ITALY: CONSOB Amends Register for Investments Firms

Tuesday January 30 2018

On 24^th January 2018, the National Commission for Companies and the Stock Exchange (CONSOB) amended the Italian Register for Investment Firms and the Special Section concerning Trust companies referred to in Art. 20 of Italian Legislative Decree n. 58 of February 24^th , 1998. These amendments were implemented in order to bring the Regulations into compliance  with the MIFID II provisions.

The regulatory changes concern:

• the provision of an “de jure” authorisation of Italian investment firms without prejudice to express waiver for the service of executing orders on behalf of customers(as referred to in article 1, paragraph 5, letter b, of the TUF) limited to the subscription and trading of own-issue financial instruments;
• the provision of a new investment service (“management of organised trading facilities”);
• the renaming of the service of “subscription and/or placement of the issuer’s financial instruments with direct underwriting or assumed interest” into “underwriting and/or placing of the issuer’s financial instruments on a firm commitment basis”
• the renaming of the service of “placement of the issuer’s financial instruments without direct underwriting or assumed interest” into “placing the issuer’s financial instruments without a firm commitment”.

This will include the updating of the list of investment firms incorporated under EU law (with and without branches) linked to the Register of Investment Firms.

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