{"id":10898,"date":"2025-11-28T16:35:01","date_gmt":"2025-11-28T16:35:01","guid":{"rendered":"https:\/\/www.turbocrowd.it\/?p=10898"},"modified":"2026-01-14T10:17:52","modified_gmt":"2026-01-14T10:17:52","slug":"securities","status":"publish","type":"post","link":"https:\/\/www.turbocrowd.it\/en\/securities\/","title":{"rendered":"Securities: what they are and how they decline in crowdfunding"},"content":{"rendered":"<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-b2c87593\"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tTable Of Contents\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap\">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#cosa-sono-i-valori-mobiliari-definizione-e-significato\" class=\"uagb-toc-link__trigger\">What are securities: definition and meaning<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#definizione-di-valore-mobiliare\" class=\"uagb-toc-link__trigger\">Definition of movable value<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#tipologie-principali-di-valori-mobiliari\" class=\"uagb-toc-link__trigger\">Main types of securities<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#i-valori-mobiliari-nel-crowdfunding-equity-e-debt-crowdfunding\" class=\"uagb-toc-link__trigger\">Securities in crowdfunding: equity and debt crowdfunding<\/a><li class=\"uagb-toc__list\"><a href=\"#dove-si-colloca-il-lending-crowdfunding\" class=\"uagb-toc-link__trigger\">Where does lending crowdfunding fit in?<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#altri-strumenti-ammessi-cosa-sono\" class=\"uagb-toc-link__trigger\">\u201cOther permissible instruments\u201d: what are they?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#vuoi-approfondire-direttamente-con-i-nostri-esperti-di-crowdfunding-largomento-di-cui-stai-leggendo\" class=\"uagb-toc-link__trigger\">Want to learn more directly with our crowdfunding experts about the topic you are reading about?<\/a><li class=\"uagb-toc__list\"><a href=\"#hai-bisogno-di-supporto-perpreparare-una-campagna-di-crowdfunding-di-successo-e-cercare-potenziali-investitori-per-il-tuo-progetto\" class=\"uagb-toc-link__trigger\">Do you need support in preparing a successful crowdfunding campaign and seeking potential investors for your project?<\/a><\/ul><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<p><\/p>\n\n\n\n<p>The ECSP Regulations state that.<strong> crowdfunding \u201ccould take the form of loans or issuance of securities\u201d<\/strong>. If until recently we were used to simply talking about equity and lending crowdfunding, today we need to update our vocabulary with these somewhat more technical expressions.<\/p>\n\n\n\n<p>The concept of \u201csecurities\u201d comes from financial law and is adopted by the <a href=\"https:\/\/www.turbocrowd.it\/en\/eu-crowdfunding-regulation\/\">ECSP regulation<\/a> to clarify unambiguously which financial instruments can be placed online and under which rules.&nbsp;<\/p>\n\n\n\n<p>In this article we want to <strong>Bring clarity to securities and the scope of the ECSP regulation<\/strong> for all businesses entering the world of crowdfunding to raise capital.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are securities: definition and meaning<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Securities are a category of instruments used to transfer capital from people who invest to companies that raise funds. They can represent <strong>Either debt securities or equity shares<\/strong>. Today, in fact, in the Consolidated Law on Finance the concept of \u201csecurities value\u201d has been replaced by the broader and more transparent concept of \u201cfinancial instrument,\u201d which also includes derivative financial instruments and complex contracts. The ECSP regulation, however, chooses to use the more circumscribed expression: let's find out what it indicates in detail.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Definition of movable value<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>The securities are <strong>securities representing rights <\/strong>pertaining to companies, associations, enterprises or entities of any kind, which can be acquired, transferred or sold. They are, therefore:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>negotiable<\/strong>, because they can change owners;<br><\/li>\n\n\n\n<li><strong>standardized<\/strong>, because they incorporate clearly determined rights (e.g., the right to receive dividends) and are the same for every security that is part of the same type and issue;<br><\/li>\n\n\n\n<li><strong>functional for raising capital<\/strong>, because they enable businesses to finance their activities.