Clifford Chance
CONSOB simplifies prospectus and disclosure requirements for listed companies
21 February 2012
CONSOB has passed Order No. 18079 of 20 January 2012, approving a first round of
changes to Regulation No. 11971/99 intended to simplify and to rationalise the disclosure obligations for listed companies and other market participants. The changes form part of a wider process to give easier access to the regulated markets, especially for smaller and medium businesses, with the ultimate aim of bolstering the competitive position of the Italian markets. A second round of regulatory changes will be ready for consultation in the next few weeks, with the expectation that the streamlining of the regulatory framework will be completed by early summer. CONSOB also took this
opportunity to implement the recent European Directive 2010/73/EU, which amends the Prospectus Directive and the Transparency Directive.
