{"id":5607,"date":"2026-07-03T10:43:15","date_gmt":"2026-07-03T08:43:15","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5607"},"modified":"2026-07-03T11:43:10","modified_gmt":"2026-07-03T09:43:10","slug":"newsletter-june-2026-pt-2-structured-finance-capital-markets-fintech","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-june-2026-pt-2-structured-finance-capital-markets-fintech\/","title":{"rendered":"Newsletter June 2026 (pt. 2): Structured finance, Capital markets &#038; Fintech"},"content":{"rendered":"<h4>1) Borsa Italiana: amendments to the Rules of the Markets of Borsa Italiana on commodity derivatives<\/h4>\n<p>On 18 June 2026, Borsa Italiana published <a href=\"https:\/\/www.borsaitaliana.it\/borsaitaliana\/regolamenti\/avvisi\/avviso-31867-2026.pdf\">Notice No. 31867<\/a>, in which \u2014 in the light of the amendments to the Rules of the Markets organized and managed by Borsa Italiana (the \u201c<strong>Rules<\/strong>\u201d) and the related Instructions, adopted by Consob \u2014 it communicated the further updates aimed at extending certain types of transactions already available for commodity derivatives in the derivative markets of the Euronext group.<\/p>\n<p>Among the new features, noteworthy is the introduction of the possibility of executing transactions in the forms of:<\/p>\n<ul>\n<li>Exchange for Swap (EFS), which enables the trading of futures contracts available on the market as counterpart to an over-the-counter swap transaction having the same or similar underlying, in order to eliminate execution risk; and<\/li>\n<li>Against Actuals (AA), which enables futures contracts relating to a specific transaction on the same or similar underlying to be traded on the market, in order to implement basis trading strategies, for hedging purposes or for adjustment of the position held on the relevant underlying.<\/li>\n<\/ul>\n<p>The time limit for the validation of wholesale transactions is also extended from 15 minutes to the end of the trading session.<\/p>\n<p>The amendments entered into force on 29 June 2026.<\/p>\n<h4>2) <a name=\"_Toc233961753\"><\/a>Consob: consultation on proposed amendments to the regulations on issuers, intermediaries and markets<\/h4>\n<p>On 18 June 2026, Consob launched a public consultation on the amendments to the regulations on issuers, intermediaries and markets in order to implement the so-called <em>Listing Act<\/em> and to align the recent amendments to the Consolidated Law on Finance by Legislative Decree No. 86\/2026 and Legislative Decree No. 47\/2026.<\/p>\n<p>In particular, the main proposed amendments under consultation concern:<\/p>\n<ul>\n<li>the increase of the exemption threshold from the obligation to publish a prospectus from EUR 8 million to EUR 12 million, also for offers of financial products other than securities;<\/li>\n<li>the maintenance of the current threshold (EUR 8 million) for the determination of the overall amount relevant for the purposes of the concept of public takeover or exchange offers (\u201c<strong>OPA<\/strong>\u201d);<\/li>\n<li>the transparency obligations for public offers of securities below EUR 12 million;<\/li>\n<li>the opportunity to allow regulated market operators to use the criteria indicated in the European regulatory framework for the assessment of sufficient distribution of shares in addition to the minimum threshold of 10% free float;<\/li>\n<li>the information that must be communicated to Consob for the purposes of the registration of growth markets for small and medium-sized enterprises;<\/li>\n<li>the introduction of a transitional provision for the application of the obligations relating to issuer-sponsored research;<\/li>\n<li>the alignment, in relation to the OPA, between the amendments introduced by Legislative Decree No. 47\/2026 to the TUF and the new primary regulatory framework.<\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/www.consob.it\/documents\/11973\/5638890\/Documento+di+consultazione+Listing+Act+18+giugno+2026.pdf\/e54ca6ae-a706-a0bb-8e59-6e8dd3863610\">consultation<\/a> remains open until 20 July 2026.<\/p>\n<h4>3) <a name=\"_Toc233961754\"><\/a>Delegated Regulation on the EU follow-on prospectus and EU growth issuance prospectus published in the OJEU<\/h4>\n<p>On 15 June 2026, <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L_202600773\">Delegated Regulation (EU) 2026\/773<\/a> (the \u201c<strong>Regulation<\/strong>\u201d) was published in the Official Journal of the European Union, amending Delegated Regulation (EU) 2019\/980 as regards the reduced content and the standardized format and sequence of the EU follow-on prospectus and the EU growth issuance prospectus under Regulation (EU) 2017\/1129 (the so-called <em>Prospectus Regulation<\/em>).<\/p>\n<p>Regulation (EU) 2024\/2809 had introduced two new types of prospectus in simplified form, in order to make the Union\u2019s public capital markets more attractive and facilitate access to capital by SMEs: the EU follow-on prospectus, intended for secondary issuances of securities by companies already listed on a regulated market or an SME growth market; the EU growth issuance prospectus, designed primarily for SMEs and companies listed or to be listed on the same markets.<\/p>\n<p>The new Regulation specifies the reduced content and the standardized format and sequence for both:<\/p>\n<ul>\n<li>with regard to the EU follow-on prospectus, more limited and different disclosure requirements to be included in the prospectus are provided for equity and non-equity securities respectively. A more flexible version denominated \u201cEU follow-on base prospectus\u201d is also provided for;<\/li>\n<li>with regard to the EU growth issuance prospectus, the Regulation adopts an analogous approach for the standardized format and the possibility of resorting to a base prospectus (the so-called \u201cEU growth issuance base prospectus\u201d) is also provided for.<\/li>\n<\/ul>\n<p>The Regulation entered into force on the third day following its publication in the Official Journal of the European Union.<\/p>\n<h4>4) <a name=\"_Toc233961755\"><\/a>ESMA: the White Paper obligation does not apply to tokens traded exclusively on non-EU platforms<\/h4>\n<p>On 21 May 2026, the European Securities and Markets Authority (\u201c<strong>ESMA<\/strong>\u201d) published <a href=\"https:\/\/www.esma.europa.eu\/publications-data\/questions-answers\/2671\">Q&amp;A No. 2671\/2026<\/a>, providing clarifications on the scope of application of Regulation (EU) 2023\/1114 (\u201c<strong>MiCAR<\/strong>\u201d), delineating the boundaries of the disclosure obligations incumbent on issuers of crypto-assets.<\/p>\n<p>In particular, the question concerned the possible non-applicability of the exemptions under Article 4, paragraphs 2 and 3 of MiCAR in the case of trading in crypto-assets exclusively on exchange platforms (CEX or DEX) established in non-EU jurisdictions.<\/p>\n<p>ESMA, in its response, clarified that the restriction provided for by Article 4, paragraph 4 \u2014 which causes the exemptions to lapse where there is an intention to seek admission to trading \u2014 refers exclusively to requests made within the EU. As a consequence, where admission to trading occurs exclusively on platforms provided by non-EU providers, the exemption does not lapse and offerors are not required to draw up and publish the white paper.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1) Borsa Italiana: amendments to the Rules of the Markets  [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[71],"tags":[],"crccd-news":[166],"class_list":["post-5607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news","crccd-news-structured-finance-capital-markets-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newsletter June 2026 (pt. 2): Structured finance, Capital markets &amp; 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