The Italian Securities Commission (Consob) has launched a market consultation on a package of amendments to its regulations covering issuers, markets and related-party transactions, aimed at removing unnecessary burdens while maintaining investor protection and market integrity. Key proposals include increasing the threshold for internal dealing notifications from EUR 20,000 to EUR 50,000, and aligning Consob rules with changes introduced by the Capital Law by repealing implementing provisions for parts of the Consolidated Law on Finance that are now outdated. The package also streamlines prospectus and public offer processes by removing the deposit requirement for approved prospectuses for equity and non-equity securities, eliminating certain end-of-offer disclosure obligations for the placement manager, and allowing offer acceptance methods to be set out in the prospectus without requiring a separately signed subscription form. In addition, the use of English would be extended beyond prospectuses to EU-mandated documentation for public offers conducted without a prospectus. The consultation runs until 7 April 2026.
Italian Securities Commission (Consob) 2026-03-16
Italian Securities Commission opens consultation on issuer and market rule changes including raising the internal dealing threshold to EUR 50,000
Consob has initiated a market consultation on regulatory amendments to reduce burdens while ensuring investor protection and market integrity. Key proposals include raising the internal dealing notification threshold to EUR 50,000, repealing outdated provisions, and streamlining prospectus and public offer processes. The use of English would also extend to EU-mandated documentation for public offers without a prospectus.