1) ESMA: package of measures on the Prospectus Regulation implementing the Listing Act

On 9 September 2026, the European Securities and Markets Authority (“ESMA”) published a package of measures implementing Regulation (EU) 2017/1129 (the “Prospectus Regulation”), aimed at transposing the amendments introduced by Regulation (EU) 2024/2809 (so called Listing Act) and at promoting supervisory convergence, simplification and the reduction of burdens for issuers.

The package comprises:

  • a consultation paper on the update of the Guidelines on disclosure requirements, which removes the parts of the guidelines that have become devoid of a legal basis (inter alia, capital resources, capitalization and indebtedness), introduces new guidance on the management report, and consolidates the Guidelines on risk factors;
  • updated Q&As, aimed at amending the legal references so as to align them with the amended Prospectus Regulation, providing further clarifications where necessary, and removing obsolete content;
  • a final report on the Guidelines on supplements introducing new securities into a base prospectus pursuant to Article 23(8) of the Prospectus Regulation; and
  • a final report on the regulatory technical standards amending Delegated Regulation (EU) 2019/979 on the requirements for key financial information in the prospectus summary, which reduces the periods of historical financial information required in the summary note.

2) ESAP: Delegated Regulation (EU) 2026/971 on access to information on issuers published in the Official Gazette

On 19 August 2026, Commission Delegated Regulation (EU) 2026/971 was published in the Official Journal of the European Union (“OJEU”), supplementing Directive 2004/109/EC (the “Transparency Directive”) with regard to regulatory technical standards on access, through the European Single Access Point (“ESAP”), to regulated information on issuers whose securities are admitted to trading on a regulated market.

The measure updates the technical framework, aligning it with Regulation (EU) 2023/2859 and Directive (EU) 2023/2864, which inserted Article 23 bis into the Transparency Directive, identifying the collection body as the officially established mechanism for the central storage of regulated information, to which the ESAP ensures access at Union level.

For reasons of legal certainty, Delegated Regulation (EU) 2016/1437 is repealed and replaced by the new regulatory technical standards, which govern the modalities of transmission, metadata, common formats and a minimum level of monthly availability of the connection to the ESAP equal to 97%.

The Regulation applies from 10 July 2026.

3) Consob: simplification of the disclosure obligations of supervised entities open for consultation

On 31 July 2026, Consob put out for public consultation the proposed amendments to the Manual on the disclosure obligations of supervised entities under Resolution No. 17297 of 28 April 2010, as subsequently amended.

The measure is aimed at simplifying and rationalizing the set of reporting obligations incumbent on intermediaries, eliminating duplication and overlap in disclosures, adapting the obligations to developments in the national and European regulatory framework, and improving the efficiency of the methods for transmitting and analyzing data, in accordance with the so-called “report once” principle and a risk-based supervisory approach.

The proposals are structured along three lines:

  • the total or partial repeal of certain reporting obligations, on account of the availability of alternative sources — in particular Bank of Italy databases and the companies register — and the changed allocation of competences between authorities;
  • the simplification of the content, frequency and modalities of transmission of certain reports; and
  • the introduction of new disclosure obligations, such as periodic supervisory reporting for EU investment firms with a branch in Italy, and a simplified set of annual data for third-country intermediaries operating in Italy without a branch.

The consultation will remain open until 29 September 2026.