Timeframes for the scrutiny and approval of non-equity prospectuses - CONSOB AND ITS ACTIVITIES
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Preliminary feedback
- The competent Consob offices intend to provide initial informal feedback to the applicant within 2 working days from the submission of the application for approval of the prospectuses relating to debt securities.
Comment letter
- Consob will send the first comment letter requesting for additional information and amendments to the document generally within 6 working days (5 working days for prospectuses of debt securities with a unit value exceeding € 100,000, so-called wholesale offers) from the submission of the application for approval.
Subsequent drafts of the prospectuses
- Consob may send further comments within 3 working days from the submission of the new draft prospectus (2 working days for prospectuses intended exclusively for wholesale offers).
- The date for the approval of the prospectus indicated in the application for approval will be taken into account.
- At the request of the applicant, the main issues included in the initial informal feedback and in the comment letters may be discussed further also in conference calls