Conflict in Ukraine: Consob calls for attention to supervised entities on financial reporting and on the obligations related to compliance with the restrictive measures adopted by the European Union against Russia, as well as on the obligations of on-line portals managers (19 May 2022)

On 18 March 2022, Consob called the attention of supervised entities to the impact of the war in Ukraine with relation to privileged information and financial reporting (

On 13 May 2022, ESMA, the Financial Markets Supervisory Authority, published the Public Statement "Implications of Russia's invasion of Ukraine on half-yearly financial reports" ( relating to the effects of the invasion of Ukraine by Russia on the 2022 half-yearly financial reports, drawn up according to IAS 34 "Interim financial reports".

In this regard, the Commission draws the attention (Call for attention no. 3/22 of 19 May 2022) of the administrative and control bodies, also in their capacity as audit committee, and of the independent auditors, involved in the process for the production of the financial information published by the supervised entities, i.e. the listed issuers with Italy as the home Member State pursuant to article no. 1.w-quater of the Legislative Decree no. 58/98 (Consolidated Law on Financial Intermediation "TUF"), the issuers of financial instruments widely disseminated among the public, pursuant to Article no. 116 of the "TUF", the issuers of financial instruments traded on multilateral trading facilities ("MTF") and on organized trading systems ("OTF") subject to EU Regulation no. 596/2014 ("MAR"), on the recommendations provided by ESMA in the aforementioned Public Statement, which is intended to be fully referred to by the Commission. The contents of the ESMA Public Statement are intended to be referred to, where compatible, also for companies that use national accounting standards.

With regard to the public offer /admission to trading of financial instruments prospectuses as well as the related supplements and the public purchase offer documents and the issuer's press releases, attention is drawn to the need to report the qualitative and quantitative information on the impacts of the conflict. The directors will have to re-evaluate the information regarding the business plans and the forecasts or estimates of the results previously disclosed to the market.

Furthermore, in view of the prolongation of the conflict in Ukraine, Consob also drew the attention (Call for attention no. 2/22 of 19 May 2022) of the on-line portals managers who are registered in the register provided for by Article no. 50-quinquies , paragraph 2, of the "TUF", on the need to represent in a detailed and complete manner the possible effects of the conflict in question in the context of the on-line raising of capital for Small and Medium-sized Enterprises (SMEs).