Informative Prospectus Consob: What It Is?

Informative prospectus Consob is a document used by parties seeking public investors, which must be prepared complying to the models established by the Consob (Commissione Nazionale per le Società e la Borsa) and must also be verified by the latter for the adequacy of the information guaranteed to the public by the regulation.

Regarding the content, it must contain all the necessary information which allow investors to make well-founded judgments on the characteristics of the financial instruments offered and on the asset, economic and financial situation and on the evolution of the activity of the person who issued them.

The Consob, which may request changes and integrations during the examination, at the end can grant the authorization, thus allowing the start of the public offering operations. The failure to issue the authorization is equivalent to a ban on the operations.

The authorized prospectus will be deposited at the Consob which, upon request, may also issue a copy.

The public offering of financial products is to be understood, therefore, as an appeal to the public savings for the subscription of newly issued financial products or for the purchase of financial products already issued by investors / savers public.

Those who intend to make a public offering of financial products are required to notify the Consob in advance and cannot operate without the publication of the prospectus.

Informative prospectus consob: the new European prospectus regulation

From 21 July 2019, the new European Prospectus Regulation (Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017) was also introduced in Italy concerning the Consob prospectus to be published for the public offering or admission to securities trading on a regulated market.

The new European regulation fully enters into the process implemented by the European Union to ensure greater uniformity of the rules applicable in the various Member States with regard to the simplification and optimization of the provisions and procedures that companies and SMEs must apply when drafting the prospectus. In addition, there has been a simplification of the approval and distribution procedures of the prospectus publication when securities are issued for public offering.

The primary purpose of the European legislator was to make the prospectus a clearer and easy-to-read document in order to make it an information tool which is concretely relevant for the investment...