Consob published Warning no. 5 of 17th October 2019 concerning the requirements that intermediaries providing investment services shall comply with in order to continue their regulated activity in Italy in case of no-deal Brexit.
Source: Consob
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. […]
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 […]
[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 […]
[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 […]
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, […]
CONSOB launched a public consultation on amendments to the regulation relating to crowdfunding for the impementation of the 2019 Budget Law (Law No. 145 of 30 December 2018).
Please click here to review the Consultation Document (in Italian language only)
CONSOB: Modifiche al Regolamento n. 18592 del 26 giugno 2013 sulla raccolta di capitali di rischio […]
[Newsflash n. 63]
Consob, following its previous resolutions (see our Newsflashes n. 54 and n. 58), continues its strict monitoring on activities concerning crypto-assets addressed to Italian investors.
During the first week of May, Consob published the following Resolutions, where it has reiterated its firm view regarding the dealing in cryptocurrencies, […]
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, […]
[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 […]