In a Notice of 31 March 2023, Consob announced that it had brought together in a single document the communications regarding the prospectus regulations.
After the last regulatory action in August 2022, Consob implemented the reduction and reorganisation of its communications over time, gathering them in a single document, which provides an updated overview and eliminates redundancies caused by the stratification of the rules over the years.
The initiative is part of the rationalisation of previous Consob communications and recommendations and is aimed at simplifying and promoting good practices in the application of prospectus regulations. The action takes into account the revocation of a series of previous Consob guidelines also in light of the changes introduced by the Prospectus Regulation.
Thus, the Commission has decided to gather in a single document the communications that are still applicable, regarding the prospectus, updating them to make them consistent with the Prospectus Regulation and with the subsequent EU Delegated Regulations (2019/979 and 2019/980).
The updates also take into account the recent amendments to the Issuers’ Regulation with particular attention to pre-filing, that is, the opportunity to explain to Consob, before requesting document approval, any specificities regarding the operation so as to simplify the procedure.
Consob then decided to update Communication no. 7 of 9 July 2020 on additional controls, in the light of the peer review of the prospectus scrutiny and approval procedures, the results of which are reported in the Final Report of ESMA, European Securities and Markets Authority, dated 21 July 2022.
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The overall results show moderate to significant dispersion in some asset model outputs. Although this dispersion may in part be attributable to certain model and business specificities that supervisors are conscious of, it also indicates the need for continued supervisory attention, including at the European level.
