Simplified CONSOB rules on public tender and exchange offers
In the course of 2012, the Italian securities regulator, Commissione Nazionale per la Società e la Borsa approved resolution no. 18079 of January 20, 2012 and resolution no. 18214 of 9 May 2012 which amended its regulation on listed issuers no. 11971 of May 14, 1999 with the primary purpose of (i) simplifying and streamlining the compliance requirements with securities law provisions and thereby facilitating access to the Italian capital markets and (ii) implementing the new EU Prospectus Directive.
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