The public authority responsible for regulating the Italian financial markets (Consob) announced on 11 December that, following the conclusion of its public consultation with the market, it had adopted the Regulation aimed at governing the circulation of financial instruments based on Distributed Ledger Technologies (DLT), as provided for in Legislative Decree No. 25/2923 (Fintech Decree).
The Regulation, approved by Consob but not yet published, defines the principles and criteria for the constitution and updating of the register of persons responsible for the digital circulation of financial instruments and related forms of advertising.
In addition, the Regulation establishes the procedure for the application and registration of those responsible for the register, as well as the possible grounds for suspension.
The Regulation essentially reflects the content of the model previously outlined to the market for public consultation and can be consulted, together with the explanatory report, directly on the Consob website in the section ” Regulations/Completed consultations”(in italian only).