{"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":"les-titres","status":"publish","type":"post","link":"https:\/\/www.turbocrowd.it\/fr\/les-titres\/","title":{"rendered":"Les titres : ce qu'ils sont et comment ils sont utilis\u00e9s dans le 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 des mati\u00e8res\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\">Qu'est-ce qu'un titre : d\u00e9finition et signification<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#definizione-di-valore-mobiliare\" class=\"uagb-toc-link__trigger\">D\u00e9finition de la valeur mobili\u00e8re<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#tipologie-principali-di-valori-mobiliari\" class=\"uagb-toc-link__trigger\">Principaux types de titres<\/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\">Titres dans le crowdfunding : crowdfunding d'actions et de dettes<\/a><li class=\"uagb-toc__list\"><a href=\"#dove-si-colloca-il-lending-crowdfunding\" class=\"uagb-toc-link__trigger\">Quelle est la place du lending crowdfunding ?<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#altri-strumenti-ammessi-cosa-sono\" class=\"uagb-toc-link__trigger\">\u201cLes \u201dautres instruments autoris\u00e9s\" : de quoi s'agit-il ?<\/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\">Vous souhaitez discuter directement avec nos experts en crowdfunding du sujet que vous lisez ?<\/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\">Vous avez besoin d'aide pour pr\u00e9parer une campagne de crowdfunding r\u00e9ussie et rechercher des investisseurs potentiels pour votre projet ?<\/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>Le r\u00e8glement PECS stipule que<strong> Le crowdfunding \u201cpourrait prendre la forme de pr\u00eats ou d'\u00e9missions de titres\u201d.\u201d<\/strong>. Si, jusqu'\u00e0 r\u00e9cemment, nous \u00e9tions habitu\u00e9s \u00e0 parler simplement d'equity et de lending crowdfunding, nous devons aujourd'hui actualiser notre vocabulaire avec ces expressions un peu plus techniques.<\/p>\n\n\n\n<p>La notion de \u201ctitres\u201d provient du droit financier et est adopt\u00e9e par la Commission europ\u00e9enne. <a href=\"https:\/\/www.turbocrowd.it\/fr\/reglement-europeen-sur-le-crowdfunding\/\">R\u00e8glement PECS<\/a> clarifier sans ambigu\u00eft\u00e9 quels instruments financiers peuvent \u00eatre plac\u00e9s en ligne et selon quelles r\u00e8gles.&nbsp;<\/p>\n\n\n\n<p>Dans cet article, nous souhaitons <strong>faire la lumi\u00e8re sur les valeurs mobili\u00e8res et le champ d'application du r\u00e8glement PECS<\/strong> pour toutes les entreprises qui se lancent dans le crowdfunding pour lever des fonds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Qu'est-ce qu'un titre : d\u00e9finition et signification<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Les titres sont une cat\u00e9gorie d'instruments utilis\u00e9s pour transf\u00e9rer des capitaux des personnes qui investissent vers les entreprises qui l\u00e8vent des fonds. Ils peuvent repr\u00e9senter <strong>soit des titres de cr\u00e9ance ou des actions<\/strong>. Aujourd'hui, dans la loi de finances consolid\u00e9e, la notion de \u201ctitres\u201d a \u00e9t\u00e9 remplac\u00e9e par celle, plus large et plus transparente, d\u201c\u201dinstrument financier\", qui inclut \u00e9galement les instruments financiers d\u00e9riv\u00e9s et les contrats complexes. Le r\u00e8glement PECS choisit toutefois d'utiliser l'expression la plus restreinte : voyons ce qu'elle signifie en d\u00e9tail.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">D\u00e9finition de la valeur mobili\u00e8re<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Les titres sont <strong>titres repr\u00e9sentant des droits <\/strong>relatives \u00e0 des soci\u00e9t\u00e9s, associations, entreprises ou entit\u00e9s de toute nature, susceptibles d'\u00eatre acquises, c\u00e9d\u00e9es ou transf\u00e9r\u00e9es. Il s'agit donc de<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>n\u00e9gociable<\/strong>, parce qu'ils peuvent changer de propri\u00e9taire ;<br><\/li>\n\n\n\n<li><strong>normalis\u00e9<\/strong>, parce qu'ils int\u00e8grent des droits clairement d\u00e9termin\u00e9s (par exemple, le droit de recevoir des dividendes) et sont identiques pour tous les titres du m\u00eame type et de la m\u00eame \u00e9mission ;<br><\/li>\n\n\n\n<li><strong>fonctionnel pour la mobilisation de capitaux<\/strong>, parce qu'elles permettent aux entreprises de financer leurs activit\u00e9s.<br><\/li>\n<\/ul>\n\n\n\n<p>Les titres sont donc des instruments qui permettent \u00e0 un investisseur de d\u00e9tenir certains droits \u00e9conomiques et administratifs dans une entreprise ou un projet, en partageant les risques et les b\u00e9n\u00e9fices potentiels.