CAPITAL MARKETS | Amendments to the Issuers’ Regulation on approval of prospectuses released

On 12 June 2025, the CONSOB approved some amendments to the Issuers’ Regulation regarding prospectuses relating to “non-equity” securities, with the aim to ensure a fast authorisation time for this type of information prospectus. The amendments to the Regulation introduced the new Article No. 8-bis through which: (a) 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; (b) the objective scope of application of the regulatory intervention was defined, limiting it to bond prospectuses only; (c) exceptional cases were identified in which the competence for prospectus approval remains attributed to the Commission; (d) 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: in cases where the prospectus is approved by the Divisional Manager or the Deputy Manager, the latter shall also adopt the certificate of approval set out in Article No. 25 of Regulation (EU) 2017/1129 (Prospectus Regulation).

Newsletter n. 110 – August/September 2025