IT - Consob simplifies the procedures for approving prospectuses


On 1st August 2022, the Italian Securities Commission (Consob) has enacted simplified procedures for the approval of prospectuses and green light for documentation in English: these are the two main changes introduced by the amendments to the Issuers Regulations approved by the Commission to comply with the needs of the market.

Among the innovations introduced are the abolition of the preliminary verification of the completeness of the documentation and the reduction of the documents to be attached to the draft prospectus. With the entry into force of the new rules (Resolution no. 22423 of 28 July 2022), the administrative proceedings will start from the date of submission of the related applications to Consob.

The deadlines for the maximum duration of the proceedings and for the response to requests for additions to the prospectus have also been eliminated and the timing has been aligned with the provisions of the European Regulation on prospectus.

Finally, the possibility to draw up the prospectus in English has also been introduced, providing for the translation into Italian of the Summary Note only in the case of offers carried out entirely or partially in Italy, or if admission to trading on the Italian regulated market has been requested.

Head of Knowledge Management Strategy and Market Infrastructure - SGSS