Bank of Italy relaxes rules
The Bank of Italy will officially relax its rules on January 25, meaning that it will no longer require issuer notification to approve plain vanilla or structured debt securities offerings.
Legislative decree, number 303. dated December 29 2006, effectively amends article 129 of the Italian Banking Act. After January 25 issuers will no longer be required to seek approval from the Bank of Italy for issuing structured products in the Italian retail market. The change will mean that issuers will also be able to finally ‘passport’ offerings that are registered elsewhere under the European Union (EU) Prospectus Directive without enduring a lengthy approval process.
“This new piece of
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