On 2 March 2023, the Italian Supreme Court issued its judgment in case No. 6295, ruling on the administrative offence of publishing an incomplete and untrue public offering for subscription prospectus and the start of the relevant five-year limitation period (termine di prescrizione) provided for in Article 28 of Law No. 689 of 24 November 1981. In particular, the Court stated that the administrative offence is committed on the date of publication of the prospectus lacking relevant information and not on the date of its approval by Consob. The Court also ruled that this administrative offence continues until the closing of the offer, with the consequence that such offence shall be considered as being of a permanent nature. This is because the relevant regulation is not aimed at protecting Consob's control and supervisory activity in approving the prospectus but rather at ensuring that the investor/underwriter can assess the suitability of the offer.
Originally published by April, 2023
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