Laboratory: Cross-Border Crowdfunding Transactions
A.Y. 2025/2026
Learning objectives
Crowdfunding represents an alternative financing opportunity of growing importance within the European and Italian market. Notably, the number of cross-border transactions delivered through crowdfunding platforms are expected to drastically increase in the near future among EU market players, due to the most recent EU legislative initiatives. Hence, to boost the cross-border provision of crowdfunding services among the EU market players, the EU institutions adopted Regulation (EU) 2020/1503, which Italy implemented through Legislative Decree 10 March 2023 No 30, in force from 8 April 2023.
The course aims to equip students with the necessary skills to address the main challenges posed by crowdfunding cross-border transactions. For this purpose, it will address the relevant legal framework regarding crowdfunding and crowdinvesting transactions, with a focus on the European and Italian legal framework. Moreover, it will provide students with a basic knowledge of the tools needed to assess the contents of the main types of contracts used in international trades, as well as the most frequent consequences arising out of international contracts, which are also relevant for crowdfunding transactions. On the basis of the knowledge acquired, students will be finally able to successfully address the new challenges posed by crowdfunding cross-border transactions.
The course aims to equip students with the necessary skills to address the main challenges posed by crowdfunding cross-border transactions. For this purpose, it will address the relevant legal framework regarding crowdfunding and crowdinvesting transactions, with a focus on the European and Italian legal framework. Moreover, it will provide students with a basic knowledge of the tools needed to assess the contents of the main types of contracts used in international trades, as well as the most frequent consequences arising out of international contracts, which are also relevant for crowdfunding transactions. On the basis of the knowledge acquired, students will be finally able to successfully address the new challenges posed by crowdfunding cross-border transactions.
Expected learning outcomes
This course will equip students with the necessary skills to face the main challenges posed by cross-border crowdfunding transactions, an alternative source of financing of growing importance in the European and Italian market. To this end, they will learn to use the correct terminology of international contract law and become familiar with the legal institutions of private international law relevant to crowdfunding transactions.
Thanks to the engaging activities proposed, they will learn how to solve legal issues related to crowdfunding transactions in practice by applying the rules and regulations studied during the course. In other words, students will not only know the content of the rules applicable to each case, but will also be able to identify such rules in a real case scenario, as they will learn to navigate through the stratified system of legal texts adopted at national and supranational level with regard to international contracts. Lectures will focus on the practical aspects of the subject. With these legal skills, students will be able to work in international contexts, in particular for companies operating on an international scale.
Thanks to the engaging activities proposed, they will learn how to solve legal issues related to crowdfunding transactions in practice by applying the rules and regulations studied during the course. In other words, students will not only know the content of the rules applicable to each case, but will also be able to identify such rules in a real case scenario, as they will learn to navigate through the stratified system of legal texts adopted at national and supranational level with regard to international contracts. Lectures will focus on the practical aspects of the subject. With these legal skills, students will be able to work in international contexts, in particular for companies operating on an international scale.
Lesson period: Open sessions
Assessment methods: Giudizio di approvazione
Assessment result: superato/non superato
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Course syllabus
The course consists of 5 Modules:
· Presentation of the course
· An introduction to crowdfunding and crowdinvesting
· Jurisdiction in crowdfunding transactions
· Applicable law in crowdfunding transactions
· Agreements on jurisdiction and applicable law in crowdfunding transactions
· Presentation of the course
· An introduction to crowdfunding and crowdinvesting
· Jurisdiction in crowdfunding transactions
· Applicable law in crowdfunding transactions
· Agreements on jurisdiction and applicable law in crowdfunding transactions
Prerequisites for admission
Some basic legal concepts are required to facilitate understanding of the course content. Therefore, previous attendance of a course on Private international law is recommended.
Teaching methods
Students will be required to complete several tasks on the MyAriel platform:
· Watching video lectures: Students will have access to video lecture recordings, transcriptions, and PPT files.
· Compulsory readings: students will have access to various reading materials, including relevant case law and doctrine on the topic under discussion.
· Solving multiple-choice tests and case scenarios: Students are required to complete multiple-choice tests prepared for each topic covered; each test must be completed before proceeding to the next topic.
· Watching video lectures: Students will have access to video lecture recordings, transcriptions, and PPT files.
· Compulsory readings: students will have access to various reading materials, including relevant case law and doctrine on the topic under discussion.
· Solving multiple-choice tests and case scenarios: Students are required to complete multiple-choice tests prepared for each topic covered; each test must be completed before proceeding to the next topic.
Teaching Resources
Teaching resources are available on the MyAriel platform (https://myariel.unimi.it/course/view.php?id=8359):
· Geert Van Calster, European Private International Law: Commercial Litigation in the EU, Hart Publishing, 2024, in the subsequent parts: Chapter 2: The Core of European Private International Law: Jurisdiction; Chapter 3: The Core of European Private International Law: Applicable law - Contracts.
· J. Hemer, A snapshot on crowdfunding, in Arbeitspapiere Unternehmen und Region, No. R2/2011, Fraunhofer-Institut für System-und Innovationsforschung ISI, Karlsruhe.
