Green e Social Bond. Le modifiche al Regolamento ExtraMOT della Borsa Italiana

by Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP


In data 13 marzo 2017 sono entrate in vigore alcune modifiche al Regolamento ExtraMOT pubblicate da Borsa Italiana S.p.A. (“Borsa Italiana”). Tali modifiche sono state introdotte al fine di prevedere alcuni specifici requisiti in relazione alle obbligazioni ed ai titoli di debito i cui proventi vengono utilizzati per finanziare progetti con specifici benefici o impatti di natura ambientale (c.d. “green bonds”) (i “Green Bonds”) e/o sociale (c.d. “social bonds”) (i “Social Bonds”).

In particolare, le modifiche sono finalizzate a:

  • disciplinare le modalità di ottenimento dello status di Green Bond o Social Bond previo ottenimento di una certificazione esterna (la “Certificazione”);
  • prevedere determinati obblighi informativi in capo ad emittenti di Green e Social Bonds.


La prima modifica riguarda l’ottenimento dello status di Green Bond o Social Bond con l’introduzione di un nuovo comma all’articolo 200.1 del Regolamento ExtraMOT. Obbligazioni e titoli di debito possono essere ammessi alle negoziazioni con l’indicazione di Green Bonds e/o Social Bonds previa certificazione da parte di un soggetto terzo della “natura ambientale e/o sociale dei proventi”.

La modifica effettuata da Borsa Italiana prevede altresì alcuni requisiti (i) che dovranno essere rispettati dal soggetto terzo che potrà rilasciare la Certificazione e (ii) di cui gli emittenti dovranno fornire evidenza scritta a Borsa Italiana.

In particolare, ai sensi della modifica di cui sopra il soggetto terzo “dovrà essere:

  • indipendente dalla società emittente, dagli amministratori, i dirigenti e consulenti della stessa;
  • remunerato secondo modalità tali da prevenire conflitti di interesse derivanti dalla struttura della remunerazione; e
  • un soggetto specializzato avente expertise nell’ambito della valutazione di progetti di natura ambientale e/o sociale”.

Si evidenzia che l’ottenimento della certificazione non costituisce un requisito per la quotazione ma una condizione ai fini dell’ottenimento da parte di Borsa Italiana dell’identificazione dello strumento finanziario come Green Bond o Social Bond.


Nella sezione “Obblighi del richiedente” del Regolamento ExtraMOT è stato introdotto un nuovo articolo 350 volto a definire alcuni obblighi di comunicazione in capo agli emittenti le cui obbligazioni ottengano lo status di Green Bond e/o Social Bond.

Il nuovo articolo 350 prevede quanto segue:

  • obbligo di comunicazione annuale dell’impiego effettivo dei proventi in progetti di natura ambientale e/o sociale;
  • obbligo in capo all’emittente di comunicare senza indugio a Borsa Italiana e al pubblico (secondo le modalità previste nel Regolamento ExtraMOT) quanto sopra nonché eventuali deviazioni dell’impiego dei proventi in progetti di natura ambientale e/o sociale.

In caso di omessa comunicazione annuale delle suddette informazioni da parte degli emittenti, Borsa Italiana procederà all’eliminazione dell’indicazione degli strumenti finanziari dalla sezione del sito internet di Borsa Italiana dedicata ai Green e Social Bonds.


Le modifiche sopra riportate hanno l’obiettivo di avvicinare l’offerta di Borsa Italiana ai principali mercati borsistici europei, tra cui, tra l’altro, il London Stock Exchange. Quest’ultimo infatti, ha provveduto a lanciare, negli ultimi anni, nuovi segmenti dedicati ai c.d. green bonds. Appare inoltre chiaro l’intento di Borsa Italiana di prendere atto del crescente interesse dimostrato da parte della comunità degli investitori professionali volti a finanziare progetti ambientali e sociali anche in considerazione della presenza di vincoli statutari o di politica di investimento ad effettuare investimenti in progetti di rilevanza sociale e/o ambientale.  il London Stock Exchange. Quest’ultimo infatti, ha provveduto a lanciare, negli ultimi anni, nuovi segmenti dedicati ai c.d. green bonds. Appare inoltre chiaro l’intento di Borsa Italiana di prendere atto del crescente interesse dimostrato da parte della comunità degli investitori professionali volti a finanziare progetti ambientali e sociali anche in considerazione della presenza di vincoli statutari o di politica di investimento ad effettuare investimenti in progetti di rilevanza sociale e/o ambientale.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick, Herrington & Sutcliffe LLP | Attorney Advertising

