IT - Guidance published on prospectus approval process

15/12/2021

On 8 october 2021, Consob published a guidance on the scrutiny and approval process for prospectuses by the Consob (the "Information") pursuant to Article 20, paragraph 7, of the Prospectus Regulation.

The guidance is intended to facilitate efficient and timely approval of prospectuses as well as to provide support to external parties throughout the necessary formalities of filing. The Information provide useful guidance to market operators, including (i) a list of the laws and regulations applicable to prospectuses for the public offer and/or the admission to trading of securities on regulated markets, (ii) instructions for the pre-filing of prospectus with the Consob, (iii) guidelines for the drafting of the prospectus approval request and the electronic filing of the same, and (iv) the technicalities for the filing of the final draft of the prospectus and the relevant procedures that can be initiated after the approval of the prospectus (e.g., the passporting procedure).