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The number of documents to be filed has been reduced and the listing process has been simplified to enhance the overall attractiveness of public listing
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This reform is the result of the commitment of Borsa Italiana to the competitiveness of Italian financial markets represented in the Green Paper published by the Italian Ministry of Economy and Finance
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This simplification of rules is fully aligned with Euronext’s strategy to make the listing process as attractive, competitive and efficient as possible in Europe, in particular across the seven listing venues it operates in Amsterdam, Brussels, Dublin, Oslo, Lisbon, Milan and Paris
Milan –23 September 2022 – Borsa Italiana, part of the Euronext Group, announced today the simplification of its listing rules, to the benefit of companies aiming to raise capital on its regulated market, Euronext Milan. Driven by the integration of Borsa Italiana into Euronext, the changes to Euronext Milan’s listing rules align the listing process in Italy with European and global standards.
The amendments to the listing rules of Euronext Milan aim to simplify the requirements for issuers preparing to go public, thereby reducing workload and time for market participants.
Specifically, the documentation requirements, the extent of Borsa Italiana’s role in reviewing listings and the Sponsor’s responsibilities have been significantly simplified.
The simplifications are in line with Euronext’s commitment to facilitating access to financing on its venues, for both local and international issuers.
The migration of Borsa Italiana markets to Euronext’s state-of-the-art Optiq® technology and single order book, planned for 2023[1], will bring further benefits to Italian capital markets, increasing the liquidity and visibility of Italian issuers.
The amendments to the Borsa Italiana listing rules will come into force on 3 October 2022.
Link to the market notice, English version on page 31.
Fabrizio Testa, CEO of Borsa Italiana, said: "This reform will lead to important results for the growth and competitiveness of the entire Italian system. Italy has an excellent entrepreneurial fabric, private capital and an efficient market infrastructure. Now Borsa Italiana is part of Euronext, the leading European market infrastructure. This reform is the result of the commitment of Borsa Italiana to the competitiveness of Italian financial markets represented in the Green Paper published by the Ministry of Economy and Finance. Thanks to the joint effort with the Italian financial regulator, Consob, associations and other public and private stakeholders, we can simplify access to the markets for companies, ensuring that the capital markets can act as an essential tool for financing growth, innovation and sustainability."
[1] pending regulatory approval