Capital Law: Italy adopts major reform capital market regulation

On 27 February 2024, the Italian Parliament approved the Capital Law (DDL Capitali), which significantly simplifies and streamlines the legal and regulatory framework applicable to Italian capital markets to stimulate their growth.

The amendments cover various areas including the liability of lead managers, rules for small and medium-size enterprises (SMEs), corporate governance, collective asset management and supervision.

Notable changes include the issuance and subscription of bond and debt securities, expansion of the definition of SMEs, dematerialization of shares for SMEs, facilitation of shareholder rights at listed companies' meetings, amendments to the multiple-vote securities law and simplification of the supervisory regime for externally managed investment companies with variable capital (SICAVs) or fixed capital (SICAFs).

Additionally, the Capital Law streamlines listing admission procedures, revises prospectus approval timelines, eliminates certain obligations for widely held financial instrument issuers and extends qualified counterparty status to certain Social Security Institutions.

Please download the full briefing below for more information.

For more information or assistance with your financing projects in Italy, please contact Agostino Papa or Luciano Morello of our European Financial Services Regulatory team.