The Italian Securities Commission (Consob) has amended its Issuers Regulation to shorten the authorisation process for publishing prospectuses for corporate bond and other non-equity securities issuances, generally transferring approval powers from the Consob Commission to the head of the Issuers Division from 19 July 2025. Under the new Article 8-bis, the competent Division head will approve prospectuses for securities other than equity securities and related supplements, with the option to delegate (including on a general basis) to the deputy head, while the Commission retains approval in certain cases. The Division head will also issue the approval certificate used for prospectus “passporting”, and Consob has updated the relevant application forms; the change applies to prospectus approval requests submitted from 19 July 2025 and follows an earlier market consultation as well as prior measures (February 2024) aimed at reducing review times and costs and allowing the use of English for approval requests.
Italian Securities Commission (Consob) 2025-07-18
Italian Securities Commission accelerates non-equity prospectus approvals by shifting sign-off to the head of the Issuers Division
The Italian Securities Commission (Consob) has amended its Issuers Regulation to expedite the authorisation process for prospectuses of corporate bonds and non-equity securities, effective 19 July 2025. Approval powers are generally transferred from the Consob Commission to the head of the Issuers Division, with certain cases retained by the Commission. These changes follow prior measures to reduce review times and costs and allow English for approval requests.