Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Retail investment through digital platforms – This article considers the regulatory impacts of certain characteristics of non-professional trading in the era of digitalisation and algorithms, which have transformed investors’ trading behaviours and the relationship between financial intermediaries and clients. This evolution is remarkable both at a “macro” level (where the influenced-based trading exposes retail investors to new risks of market manipulation) and at a “micro” level (as the traditional investor protection tools are based on a now-surpassed bilateral model of relationship between client and intermediary). The article specifically discusses, from a European law perspective, two phenomena that are symptomatic of the described evolution: (i) the dissemination of opinions, investment recommendations and trading ideas through digital portals and (ii) the imitation of third party investment through the “copy trading” service.  

Summary: 1. Premessa. – 2. Tendenze evolutive del retail trading e loro impatto sistemico. – 3. (segue): Iniziative di riforma nel panorama internazionale. – 4. Finfluencers e attività di trading. Stato dell’arte. – 4.1. Disciplina di fonte contrattuale. – 4.2. Disciplina di fonte legislativa. – 4.2.1. Manipolazione del mercato. – 4.2.2. Raccomandazioni in materia di investimenti. – 4.2.3. Responsabilità dei gestori di piattaforma. – 4.3. Ragioni di inadeguatezza dell’assetto regolatorio attuale. – 4.4. Ipotesi di evoluzione della disciplina. – 5. Copy trading: descrizione del fenomeno. – 5.1. Stato dell’arte. – 5.2. Ipotesi di evoluzione della disciplina.

Keywords: Retail investment — Digital platforms — Finfluencers — Copy trading — Investor protection.