The Italian Securities Commission (Consob) has approved a new package of regulatory amendments aimed at reducing compliance and administrative burdens for market operators and issuers while preserving investor protection and market integrity. The measures mainly amend the Issuers' Regulation and include raising the threshold for internal dealing disclosures from EUR 20,000 to EUR 50,000, a change Consob linked to European developments and to focusing market attention on more material transactions. Adopted after a market consultation launched on 16 March, the package also simplifies prospectus and public offer procedures. It removes the requirement to deposit equity and non-equity prospectuses with Consob after approval, abolishes end-of-offer information duties for the party responsible for placement, and eliminates the obligation to prepare a dedicated offer acceptance form. English may now also be used for documentation required under European Union rules for public offers carried out without a prospectus. In addition, Consob aligned the Markets Regulation and the related party transactions regime with recent changes introduced by the Capital Law by repealing implementing provisions tied to superseded rules in the Consolidated Law on Finance.
Italian Securities Commission (Consob) 2026-05-15
Italian Securities Commission approves simplification package raising internal dealing disclosure threshold to EUR 50,000 and easing prospectus rules
The Italian Securities Commission (Consob) has approved regulatory amendments to reduce compliance and administrative burdens for market operators and issuers while maintaining investor protection and market integrity. Key changes include raising the internal dealing disclosure threshold from EUR 20,000 to EUR 50,000, simplifying prospectus and public offer procedures, allowing English for certain documentation, and aligning the Markets Regulation and related party transactions regime with recent Capital Law changes.