The Italian legislators and CONSOB enacted new measures, as part of a general attempt to modernize the market infrastructure. The new rules relate to, inter alia, the following: The issuance of unlisted debt...more
Following a public consultation launched early this summer, on 11 December 2023 CONSOB (i.e. the Italian Securities and Financial Markets Authority) published the final version of the Regulation on the issuance and transfer...more
CONSOB (with Resolution No. 22833 of 9 October 2023, attached hereto) has adopted the implementing provisions, in accordance with paragraph 9 of Article 4-septies.2 of the Financial Laws Consolidated Act (i.e. Italian...more
The Bank of Italy and Consob, as competent authorities for Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT, declared compliance with the ESMA Guidelines on standard forms, formats and...more
With the sentence No. 44378 of 22 November 2022, the Supreme Court ruled for the equivalence between cryptocurrencies and financial products....more
Pending the completion of the process for adapting Italian rules to Regulation (EU) 2020/1503 on European crowdfunding service providers (“ECSP Regulation”), Consob and the Bank of Italy declared their availability for...more
On 4 October 2022, the CONSOB Resolution no. 22437 of 6 September 2022 (the CONSOB Resolution) amending CONSOB Regulation no. 11971 of 14 May 1999 (the CONSOB Issuer Regulation), entered into force....more
The Italian Securities Commission (Consob) has enacted rules that allow the use of an English language prospectus for IPOs and rights issues in Italy and shorten the prospectus review period. On August 1st, Consob...more
Consob initiated a public consultation concerning important new IPO rules aimed at simplifying and shortening the prospectus approval process and to reduce listing costs, which would bring Italian practice closer in line with...more
Bank of Italy, Consob and IVASS launched the Italian Sandbox announcing the first call for submitting FinTech projects. On 17 July 2021, the Decree of the Italian Ministry of Economy and Finance No. 100 of 30 April 2021...more
Italian Securities Commission returns to ordinary reporting requirements for listed issuers. The Italian Securities Commission (CONSOB), by press release dated April 12, 2021, announced its decision to end the more...more
CONSOB approved regulatory changes to adapt the Italian second-level regulation to the Shareholder Rights Directive II. The key regulatory changes concern: - Remuneration Reporting, - Related-Party...more
More stringent reporting obligations regarding relevant shareholdings and investment objectives for Italian-listed issuers will continue until 13 April 2021. On 13 January 2021, the Italian Securities Commission (CONSOB)...more
The more stringent reporting obligations for certain Italian-listed issuers will continue until January 13, 2021. The Italian Securities Commission (CONSOB) has adopted Resolution 21525, extending for a period of three...more
Following three public consultations launched on 23 September 2019, IVASS and CONSOB completed the implementation in Italy of (EU) Directive 2016/97 on insurance distribution ("IDD"), by publishing IVASS Measure No. 97/2020,...more
The more stringent reporting obligations for certain Italian listed issuers will continue until October 12, 2020. The Italian Securities Commission (CONSOB) has adopted Resolution 21434, extending for a period of three...more
A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including...more
The Italian government has enacted Law Decree no. 23/2020, which was published in the Official Journal on 8 April 2020 and entered into force on 9 April 2020 (the "Decree"), introducing various urgent measures aimed at...more
The Liquidity Decree strengthens CONSOB’s powers to impose stricter reporting requirements of relevant shareholdings in Italian-listed issuers. The Italian government has adopted Law Decree n. 23/2020 (the Liquidity...more
The revised Market Practice reflects the remarks raised by ESMA after a public consultation process. Article 13 of MAR provides for an exemption from sanctions in case a transaction breaches the general prohibition of...more
CONSOB and Bank of Italy ease compliance obligations during COVID-19. The Italian Securities Commission (CONSOB) and the Bank of Italy have adopted a series of measures to grant intermediaries and online portal managers an...more
Temporary Ban on Net Short Positions in Response to Market Turmoil in the Wake of Covid-19 Outbreak - On March 17, 2020, CONSOB, the Italian markets and securities regulator, introduced an outright temporary ban on taking...more
Further bans on all types of short selling have been extended by financial regulators in Austria, Belgium, France, Greece, Italy and the UK (in respect of the shares identified by the Spanish and Italian regulators) and now...more
Italian regulator imposes more stringent reporting obligations for certain Italian-listed issuers. The Italian Securities Commission (CONSOB) has adopted Resolution 21304, imposing stricter reporting obligations of...more
As a result of the disruption experienced in a number of markets, the UK Financial Conduct Authority (FCA), the Italian securities regulator (Commissione Nazionale per le Società e la Borsa (CONSOB)) and the Spanish...more