Monday March 30 2026
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: Italy
Commissione Nazionale per le Societa e la Borsa (Consob) announced that it has submitted a package of amendments to its regulations regarding issuers, markets, and related-party transactions for market consultation . The initiatives launched in recent years, further strengthened by these proposals, aim to eliminate unnecessary burdens for operators and issuers, while maintaining the protection of savers and market integrity at the core.
Among the most significant measures, part of the modernization and rationalization of the regulatory framework aimed at fostering the growth of the Italian capital market, is the proposed increase in the threshold for internal dealing disclosures from €20,000 to €50,000 in line with European developments. This measure will allow the market to focus on truly significant transactions, while simultaneously reducing non-essential administrative obligations, without impacting the Authority’s oversight.
At the same time, Consob is harmonizing its regulations with the recent changes introduced by the Capital Law, by repealing the implementing provisions of the Consolidated Law on Finance (TUF) that are now outdated.
Specifically, some measures involve simplifying procedures relating to prospectuses and public offerings, eliminating the filing requirement for approved prospectuses for equity and non-equity securities and the disclosure requirements for the placement manager at the closing of the offering. The procedures for accepting the offering have also been simplified, eliminating the requirement to prepare a specially signed ” form “; the prospectus will now specify the specific procedures for accepting the offering.
Finally, the regulatory changes extend the option to use the English language, already introduced by Consob for drafting prospectuses, which may also be used for the documentation required by European legislation in public offerings conducted without a prospectus.
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