Abstract

The paper analyzes the possibility to trade s.r.l. quotas on a secondary market. After briefly describes the introduction of the faculty for SMEs incorporated as s.r.l. to create categories of quotas and to resort to public offerings, also through crowdfunding, is analyzed the possibility of qualifying s.r.l. quotas as financial instruments and, therefore, the issue of their standardization and how this feature is necessary but not sufficient to ensure the negotiability of standardized s.r.l. quotas. To provide a legal response to this finding is discussed the issue of the prohibition of incorporating s.r.l. quotas into a security. Finally, is given an overview of some relevant legislative changes that may lead to the creation of a secondary market in the future through the tokenization