The Italian Securities Commission (CONSOB) has published Resolution no. 19925/2017 setting out the amendments to CONSOB regulation on issuers, markets and related parties transactions which are necessary to implement in Italy at regulatory level the Market Abuse Regulation no. 596/2014 (MAR) and delegated acts in force since July 3, 2016.
The new regulatory provisions have been approved following the public consultation held in Autumn 2016 in which our Italian office participated.
To address many requests for clarification on the application of the new market abuse provisions received in the course of the public consultation from market participants and investors, CONSOB has also launched a public consultation on two handbooks on the management of privileged information and insider list, and on the fair presentation of the investment recommendations. This consultation is open until June 6, 2017 and our Italian office will participate in it.
Companies with listed equity and debt securities on Italian regulated markets and multilateral trading facilities will be interested in the new CONSOB regulatory provisions, which were long-awaited given the uncertainties and issues raised by certain provisions of MAR.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.