Italy Simplifies ETF Listings, Bolsters Crypto Regulations
Italy's financial watchdog, CONSOB, has rolled out new measures to streamline the listing process for investment funds and bolster crypto-asset regulations. These updates aim to enhance market competitiveness and align Italy with other EU nations.
CONSOB has simplified the listing process for European Exchange-Traded Funds (ETFs) in Italy. ETFs no longer need to prepare or publish a separate listing document upon admission to trading. This change applies to both UCITS and open-ended alternative investment funds.
The regulator has also updated the appendix to its regulatory framework, governing information requirements in fund prospectuses. These updates aim to reduce paperwork for issuers and accelerate fund listings.
In the crypto-asset realm, CONSOB, along with French and Austrian regulators, has proposed updates to the EU Markets in Crypto-Assets Regulation (MiCAR). The changes aim to harmonize supervision across member states, strengthen cybersecurity, and centralize white paper submissions. Additionally, CONSOB has taken enforcement actions, such as blocking unauthorized crypto service providers like Dobibo, to ensure compliance with EU laws.
The new rules, set to take effect the day after publication in the Official Gazette, will also apply to listings already in progress. While primarily targeting fund issuers, these reforms may indirectly benefit retail traders by increasing product diversity and enhancing price transparency, making the Italian financial market more competitive and aligned with other EU countries.
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