Written by:

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Privacy Policy (Updated: October 8, 2015):

JD Supra provides users with access to its legal industry publishing services (the "Service") through its website (the "Website") as well as through other sources. Our policies with regard to data collection and use of personal information of users of the Service, regardless of the manner in which users access the Service, and visitors to the Website are set forth in this statement ("Policy"). By using the Service, you signify your acceptance of this Policy.

Information Collection and Use by JD Supra

JD Supra collects users' names, companies, titles, e-mail address and industry. JD Supra also tracks the pages that users visit, logs IP addresses and aggregates non-personally identifiable user data and browser type. This data is gathered using cookies and other technologies.

The information and data collected is used to authenticate users and to send notifications relating to the Service, including email alerts to which users have subscribed; to manage the Service and Website, to improve the Service and to customize the user's experience. This information is also provided to the authors of the content to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on JD Supra.

If you prefer not to enable cookies, you may change your browser settings to disable cookies; however, please note that rejecting cookies while visiting the Website may result in certain parts of the Website not operating correctly or as efficiently as if cookies were allowed.

Email Choice/Opt-out

Users who opt in to receive emails may choose to no longer receive e-mail updates and newsletters by selecting the "opt-out of future email" option in the email they receive from JD Supra or in their JD Supra account management screen.


JD Supra takes reasonable precautions to insure that user information is kept private. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. However, please note that no method of transmitting or storing data is completely secure and we cannot guarantee the security of user information. Unauthorized entry or use, hardware or software failure, and other factors may compromise the security of user information at any time.

If you have reason to believe that your interaction with us is no longer secure, you must immediately notify us of the problem by contacting us at In the unlikely event that we believe that the security of your user information in our possession or control may have been compromised, we may seek to notify you of that development and, if so, will endeavor to do so as promptly as practicable under the circumstances.

Sharing and Disclosure of Information JD Supra Collects

Except as otherwise described in this privacy statement, JD Supra will not disclose personal information to any third party unless we believe that disclosure is necessary to: (1) comply with applicable laws; (2) respond to governmental inquiries or requests; (3) comply with valid legal process; (4) protect the rights, privacy, safety or property of JD Supra, users of the Service, Website visitors or the public; (5) permit us to pursue available remedies or limit the damages that we may sustain; and (6) enforce our Terms & Conditions of Use.

In the event there is a change in the corporate structure of JD Supra such as, but not limited to, merger, consolidation, sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information collected on and through the Service to one or more affiliated or unaffiliated third parties.

Links to Other Websites

This Website and the Service may contain links to other websites. The operator of such other websites may collect information about you, including through cookies or other technologies. If you are using the Service through the Website and link to another site, you will leave the Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We shall have no responsibility or liability for your visitation to, and the data collection and use practices of, such other sites. This Policy applies solely to the information collected in connection with your use of this Website and does not apply to any practices conducted offline or in connection with any other websites.

Changes in Our Privacy Policy

We reserve the right to change this Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our privacy policy will become effective upon posting of the revised policy on the Website. By continuing to use the Service or Website following such changes, you will be deemed to have agreed to such changes. If you do not agree with the terms of this Policy, as it may be amended from time to time, in whole or part, please do not continue using the Service or the Website.

Contacting JD Supra

If you have any questions about this privacy statement, the practices of this site, your dealings with this Web site, or if you would like to change any of the information you have provided to us, please contact us at:

- hide
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.