Bankitalia e Consob have signed a new Memorandum of Understanding on exchange of information on banks that make offers to the public concerning debt securities, the so-called "infobond". The new protocol replaces the one signed by the two Authorities on 21 May 2012. The revision of the agreement became necessary following the regulatory changes that have occurred in the meantime, including the implementation of the new European framework on prudential matters (CRD IV/CRR) and the new EU legislation on prospectuses.
In particular, the Capital Requirements Directive (CRD IV) regulates access to the deposit-taking activities of banks and investment firms. Directive 2013/36/EU was amended by Directive (EU) 2019/878 as part of the legislative package (CRR/CRD IV package) intended to de-risk the financial sector and ensure its ability to withstand potential shocks. Instead, EU Regulation 2017/1129 establishes the requirements relating to the drafting, approval and dissemination of the prospectus to be published for the public offer of securities or their admission to trading on a regulated market which is based or operates in a State member. In order to reduce the fragmentation of financial markets, diversify funding sources, strengthen cross-border capital flows and facilitate funding on the markets.
The agreement - reads a joint note - concerns the coordination between Bank of Italy and Consob in the exercise of supervisory functions and the exchange of information in the context of procedures concerning banks subject to the direct supervision of the Bank of Italy and concerning the prospectus to be published for the offer or admission to trading of debt securities on a regulated market; strengthens cooperation between the two authorities thanks to the expansion of shared information.
