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Clifford Chance

Clifford Chance
Briefings

Briefings

Consob releases second set of simplified stock market rules

25 May 2012

To rationalise the current legal framework and to facilitate enterprises' and investors' access to the market, Consob has once again amended Regulation No. 11971 of 14 May 1999 (the "Regulation for Issuers "), further to its on-going efforts to simplify the regulatory formalities imposed upon operators.
A first package of regulatory amendments was approved by the Commission in January -  following discussions with the market and technical round tables that had started in 2011 - and led to an amendment of the rules governing prospectuses, admissions to listing and a number of disclosure obligations for listed companies through a new system of multi-level disclosure classification (see Client Briefing Corporate M&A February 2012, "Consob simplifies prospectus and disclosure requirements for listed issuers").
With these new amendments, Consob is now acting to simplify the regulatory regime applicable to: (i) public offers; (ii) disclosure obligations;
(iii) the election of the board of directors; and (iv) issuers of widely-held financial instruments.
 

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