Banca Progetto spa 

In accordance with Art. 99, section 1, letter c) of the Consolidated Law on Finance, Consob has prohibited the public offering of ordinary shares in the future Banca Progetto spa implemented by the organising committee of the same name.

The offering, the aim of which is the constitution of the bank by public subscription under the terms of arts. 2333 and following of the Italian Civil Code, had been approved by the Commission on 26 August 2011 (see "Consob Informs" No. 33/2011) and on 5 September 2011 the subscription period for ordinary shares in the future bank began, and was planned to end on 4 September 2012. The offer had been suspended by Consob for ten working days, pursuant to art. 99, section 1, letter a) of the Consolidated Law of Finance, with resolution no. 17994 of 11 November 2011 and subsequently, for the same periods, with subsequent resolutions (see "Consob Informs" numbers 44/2011, 46/2011, 48/2011, 50/2011, 6/2012 and 8/2012), for new, significant facts that had previously not been reflected in the prospectus and the supplement to the prospectus approved by the Commission on 29 December 2011 and published on 3 January 2012.

On 29 February 2012, Consob approved the second supplement, which was deposited on 1 March 2012 and, at the same time, revoked the suspension provision adopted by Resolution no. 18104.

The provision for prohibition was adopted in view of the results of the inspections, carried out with the collaboration of the Special Evaluation Police Unit of the Financial Police, which revealed the grounded suspicion of the infringement of Article 94 of the Consolidated Law on Finance and of Article 34-sexies of the Issuers' Regulations, insofar as the information contained in the prospectus and supplements published, in relation to the characteristics of the secondary offices and the operating methods to be implemented for the collection of subscriptions and the related conferrals, are not entirely compliant with the truth and are incomplete.

(In Consob Informa n. 19/12 - 7 May 2012)