The incorporation of YouChain S.p.A. configures the crime of illegal collection of savings ?
Pursuant to Article 11 of the Consolidated Banking Act (Legislative Decree 385/1993), the acquisition of funds with repayment obligations, both in the form of deposits and in other forms, is considered a savings account. In this case, this eventuality is not contemplated as the subscription of shares does not imply an obligation to repay.
The incorporation of YouChain S.p.A. is it configured as an investment solicitation ?
According to the Consolidated Law on Finance (Legislative Decree 58/1998 and subsequent amendments), any offer or invitation for the sale, issue or subscription of financial products is considered to be a solicitation activity. However, pursuant to the CONSOB Issuers Regulation (11971/1999), there is a case of inapplicability of legislation as for the constitutive procedure of YouChain S.p.A. it does not appear to be the issuer of financial instruments that are widely distributed among the public.
The incorporation of YouChain S.p.A. set up an investment activity ?
Article 1 of the TUF mentions among the investment services the trading on own account of financial instruments, however this mention does not provide a clear and precise definition on the scope of application of the discipline. For this reason, Consob clarified the difference between the trading activity on own account with respect to the investment activity of its assets: as regards this consideration, it is clear that the investment activity of its financial resources in values securities does not constitute, pursuant to the provisions in force, securities brokerage.