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Principaux types de titres<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Dans la pratique financi\u00e8re, ils font partie des valeurs mobili\u00e8res :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>actions<\/strong> et d'autres titres repr\u00e9sentant des participations dans des entreprises ;<br><\/li>\n\n\n\n<li><strong>obligations<\/strong> et des titres de cr\u00e9ance similaires ;<br><\/li>\n\n\n\n<li><strong>instruments hybrides<\/strong>, tels que certains instruments financiers participatifs (IFP) sous leur forme de capitaux propres, s'ils satisfont aux exigences de normalisation et de n\u00e9gociabilit\u00e9.<br><\/li>\n<\/ul>\n\n\n\n<p>Cette distinction est utile car elle permet de comprendre que les titres ne concernent pas un seul type d'investissement, mais un ensemble d'instruments unis par le fait qu'ils sont destin\u00e9s \u00e0 l'\u00e9change et \u00e0 la circulation.<\/p>\n\n\n\n<p>Dans le domaine du crowdfunding, on parle presque toujours de <strong>titres simples<\/strong>, c'est-\u00e0-dire les actions, les titres de participation, les titres de cr\u00e9ance et les instruments similaires.<\/p>\n\n\n\n<p>Dans le cadre de l'equity crowdfunding, par exemple, l'entreprise offre \u00e0 la \u201cfoule\u201d des actions ou des instruments financiers repr\u00e9sentant des droits \u00e9conomiques bien d\u00e9finis.&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>Vous souhaitez discuter directement avec nos experts en crowdfunding du sujet que vous lisez ?<\/strong><\/h2><\/div>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-1263b640\"><p class=\"uagb-heading-text\">Turbo Crowd peut vous r\u00e9v\u00e9ler toutes les ficelles du m\u00e9tier de crowdfunding, vous montrer les possibilit\u00e9s de collecte de capitaux qui s'offrent \u00e0 vous et vous fournir un soutien pratique pour mettre en place une campagne de crowdfunding r\u00e9ussie.<\/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\/fr\/reserver-une-consultation-gratuite-sur-le-blog\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">R\u00e9servez un appel vid\u00e9o GRATUIT !<\/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>Titres dans le crowdfunding : crowdfunding d'actions et de dettes<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Lorsque le r\u00e8glement PECS parle de <strong>les valeurs mobili\u00e8res dans le cadre du crowdfunding<\/strong> se r\u00e9f\u00e8re \u00e0 deux types de collectes de capitaux :<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Financement participatif (equity crowdfunding)<\/strong><\/li>\n\n\n\n<li><strong>Le crowdfunding de la dette<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Le financement participatif (equity crowdfunding) consiste en fait \u00e0 <strong>prise ferme de participations dans des soci\u00e9t\u00e9s<\/strong> par des investisseurs en ligne : les actions dans le cas des spas, <a href=\"https:\/\/www.turbocrowd.it\/fr\/equity-crowdfunding-dilution-des-actions\/\">frais de participation<\/a> dans le cas d'une SARL.<\/p>\n\n\n\n<p>Dans les deux cas, il s'agit de titres, car ils incarnent des droits de propri\u00e9t\u00e9, peuvent conf\u00e9rer des droits administratifs et sont transf\u00e9rables. En pratique, l'equity crowdfunding concerne principalement le <strong>actions de soci\u00e9t\u00e9s anonymes<\/strong> et pr\u00e9sente des sp\u00e9cificit\u00e9s par rapport \u00e0 la vente d'actions sur le march\u00e9 r\u00e9glement\u00e9 :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La normalisation n'est pas compl\u00e8te, car au sein d'une m\u00eame question, il peut y avoir <strong>quotas diff\u00e9renci\u00e9s<\/strong> (typiquement, les actions avec et sans droit de vote)<\/li>\n\n\n\n<li>La transf\u00e9rabilit\u00e9 est possible, mais elle est entrav\u00e9e par l'absence d'un syst\u00e8me d'\u00e9valuation de la qualit\u00e9 de l'eau. <a href=\"https:\/\/www.turbocrowd.it\/fr\/crowdfunding-du-marche-secondaire\/\">march\u00e9 secondaire<\/a> et une valeur de r\u00e9f\u00e9rence, ainsi que les pratiques notariales n\u00e9cessaires pour rendre l'\u00e9change effectif.<\/li>\n<\/ul>\n\n\n\n<p>L'equity crowdfunding repr\u00e9sente donc une sorte d'hybride entre la vente d'actions sur le march\u00e9 et la n\u00e9gociation priv\u00e9e.<\/p>\n\n\n\n<p>Le crowdfunding de dette, quant \u00e0 lui, est un concept peu utilis\u00e9, car nous avons tendance \u00e0 parler plus sp\u00e9cifiquement de <strong>Minibond<\/strong>. Les minibons sont <strong>obligations <\/strong>Elles sont con\u00e7ues pour permettre aux PME de lever des capitaux d'emprunt plus facilement et \u00e0 moindre co\u00fbt que les obligations classiques, et font partie des valeurs mobili\u00e8res parce qu'elles sont des titres de cr\u00e9ance transf\u00e9rables.