La Consob is about to introduce three important ones new for the company and they issue bonds: faster times, reduced costs and the possibility of submitting approval requests also in English. These innovations, explains a note from the guarantor of transparency and correctness in the Italian financial markets, are part of a broad plan regulatory simplification, aimed at making the Italian financial scene more competitive without neglecting investor protection. A concrete step to respond to market needs and lighten the burdens on operators.
Le new rules were discussed and evaluated carefully, taking into account the feedback and needs of operators on January 29th.
New rules for bond prospectuses: here's what changes
To make theclearer and faster approval process, Consob officials will give an initial informal feedback within two working days of the request for approval, focusing on the main aspects of the draft prospectus. Requests for additional information will normally be handled within six working days for offers to the public and five days for those aimed at institutional investors. All this to guarantee greater certainty regarding the timing of the preliminary investigation process.
As regards the Costs, from last January Consob has significantly reduced i supervisory contributions in force both for large institutional offers and for those aimed at small savers. Now, for the former, the taxes are fixed and predefined, regardless of the value of the offer, while for the latter the amount is reduced by 50% compared to 2023, with a lower maximum ceiling.
Finally, another novelty in the panorama of bond issues is the extension of theuse of the English language also for applications for approval of prospectuses. Previously, this possibility was only allowed for prospectuses. Now, companies can submit approval applications using standard templates, compliant with common practices across the European Union. This change was formalized with the publication of the resolution amending the Issuers' Regulations on 20 February. An important step towards greater internationalization and simplification of procedures.
More news on the way
And the news doesn't end here: Consob is preparing further changes to reduce the approval times of prospectuses. It is planned to launch a public consultation to propose that the same competent office, and no longer the Commission, be responsible to approve definitively i prospects and any updates. This will allow the authorization process to be further accelerated, simplifying obligations for issuing companies and at the same time maintaining protection standards for investors.
Finally, market participants may find the application of Guidelines for simplifying statements, recently published by the Committee of Market Operators and Investors (Comi) at Consob. These guidelines provide practical indications on how to prepare information prospectuses in a clear manner and in compliance with current regulations.
