CAPITAL MARKETS | CONSOB launches public consultation on amendments to the regulations on issuers, markets, and related parties

On 16 March 2026, CONSOB launched a public consultation on a package of proposed amendments to its regulations on issuers, markets and related-party transactions. The initiative is aimed at simplifying the regulatory framework by reducing unnecessary administrative burdens on issuers and market participants, while preserving investor protection and market integrity.

Among the most relevant proposals is the increase of the threshold for internal dealing disclosures from €20,000 to €50,000. This change is intended to focus transparency obligations on transactions of greater significance, thereby limiting compliance costs without weakening the effectiveness of supervisory oversight.

CONSOB also intends to align its secondary regulation with the recent reforms introduced by the Italian Capital Markets Law, repealing certain implementing provisions of the Consolidated Law on Finance (Testo Unico della Finanza) that have become obsolete. In this context, several measures are aimed at simplifying procedures relating to prospectuses and public offerings. In particular, the proposed amendments streamline the subscription process by removing the requirement for a separate, formally executed “subscription form”. Instead, the prospectus itself will specify the practical modalities for participating in the offer.

Finally, the proposals extend the possibility of using the English language, already permitted for prospectuses, to the documentation required under EU law for public offerings conducted without a prospectus.

The consultation period closed on 7 April 2026.

Newsletter n. 117 – April 2026