1) Consob: amendments to the regulations implementing the Listing Act and the Legge Capitali

On 26 May 2026, Consob Resolution No. 23979 of 14 May 2026, introducing amendments to the regulations on issuers, markets and related-party transactions, in implementation of Regulation (EU) No. 596/2014 (“MAR”), as amended by the so-called Listing Act, and of Law No. 21/2024 (the so called “Legge Capitali”), was published in the Official Gazette.

In particular, the proposed amendments are aimed at removing certain burdens and compliance requirements incumbent on operators and issuers, while maintaining the focus on investor protection and market integrity. The amendments form part of the process of modernization and rationalization of the regulatory framework with a view to promoting the competitiveness and growth of the Italian capital market.

The main changes concern:

  • the increase from EUR 20,000 to EUR 50,000 of the threshold relevant for internal dealing disclosures, in line with European developments, with a view to focusing market attention on the most significant transactions;
  • the simplification of procedures relating to prospectuses and public offerings through the removal of the obligation to file equity and non-equity securities prospectuses with Consob following approval by the Commission;
  • the removal of disclosure obligations incumbent on the placement agent (responsabile del collocamento) at the closing of the offering;
  • the simplification of subscription procedures for offerings, by removing the obligation to prepare a dedicated subscription form;
  • the extension of the possibility of using the English language to documentation required by EU legislation in public offerings conducted without a prospectus.

The resolution will enter into force fifteen days after the date of its publication in the Official Gazette.

2) OIC: consultation on proposed amendments to accounting standard OIC 10 on the cash flow statement

On 20 May 2026, the Organismo Italiano di Contabilità (“OIC”) launched a public consultation on the proposed amendments to accounting standard OIC 10 (Cash Flow Statement) concerning the criteria for the preparation and presentation of the cash flow statement (rendiconto finanziario).

An empirical survey conducted on the cash flow statements published in 2022 revealed the need for OIC to intervene in order to clarify the accounting standard and reduce the issues identified, including – in particular – deficiencies in application and inconsistent practices among operators.

In particular, the OIC:

  • introduces new classification rules;
  • provides specific guidance, interpretative clarifications and concrete practical examples;
  • proposes to classify cash flows relating to interest received and paid and dividends received on the basis of the nature of the transactions giving rise to them;
  • clarifies interpretative doubts regarding cash flows arising from factoring and reverse factoring transactions; and
  • introduces additional disclosure requirements on the composition of residual line items in the statement, where significant, with a view to ensuring an adequate level of transparency and comparability of the statement itself.

The consultation is open until 31 July 2026.

3) Bank of Italy: statistical survey on the management of non-performing loans

On 19 May 2026, the Bank of Italy prepared a statistical survey aimed at collecting the information necessary for the exercise of supervisory activity relating to the management of non-performing loans (crediti in sofferenza) on the basis of the supervisory provisions governing such management.

The survey is addressed to servicers of non-performing loans and, in part, to banks and financial intermediaries pursuant to Article 106 of the Consolidated Banking Act (“TUB”) that carry out the non-performing loans management activities on behalf of purchasers of non-performing loans.

In particular, the survey must be submitted on an individual basis, or by the parent companies of groups that include banks and/or financial intermediaries pursuant to Article 106 of the TUB, that carry out the non-performing loans management activities on behalf of purchasers of non-performing loans, on a semi-annual basis, based on the information that will be made available through INFOSTAT.

The first survey, with a reference date of 30 June 2026, must be transmitted to Bank of Italy by 25 August.

4) Bank of Italy: EBA Guidelines on proportionate retail diversification methods implemented

On 19 May 2026, the Bank of Italy published Note No. 55 pursuant to which it stated that it had notified the European Banking Authority (“EBA”) that it is compliant with the EBA guidelines on proportionate retail diversification methods under Article 123(1) of Regulation (EU) No. 575/2013 (the “CRR”) (the “Guidelines”).

The Guidelines set out the metrics and thresholds to be used in order for retail exposures to be considered as one of a significant number of exposures with similar characteristics pursuant to Article 123(1) of the CRR, compliance with which is necessary to apply a preferential 75% credit risk weight to the retail portfolio.

Starting from from 19 May 2026, the Guidelines apply to less significant institutions and investment firms subject to the requirements under the CRR for which Bank of Italy is the competent authority; in particular, to entities that:

  • apply the standardised approach for credit risk set out in Part Three, Title II, Chapter 2, of the CRR;
  • apply the IRB approach for the purposes of calculating the output floor set out in Part Three, Title II, Chapter 3, of the CRR.