CAPITAL MARKETS | The Italian Supreme Court rules on Consob’s power to review listing prospectuses

On 16 January 2024, the Italian Supreme Court issued its judgment in case No. 1653, ruling, inter alia, that the diligence required of Consob to check the truthfulness and accuracy of the listing prospectuses shall be that required by Article 1176.2 of the Italian Civil Code. As a consequence, Consob could be held liable whenever an audit is not carried out using the due diligence required in relation to the nature of the activity performed (i.e., if the information contained in the prospectus is manifestly false or Consob has failed to carry out the necessary investigations in the presence of specific reports alleging such misrepresentation).

Newsletter n. 93 – February 2024