Consob Notice of 24 November 2021 - CONSOB AND ITS ACTIVITIES
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:
- Consob Communication no. 1031710 of 27 April 2001, concerning «Obligations relating to the communication of the results of the offer and the stabilization activity»;
- Communication no. 11021864 of 24 March 2011, concerning «Advertising messages relating to offers to the public and / or admissions to trading on a regulated market of non-equity financial products. Applicable regulations and recommendations";
- Communication no. 12054742 of 29 June 2012, concerning «Entry into force of Regulation (EU) no. 486/2012 - Base Prospectus, final terms and summary - Operating instructions";
- Consob Communication no. 13028158 of 4 April 2013, concerning «Communication regarding information to be published on the event of capital strengthening operations for a total amount below the threshold for exemption from publication of the prospectus»;
- Consob Communication no. 13037777 of 3 May 2013, concerning the «Communication containing guidelines for the preparation of the document to be submitted to an equivalence judgment pursuant to articles nos. 34-ter and 57 of Consob Regulation no. 11971 of May 14, 1999 ";
- Consob Communication no. 0010807 of 10 February 2014, concerning «Methods of publication of the offer price if this has been omitted from the prospectus, placement and extension of the paragraph" Warnings for the Investor" if inserted in the prospectus».
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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