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IT - New Guidelines to clarify Market Abuse Regulation Policies in Italy

18/01/2018

On october 2017, the Italian Securities Commission (CONSOB) has approved two guidelines, “Management of Inside Information” and “Investment Recommendations,” which clarify Market Abuse Regulation policies.

On october 2017, the Italian Securities Commission (CONSOB) has approved two guidelines, “Management of Inside Information” and “Investment Recommendations,” which clarify Market Abuse Regulation policies. These publications have implications for a range of market participants, including companies with listed equity and debt securities on both Italian regulated markets and multilateral trading facilities, as well as financial analysts and financial institutions acting as dealer managers and underwriters. In particular, the long-awaited handbooks clarify issues that certain provisions of MAR had raised while offering guidance on MAR’s full implementation.
The guideline on management of inside information provides guidelines for creating and implementing internal procedures involving inside information. In addition, the handbook imparts recommendations for developing and maintaining the insider register, as well as for complying with MAR’s disclosure requirements.
The guideline on investment recommendations provides guidelines for fairly presenting and disseminating investment recommendations, as well as for disclosing conflicts of interest and circumstances if CONSOB requests the publication of specific investment recommendations.

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