact bonds. Vengono altresì considerati alcuni elementi chiave relativi alla protezione degli investitori e alla conformità normativa.
This paper focuses on «impact investing», that is the area of financial arrangements according to which the return of the investment depends on the (measurable) social impact of the activities that is financed by the investment itself. Moving from the cultural premises of the phenomenon, and noting the inadequacy of the Italian framework thereof, the article develops an analysis of the current European regulatory scenario, with special reference to equity-based crowdfunding, European social entrepreneurship funds (EU Regulation no. 346/2013) and social impact bonds. Key elements of investors’ protection and regulatory compliance are considered as well.