Italian lawyers move to reassure investors

Italian lawyers have taken part in an exercise designed to reassure investors and other market participants in the Italian capital markets following changes to securities law in the wake of scandals such as that involving Parmalat.

Michele Crisostomo from Clifford Chance Milan and Gianni Origoni Grippo & Partners London-based partner Marco Zaccagnini were part of a panel organised by the International Capital Market Association, which also included representatives from the Italian Banking Association.

Crisostomo told The Lawyer: “The seminar addressed the main issues in respect to the Prospectus Directive, as well as the legal issues on selling securities through the secondary market. So far the feedback we’ve had been very positive.”

Implementation of the Prospectus Directive has been delayed in Italy. The country has also made changes to its securities-offering law following the Parmalat episode. Changes include stricter provisions for professional investors selling securities to retail investors.