New Exemptions Discipline

Exemptions discipline:

CONSOB approved the amendments to art. 34-ter, paragraph 1, lett. C) of the Issuers' Regulations relating to the threshold for exemption from the obligation to publish a prospectus for the public offering of securities

Further to the public consultation with the market CONSOB amended the issuers' regulation adopted with resolution no 11971 of May 14, 1999 (Issuers· Regulations) regarding the threshold for exemption from the obligation to publish an information prospectus in the event of an offer of securities

This change is due to the fact that the EU regulation 2017/1129 (Prospectus Regulation), from which Italian legislation derives, gives the Member States the discretion to exempt from the publication of a prospectus the offers with a value between 1 million euro and a highest limit, which can be set at a maximum of 8 million euro (in the previous directive, the maximum limit was set at 5 million euro)