Prospectus Regulation: Consob adapts national regulation regarding Risk Factors
Warning Notice no. 4/2019 of September 18, 2019
Subject: ESMA guidelines on risk factors pursuant to the new Prospectus Regulation and revocation of CONSOB Recommendations n. 7105108 (29.11.2007) and n. 0096857 (28.10.2016) concerning, respectively, the risk factors and the “Warnings for the investor “of the prospectuses.
Prospectus Regulation (Reg. […]
ESMA updates its Q&A on Prospectus Regulation
The European Securities and Markets Authority (ESMA) has added twenty-five new Q&A on Regulation (EU) 2017/1129 (the ‘Prospectus Regulation’).
In view of the imminent application of the Prospectus Regulation from 21 July 2019, it is worth mentioning the Q&A 1.6, which provides clarification on “Continuing an offer which has initially been made using […]
MEF: FIR (the fund to indemnify investors) becomes operational
[Newsflash n. 65]
Further to the set-up of the Fund to indemnify investors who have suffered unfair damage from Italian banks subject to compulsory winding-up between 16 November 2015 and 1 January 2018 (Fondo Indennizzo Risparmiatori, “FIR”) by 2019 Italian Budget Law (see our Newsletter n. 15), the Italian Minister of Finance has appointed […]
Prospectus Regulation: Consob launched a public consultation on amendments to the Issuers’ Regulation
[Newsflash n. 64]
On 20 June 2019 Consob submitted to public consultation certain amendments to the relevant secondary Consob Regulation n. 11971/1999 (also “Issuers’ Regulation”) as required to implement the Prospectus Regulation (Regulation (EU) 2017/1129).
Prospectus Regulation (“PR”)
As of 21 July 2019, the Prospectus Regulation (repealing the Prospectus Directive 2003/71/EC) will become applicable in its entirety.
As at today, the following […]
Binary options and CFD: CONSOB adopts prohibition and restriction measures
Consob introduced in Italy on a permanent basis – pursuant to Article 42 of the EU Regulation on financial instruments markets (MiFIR) and of art. 7-bis of the Consolidated Law on Finance – intervention measures to protect retail investors similar to those already adopted by the ESMA, the European Authority for Financial Instruments and Markets, […]
Notice of ESMA’s Product Intervention Renewal Decision in relation to contracts for differences
On 17 April 2019, the European Securities and Markets Authority (ESMA) adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. The Decision renews ESMA Decision (EU) 2018/796 on the same terms as the previous renewal decisions, […]
Brexit: Transitional measures for UK entities to operate in Italy
[Newsflash n. 62]
As anticipated in January 2019 by the Ministry of Economy and Finance (see our Newsflash n. 59), on 26 March 2019, the Law Decree No. 22/2019 (“Stability Decree”) came into force introducing a temporary permission regime setting out the procedure that will allow […]
ICO and Crypto-assets: Call for Evidence published by CONSOB
[Newsletter n. 16]
On 19 March 2019 Consob published a Call for Evidence on Initial Coin Offerings and Crypto-Assets Exchanges (click here for the Italian version or the English version) to elaborate a regulatory framework where the rapidly expanding phenomenon of initial coin offerings (ICOs) can grow without jeopardizing […]
”HARD BREXIT”: Consob setting up the conditions for operational continuity of the markets
Consob has adopted a set of measures with the target to ensure the operational continuity of the markets in a post-Brexit context.
In particular, Consob gave its authorization for operating in the United Kingdom to:
- the multilateral trading systems “BondVision Europe MTF”, “MTS Cash Domestic” and “EBM”, managed by MTS;
- the regulated markets “MTA”, […]
ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit
The European Securities and Markets Authority (ESMA) has today published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom (UK) leave the European Union (EU) under a no-deal Brexit.
ESMA’s statement aims to inform stakeholders on the approach it will take […]