This content is from: Local Insights

Italy

Further to the recent entry into force of CONSOB Resolution No 13086 of April 18 2001 amending CONSOB Resolution No 11971 of May 14 1999, the listing of covered warrants and structured notes of banks and supra-national entities is now allowed on the basis of programmes as an alternative to the previous regime.

Before the implementation of Resolution No 13086, the listing of warrants and structured notes was permitted only on submission by the requesting issuer of a prospectus consisting of an informative document (documento informativo) concerning the issuer and of an integrative note (nota integrativa) on the warrants and structured notes, both to be filed with CONSOB and Borsa Italiana. Under such a regime, which is still in force for single issues, the relevant authorization by CONSOB is to be provided within 20 days of deposit of the request. For each subsequent admission of warrants and structured notes of the same issuer, further integrative filings are to be made by the issuer and authorized by CONSOB within 20 days of receipt of the relevant request by the regulator, subject to the prior admission to the listing granted by Borsa Italiana. The informative document of the issuer does not need to be filed again until the adoption of the following financial statements of the issuer.

As an alternative to this regime, Resolution No 13086 provides the possibility for an issuer to elect that the listing admissions of warrants and structured notes be obtained on the basis of programmes consisting of an informative document concerning the issuer (which remains effective until the adoption of the following financial statements of the issuer) and of one or more integrative notes on the various forms of warrants and structured notes which may be issued under the programme.

With the new alternative procedure, flexibility is finally achieved and once the relevant authorization is obtained for the programme within 60 days from receipt of the same by CONSOB, subject to the prior admission to the listing granted by Borsa Italiana, any single issue of warrants and structured notes thereunder will not need the prior filing of a specific integrative note to be authorized by CONSOB.

Any issue under the programme will require the issuer only to supply further information not available in the documents originally submitted and published through a notice (avviso integrativo) to be deposited with Borsa Italiana and copied to CONSOB, without the need for further authorization.

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