Consob launches a consultation with the market in relation to the changes to be made to the Issuers' Regulation for the implementation of the European regulations on the prospectus which has recently been amended by certain provisions of the Regulation (EU) 2017/1129, relating to the prospectus to be published for the public offer or admission to trading of securities on a regulated market ("Prospectus Regulation"), also aimed at allowing, in connection with the pandemic crisis in progress, companies, including SMEs, to raise capital in time restricted and with low costs.

On March 26, 2021, the Delegated Regulation (EU) 2021/528 was published, implementing the Prospectus Regulation, as amended by Regulation (EU) 2019/2115, on the promotion and use of growth markets for SMEs (so-called "SME Listing" regulation).

On February 26, 2021, Regulation (EU) 2021/337 was published, which amends the Prospectus Regulation regarding the EU Recovery Prospectus and introduces targeted adjustments for financial intermediaries.

As regards the coordination of the Issuers' Regulation with the new rules of the TUF following the Legislative Decree no. 17/2021, there is a need to make new changes and to exercise the power to supervise the advertising activity relating to an offer to the public contained in article 101, paragraph 1, of the Consolidated Law on Finance (Legislative Decree no. 58 of 24 February 1998).

Consultation document [only Italian version]