[Newsflash n. 10]
On 10 August 2016 Bank of Italy issued certain amendments to the article 129 implementing provisions (the “Rules”) which were adopted on 25 August 2015 and will enter into force on 1 October 2016.
The 129 Rules regulate the reporting requirements on distributors and issuers of financial instruments in Italy, as set out by the said article 129 of the Italian Banking Act (for more information, see our October 2015 Newsflash here).
The amendments seem to take into account the impact that the Rules are likely to have on the operation of non-Italian issuers in the Italian public offering market. Indeed, they concern:
- Entities distributing in Italy financial instruments issued by non-resident entities(except resident supervised parent companies selling or offering in Italy products issued by non resident subsidiaries), and
- the offeror, in case of public offerwhere there is no distributor (mentioned under point I above).
For these entities the timing of the reporting pursuant to Section 1 (“Information concerning the issuance of securities”), Section 2 (“Other information”) and Section 3 (“Structured financial instrument”) of the Annex A to the Rules is now harmonized and the information shall be sent within 20 days since the filing of the base prospectus with the competent authority (or within 20 days since the settlement date or issue date, if such filing is not required).
The amendments allow additional time for such entities to commence the reporting activity to Bank of Italy, and the initial deadline of 1 October 2016 is postponed to 1 January 2017. In any case, the information concerning financial products issued between 1 October 2016 and 31 December 2016 shall be still communicated to the authority before 20 January 2017.
Moreover, the recent amendments repeal the obligation to submit the information regarding the amount of early repayments as well as the quarterly report following the closing of the placement period of covered warrants, certificates, ETC and ETN.
Finally, the reporting of the amount placed or subscribed abroad (Section 4 of Annex A to the Rules) is now only required for resident issuers.
The Rules can be found, in Italian language only, at the following link: http://goo.gl/OzZodN
Please do not hesitate to contact us for any clarification you might require on the new rules or assistance in connection with the actual reporting activity.
Contacts:
Vito Vittore
Senior Partner
Elena Pagnoni
Of counsel
Luigi Bonifacio
Associate
Greta Caterina Carriero
Associate
