The Commission, following the consultation with the market, has approved some amendments to the Issuers' Regulation regarding prospectuses relating to “non-equity” securities.

The aim is to ensure fast authorisation time for this type of information prospectus (Resolution No. 23574 of 28 May 2025).

The amendments to the Regulation introduced the new Article No. 8-bis (“Definition of the procedure for approving the prospectus by personnel with managerial qualifications”) through which:

(i) the person was identified, among the “personnel with managerial qualifications”, to whom the competence for adopting the final act of approval of the prospectus is attributed;

(ii) the objective scope of application of the regulatory intervention was defined, limiting it to bond prospectuses only;

(iii) the exceptional cases were identified in which the competence for prospectus approval remains attributed to the Commission;

(iv) and, finally, periodic information flows were provided for the Commission regarding the authorised prospectuses.

A further amendment concerns the adoption of the certificate of approval and, in particular, Article No. 8-bis specifies that in cases of approval of the prospectus by the Divisional Manager or the Deputy Manager, the latter shall also adopt the certificate of approval provided for in Article No. 25 of Regulation (EU) 2017/1129 (Prospectus Regulation).

The report explaining the results of the consultation and the contributions received are published on Consob's website, section Regulation/Consultations concluded.

All documents are available only in Italian.