ICMA Boosts Market’s Knowledge Of The Regulatory Regime For Securities Offerings Into Italy

As part of its commitment to facilitate better understanding on key capital market issues affecting its members as well as other market participants, the International Capital Market Association (ICMA) yesterday brought together a unique panel of Italian market practitioners, lawyers and representatives of trade associations to discuss the legal and practical aspects of the offering of securities into Italy. The presentations focused on assisting market participants to unravel any uncertainties and ambiguities that may exist following the recent securities offering law reform and the further delay of full implementation of the Prospectus Directive in Italy.

Nick Collier, Head of Regulatory Policy at ICMA said: “Given the lack of certainty for some following further delay of full implementation, the healthy event attendance and strong positive reception to this seminar indicates the value this opportunity presented to market participants.”

Ms. Paola Spatola of Assonime (the Association for Italian limited liability companies) commented: “It is important to achieve maximum harmonisation to the Prospectus Directive and regulation all over Europe in order to reach a full integrated market and a real level playing field for issuers, intermediaries and investors.”

Mr. David Sabatini, Senior Adviser in the Finance Department at the Italian Banking Association (ABI), said: “This was a useful opportunity to present the Italian financial markets, and to discuss the recent developments in Italian financial legislation and Regulation with the international community in London.”

ICMA organised this seminar as part of a planned series of knowledge-based communication and information forums designed to augment the Associations’ regulatory policy activities. Presentations from this seminar held on June 20, 2006 can be accessed at http://www.icma-group.org/content/news1/offering_of_securities.html