
The commission adapts the regulations to the European Listing Act and the Consolidated Finance Act
AI-generated summary
Consob is updating its regulations to align them with the European directives of the Listing Act and the amendments to the Consolidated Finance Act.
Consob simplifies the rules on the listing of companies on the stock exchange, on public exchange offers (OPA) and on financial research sponsored by issuers. Simpler rules for listings, public offers and financial research are coming. In this way the market supervisory commission adapts the Issuers, Markets and Intermediaries Regulations to the European 'Listing Act' and to the innovations of the Consolidated Finance Act (TUF).
With the new rules, the threshold below which public offers of securities or financial products are exempt from the obligation to publish a prospectus is raised from 8 to 12 million euros. With regard to public purchase and exchange offers, the relevant countervalue threshold for the purposes of applying the regulations on takeover bids and ops (public exchange offers) is confirmed at 8 million.
However, Consob provides for "specific information for the benefit of investors" in the case of public exchange offers involving newly issued securities exempt from the prospectus requirement.

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