<br><\/li>\n<\/ul>\n\n\n\n<p>Securities, then, are instruments that allow an investor to hold certain economic and administrative rights in an enterprise or project, sharing its risks and potential benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Main types of securities<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>In financial practice they fall under securities:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>actions<\/strong> And other securities representing corporate holdings;<br><\/li>\n\n\n\n<li><strong>bonds<\/strong> and similar debt securities;<br><\/li>\n\n\n\n<li><strong>hybrid instruments<\/strong>, such as some participatory financial instruments (PFS) in their equity form, if they fall within the requirements of standardization and marketability.<br><\/li>\n<\/ul>\n\n\n\n<p>The distinction is useful because it allows us to understand that securities are not about a single type of investment, but a set of instruments united by the fact that they are intended for exchange and circulation.<\/p>\n\n\n\n<p>In crowdfunding we almost always talk about <strong>simple securities<\/strong>, i.e., stocks, equity shares, debt securities and similar instruments.<\/p>\n\n\n\n<p>In equity crowdfunding, for example, the company offers the \u201ccrowd\u201d shares or financial instruments that represent well-defined economic rights.&nbsp;<\/p>\n\n\n\n<div data-aos= \"slide-right\" data-aos-duration=\"400\" data-aos-delay=\"0\" data-aos-easing=\"ease\" data-aos-once=\"true\" class=\"wp-block-uagb-container uagb-block-1e0fbaf5 alignfull uagb-is-root-container\">\n<div style=\"margin-top:0;margin-bottom:0;height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-bcf26494\"><h2 class=\"uagb-heading-text\"><strong>Want to learn more directly with our crowdfunding experts about the topic you are reading about?<\/strong><\/h2><\/div>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-1263b640\"><p class=\"uagb-heading-text\">Turbo Crowd can reveal to you all the tricks of the crowdfunding trade, explain the capital-raising opportunities available to you, and provide you with practical support to carry out a successful crowdfunding campaign.<\/p><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__medium-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-66b0de0d\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap\">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-adaecfd1 wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.turbocrowd.it\/en\/book-a-free-consultation-blog\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Book a FREE video call!<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Securities in crowdfunding: equity and debt crowdfunding<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>When the ECSP regulation talks about <strong>securities within the scope of crowdfunding<\/strong> refers to two types of capital collections:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Equity crowdfunding<\/strong><\/li>\n\n\n\n<li><strong>Debt crowdfunding<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Equity crowdfunding, in fact, consists of the <strong>underwriting of corporate holdings<\/strong> By online investors: shares in the case of spas, <a href=\"https:\/\/www.turbocrowd.it\/en\/dilution-of-corporate-shares-equity-crowdfunding\/\">participation fees<\/a> In the case of Ltd.<\/p>\n\n\n\n<p>In both cases, they are securities because they incorporate equity rights, can provide administrative rights, and are transferable. In practice, equity crowdfunding is mainly concerned with the <strong>shares of Ltd.<\/strong> and has specificities compared to the sale of shares in the regulated market:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Standardization is not complete, because within the same issue there may be <strong>differentiated quotas<\/strong> (typically, voting and non-voting shares)<\/li>\n\n\n\n<li>Transferability is possible but is hampered by the lack of a <a href=\"https:\/\/www.turbocrowd.it\/en\/secondary-market-crowdfunding\/\">secondary market<\/a> and a reference value, as well as the notarized paperwork required to make the exchange effective.<\/li>\n<\/ul>\n\n\n\n<p>Equity crowdfunding, therefore, represents a kind of hybrid between selling shares on the market and private trading.<\/p>\n\n\n\n<p>That of debt crowdfunding, on the other hand, is an underutilized concept because we tend to talk more specifically about <strong>Minibond<\/strong>. Minibonds are <strong>bonds <\/strong>designed to enable SMEs to raise debt capital more easily and conveniently than classic Bonds, and are part of securities because they are transferable debt securities.<\/p>\n\n\n\n<p>When we talk about securities in crowdfunding, therefore, we talk about equity and Minibonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Where does lending crowdfunding fit in?