This content is from: Local Insights


On December 11 1997, the ordinary shareholders' meeting of Borsa Italiana SpA, the company to which the organization and management of the Italian regulated markets of financial instruments has been attributed, adopted the regulation aimed at governing the markets, so implementing Article 47 of Legislative Decree No. 415 of July 23 1996.

The regulation indicates the procedures to be followed in relation to the admission, cancellation and suspension of financial instruments from the negotiations, as well as rules applicable to the operators. It also sets out the framework within which the negotiations and the activities connected with them must be carried out.

Borsa Italiana must carry out its functions in a non- discriminatory way and in compliance with procedures defined on a general basis. Under Article 1.2 paragraph 2 of the regulation, Borsa Italiana will have an internal organizational structure to prevent any conflicts of interest. And for this purpose, the widest powers of investigation will be afforded to the officers of Borsa Italiana. The institution of an internal supervisory body is also contemplated to supervise compliance with laws, regulations and internal procedures.

The regulation also sets out the procedures to be followed and the requirements to be complied with in relation to the admission to the official listing on the Italian stock exchange and on the restricted market of the various instruments such as shares, bonds, warrants, closed funds, covered warrants, structured bonds.

In addition to the requirements and procedures set out in the regulation, the provisions contained in resolution No. 11125 issued by Consob on December 22 1997 continue to apply. Under these provisions, before the beginning of the negotiations, and at the same time as the presentation of the admission request to Borsa Italiana, the issuer has to file with Consob a request aimed at obtaining the authorization for the publication of a prospectus relating to the securities to be listed.

As a result, the admission procedure of securities on the Italian stock exchange and the restricted market derives from the coordination of the provisions issued by Borsa Italiana and by Consob, in its capacity as the supervisory body, and requires compliance with the requirements set out by both entities.

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