<\/p>\n\n\n\n<p>Lorsque nous parlons de titres dans le cadre du crowdfunding, nous parlons donc d'actions et de minibons.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Quelle est la place du lending crowdfunding ?<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Une campagne de financement participatif (lending crowdfunding) n'implique pas l'\u00e9mission et la vente de titres, mais plut\u00f4t la conclusion d'un accord de financement participatif (lending crowdfunding). <strong>contrat de pr\u00eat<\/strong> (conform\u00e9ment au code civil) entre l'entreprise et tous les investisseurs qui constituent la \u201cfoule\u201d des pr\u00eateurs.<\/p>\n\n\n\n<p>Il ne s'agit pas ici de titres :<strong> le pr\u00eat individuel est non n\u00e9gociable et transf\u00e9rable<\/strong>, car il ne s'agit pas d'un \u201ctitre\u201d, mais d'un contrat entre l'entreprise et une personne sp\u00e9cifique.<\/p>\n\n\n\n<p>Toutefois, comme nous le savons, le r\u00e8glement PECA s'applique \u00e9galement au crowdfunding de pr\u00eat. En fait, le texte parle de pr\u00eats et de titres comme des types de financement autoris\u00e9s. <strong>C'est pr\u00e9cis\u00e9ment dans la cat\u00e9gorie des pr\u00eats que s'inscrit le lending crowdfunding.<\/strong>. La raison ? Tous ces types de crowdfunding \u201cpeuvent \u00eatre structur\u00e9s comme des alternatives de financement comparables\u201d.<\/p>\n\n\n\n<p>Bien que le financement participatif (lending crowdfunding) ne constitue pas une valeur mobili\u00e8re, il implique un investissement en capital et g\u00e9n\u00e8re un risque financier.<\/p>\n\n\n\n<p>C'est pourquoi le l\u00e9gislateur europ\u00e9en a jug\u00e9 bon de la r\u00e9glementer pour prot\u00e9ger les investisseurs, apr\u00e8s des ann\u00e9es de lacunes et d'ambigu\u00eft\u00e9s r\u00e9glementaires.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u201cLes \u201dautres instruments autoris\u00e9s\" : de quoi s'agit-il ?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Le r\u00e8glement ECSPR, apr\u00e8s avoir d\u00e9limit\u00e9 son p\u00e9rim\u00e8tre autour des pr\u00eats et des titres, inclut \u00e9galement \u201c<strong>autres instruments autoris\u00e9s \u00e0 des fins de crowdfunding<\/strong>\u201d. De quoi s'agit-il ?&nbsp;<\/p>\n\n\n\n<p>Il s'agit d'un point d\u00e9lib\u00e9r\u00e9ment flexible du r\u00e8glement, con\u00e7u pour inclure des instruments qui ne rentrent pas parfaitement dans les cat\u00e9gories traditionnelles mais qui remplissent la m\u00eame fonction \u00e9conomique que les instruments financiers utilis\u00e9s pour lever des capitaux.<\/p>\n\n\n\n<p>Par exemple, le <a href=\"https:\/\/www.turbocrowd.it\/fr\/les-instruments-financiers-participatifs-ce-quils-sont\/\">Instruments financiers participatifs<\/a>, lorsqu'ils donnent droit \u00e0 une participation future dans l'entreprise et qu'ils sont standardis\u00e9s pour une pluralit\u00e9 d'investisseurs. En d'autres termes, ils se comportent comme des instruments convertibles.<\/p>\n\n\n\n<p>Le CEPS admet \u00e9galement des instruments de dette autres que les obligations et minibons conventionnels, \u00e0 condition qu'ils supposent <strong>forme mobile<\/strong>, c'est-\u00e0-dire qu'il s'agit de titres (et non de contrats de financement) et qu'ils sont n\u00e9gociables : par exemple, les billets \u00e0 ordre d\u00e9mat\u00e9rialis\u00e9s.&nbsp;<\/p>\n\n\n\n<p>En conclusion, nous pouvons affirmer que <strong>les titres sont l'\u00e9l\u00e9ment cl\u00e9 du crowdfunding en Italie<\/strong>, Le paysage est actuellement domin\u00e9 par les fonds propres, mais il est important de conna\u00eetre l'ensemble des instruments permettant de lever des capitaux dans le cadre du r\u00e8glement PECA.<\/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>Vous avez besoin d'aide pour pr\u00e9parer une campagne de crowdfunding r\u00e9ussie et rechercher des investisseurs potentiels pour votre projet ?<\/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 peut vous accompagner tout au long du processus, de l'organisation de la pr\u00e9-foule \u00e0 la cl\u00f4ture de la collecte, en d\u00e9veloppant des strat\u00e9gies de marketing efficaces et innovantes pour promouvoir votre campagne de la meilleure fa\u00e7on possible.<\/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\/fr\/reserver-une-consultation-gratuite-sur-le-blog\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">R\u00e9servez un appel vid\u00e9o GRATUIT !<\/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>Qu'est-ce qu'un titre et quels sont les instruments qui entrent dans le champ d'application du r\u00e8glement europ\u00e9en sur le crowdfunding ?<\/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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