· R. Shneor, The context: the crowdfunding market and its recent developments, in E Macchiavello (ed), Regulation on European Crowdfunding Service Providers for Business, Edward Elgar, 2022, pp. 15-27.
· Osservatori Entrepreneurship Finance & Innovation, 9° Report italiano sul CrowdInvesting, luglio 2024, https://www.osservatoriefi.it/efi/osservatorio-crowdinvesting/
· U. Minneci, Sviluppi normativi in tema di piattaforme di crowdfunding, in L. Ammanati, A. Canepa, La finanza nell'età degli algoritmi, Giappichelli, 2023, pp. 83-92.
· P. Franzina, Promoting Fairness and Transparency for Business Users of Online Platforms, in I. Pretelli (ed.), Conflict of Laws in the Maze of Digital Platforms / Le droit international privé dans le labyrinthe des plateformes digitales, Schulthess, 2018
· P Ortolani, Civil and Commercial Jurisdiction in Crowdfunding-Related Litigation, in P Ortolani, M Luoisse (eds.), The EU Crowdfunding Regulation (OUP 2021)
· I. Kunda, Jurisdiction and Applicable Law in Crowdfunding, in Z. Primorac, C. Bussoli, N. Recker (eds.), Economic and Social Development - 16th International Scientific Conference on Economic and Social Development - "The Legal Challenges of Modern World", 2016, pp. 253-263.
· Favalli S., Il crowdfunding bancario-finanziario fra novità normative e profili transnazionali, in Freedom, Security & Justice: European Legal Studies, 2023, p. 81 ss.
· I. Kunda, Crowdfunding in the EU: private international law issues by design, in E. Macchiavello (a cura di), Regulation on European Crowdfunding Service Providers for Business, 2022, pp. 529-547.
· Geert Van Calster, European Private International Law: Commercial Litigation in the EU, Hart Publishing, 2024, in the subsequent parts: Chapter 2: The Core of European Private International Law: Jurisdiction; Chapter 3: The Core of European Private International Law: Applicable law - Contracts.
· J. Hemer, A snapshot on crowdfunding, in Arbeitspapiere Unternehmen und Region, No. R2/2011, Fraunhofer-Institut für System-und Innovationsforschung ISI, Karlsruhe.
· R. Shneor, The context: the crowdfunding market and its recent developments, in E Macchiavello (ed), Regulation on European Crowdfunding Service Providers for Business, Edward Elgar, 2022, pp. 15-27.
· Osservatori Entrepreneurship Finance & Innovation, 9° Report italiano sul CrowdInvesting, luglio 2024, https://www.osservatoriefi.it/efi/osservatorio-crowdinvesting/
· U. Minneci, Sviluppi normativi in tema di piattaforme di crowdfunding, in L. Ammanati, A. Canepa, La finanza nell'età degli algoritmi, Giappichelli, 2023, pp. 83-92.
· P. Franzina, Promoting Fairness and Transparency for Business Users of Online Platforms, in I. Pretelli (ed.), Conflict of Laws in the Maze of Digital Platforms / Le droit international privé dans le labyrinthe des plateformes digitales, Schulthess, 2018
· P Ortolani, Civil and Commercial Jurisdiction in Crowdfunding-Related Litigation, in P Ortolani, M Luoisse (eds.), The EU Crowdfunding Regulation (OUP 2021)
· I. Kunda, Jurisdiction and Applicable Law in Crowdfunding, in Z. Primorac, C. Bussoli, N. Recker (eds.), Economic and Social Development - 16th International Scientific Conference on Economic and Social Development - "The Legal Challenges of Modern World", 2016, pp. 253-263.
· Favalli S., Il crowdfunding bancario-finanziario fra novità normative e profili transnazionali, in Freedom, Security & Justice: European Legal Studies, 2023, p. 81 ss.
· I. Kunda, Crowdfunding in the EU: private international law issues by design, in E. Macchiavello (a cura di), Regulation on European Crowdfunding Service Providers for Business, 2022, pp. 529-547.
Assessment methods and Criteria
During the online, self-paced course, students will be required to complete several tasks on the MyAriel platform (video lectures, compulsory readings, multiple-choice tests).
After successfully completing all course activities, students will have the opportunity to download a certificate of course completion. To register the 'laboratorio' on their academic record, students must enrol in one of the exam sessions scheduled during the academic year and submit the certificate issued by the MyAriel platform (https://myariel.unimi.it/course/view.php?id=8359).
After successfully completing all course activities, students will have the opportunity to download a certificate of course completion. To register the 'laboratorio' on their academic record, students must enrol in one of the exam sessions scheduled during the academic year and submit the certificate issued by the MyAriel platform (https://myariel.unimi.it/course/view.php?id=8359).
GIUR-09/A - International Law - University credits: 3
Laboratories: 20 hours
Professor:
Villata Francesca Clara
Educational website(s)
Professor(s)
Reception:
Every Tuesday at 16.30. Students are also invited to contact prof. Villata via email and arrange a meeting through Microsoft Teams
Room 29, Third Floor, Department of International, Legal, Historical and Political Studies