Clifford Chance

Liability management – green light in Italy

30 May 2012

Following a market consultation process commenced on 22 March 2012 and concerning tender offer regulations, CONSOB (the Italian securities regulator) issued Resolution No. 18214 on 9 May 2012, approving new secondary regulations which aim to simplify the procedure applicable to tender and exchange offers for debt securities, as well as to reduce the costs and the administrative burden of these transactions and ensure that rules on offers for debt securities are consistent with European practice.

The amendments are contained in Title II, Part I of the CONSOB Regulation No. 11971, as subsequently amended.

The new regime set forth in the Resolution will enter into force on 6 June 2012.

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