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Consob Notice of 24 November 2021 concerning the application of the Prospectus Regulation and revocation of Consob communications adopted during the validity of the prospectus directive

Consob Notice of 24 November 2021

Notice regarding the application of the Prospectus Regulation and the revocation of Consob Communications adopted during the validity of the Prospectus Directive

The Prospectus Regulation (EU Regulation 2017/1129) and the related delegated acts (EU delegated regulations 2019/979 and 2019/980) - fully and directly applicable in all Member States from 21 July 2019 - have introduced significant changes in relation to matters that have been the subject of Consob Guidelines adopted in compliance with the Prospectus Directive.

In this context, reconnaissance and analysis work was carried out on the Consob Guidelines falling within the area of the discipline of the offer to the public and the admission to trading of securities on a regulated market, in order to assess the appropriateness of a replacement or revocation of the Guidelines.

From the analysis work carried out, it has been found that the most up to date regulatory interventions by the European legislator make no longer relevant the following Communications, which are therefore intended to be revoked:

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Finally, operators are invited to pay particular attention to the indications provided by the European Securities and Markets Authority (ESMA) and by the European Commission in the regulation of the prospectus.

THE CHAIRMAN
Paolo Savona