CAPITAL MARKETS | Consob enacts regulatory changes

In line with the initiatives already adopted in recent years, the Authority with Resolution No. 23979 of 14 May 2026 has approved a new package of regulatory amendments aimed at eliminating certain burdens and requirements imposed on operators and issuers, while keeping investor protection and market integrity at the center of the framework. The amendments, adopted following a market consultation launched on 16 March,concern in particular the Issuers’ Regulation and implements Regulation (EU) No. 2024/2809 and Law No. 21/2024.

A first significant change concerns the internal dealing regime. The threshold triggering the obligation to notify transactions carried out by persons discharging managerial responsibilities, as well as by persons closely associated with them, has been increased from EUR 20,000 to EUR 50,000, in line with developments at European level. Other measures concern the simplification of procedures relating to prospectuses and public offerings. The requirement to file with Consob prospectuses for equity and non-equity securities after approval by the Commission is abolished. The disclosure obligations imposed on the placement agent at the close of the offer are also abolished. The procedures for accepting an offer have likewise been simplified, by eliminating the requirement to prepare a specific acceptance form. Furthermore, the option to use English language, already introduced by Consob for the drafting of prospectuses, has been extended to the documentation required under European legislation in public offers.

Newsletter n. 119 – June 2026