<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A lending crowdfunding campaign does not involve the issuance and sale of any securities, but rather the stipulation of a <strong>loan agreement<\/strong> (as per the Civil Code) between the company and all investors who constitute the \u201ccrowd\u201d of lenders.<\/p>\n\n\n\n<p>It is not, here, about securities:<strong> individual loan is non-negotiable and transferable<\/strong>, because it is not a \u201ctitle,\u201d but rather a contract between the company and a specific individual.<\/p>\n\n\n\n<p>The ECSP regulation, however, as we know, also applies to lending crowdfunding. In fact, the text mentions loans alongside securities as permissible types of financing. <strong>It is precisely in the category of lending that lending crowdfunding falls.<\/strong>. The reason? All these types of crowdfunding \u201ccan be structured as comparable financing alternatives.\u201d.<\/p>\n\n\n\n<p>While lending crowdfunding does not configure a securities value, it involves capital investment and generates financial risk.<\/p>\n\n\n\n<p>This is why the European legislature saw fit to regulate it to protect investors after years of regulatory gaps and ambiguity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u201cOther permissible instruments\u201d: what are they?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>The ECSPR regulation, after outlining its scope around loans and securities, also includes in it \u201c<strong>Other instruments allowed for crowdfunding purposes.<\/strong>\u201d. What are we talking about?&nbsp;<\/p>\n\n\n\n<p>This is a deliberately flexible point in the Regulations, designed to include instruments that do not fit neatly into traditional categories but have the same economic function as financial instruments used to raise capital.<\/p>\n\n\n\n<p>For example, the <a href=\"https:\/\/www.turbocrowd.it\/en\/participatory-financial-instruments-what-are-they\/\">Participatory financial instruments<\/a>, when they entitle the holder to a future corporate shareholding and are standardized for a plurality of investors. That is, they behave like convertible instruments.<\/p>\n\n\n\n<p>The ECSPR also admits debt instruments other than classic bonds and Minibonds, as long as they assume <strong>movable form<\/strong>, that is, they are securities (and not financing contracts) and are negotiable: for example, dematerialized promissory notes.&nbsp;<\/p>\n\n\n\n<p>In conclusion, we can state that. <strong>securities are the key component of crowdfunding in Italy<\/strong>, where the landscape is currently dominated by equity, but it is important to know the full array of instruments with which capital can be raised under the umbrella of ECSP regulation.<\/p>\n\n\n\n<div data-aos= \"slide-right\" data-aos-duration=\"400\" data-aos-delay=\"0\" data-aos-easing=\"ease\" data-aos-once=\"true\" class=\"wp-block-uagb-container uagb-block-1e0fbaf5 alignfull uagb-is-root-container\">\n<div style=\"margin-top:0;margin-bottom:0;height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-bcf26494\"><h2 class=\"uagb-heading-text\"><strong><strong><strong><strong>Do you need support in preparing a successful crowdfunding campaign and seeking potential investors for your project?<\/strong><\/strong><\/strong><\/strong><\/h2><\/div>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-1263b640\"><p class=\"uagb-heading-text\">Turbo Crowd can accompany you throughout the process, from organizing the precrowd to closing the collection, developing effective and innovative marketing strategies to best promote your campaign.<\/p><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__medium-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-66b0de0d\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap\">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-adaecfd1 wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.turbocrowd.it\/en\/book-a-free-consultation-blog\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Book a FREE video call!<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>What are securities and which instruments fall within the scope of the European crowdfunding regulation?<\/p>","protected":false},"author":16,"featured_media":10899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[203],"tags":[202,136],"class_list":["post-10898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fare-impresa","tag-come-raccogliere-capitali","tag-regolamento-ue-crowdfunding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Valori mobiliari: cosa sono e come si declinano nel crowdfunding | Turbo Crowd<\/title>\n<meta name=\"description\" content=\"Cosa sono i valori mobiliari e quali strumenti rientrano nel perimetro del regolamento europeo per il crowdfunding?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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