Financial, Stock Exchange, Issuers Regulation, Court of Cassation, Second Civ. Section, Judgment n. 8047 of 21/03/2019

Art. 191 TUF, art. 34 decies of the Issuers Regulation adopted with Consob resolution no. 11971/99 and subsequent amendments

The obligations set by article 34 decies of the Consob Issuers’ Regulations against the offeror, the issuer and the placement manager who, prior to the publication of the prospectus, proceed with the dissemination of news, market research and collection of purchase intentions related to the offer to the public not only affect those subjects, but also all those they use to carry out these activities.

Therefore, anyone who spreads news about a financial product offered to the public before the aforementioned prospectus is made known, even if employed by the placement manager, but by subject of which the same manager makes use of to indirectly spread the news in question he is liable for the administrative offense pursuant to article 191, paragraph 2 of the TUF, in the event of inconsistency of the information disseminated by him with those contained in the issuing statement.

Source Supreme Court of Cassation