On October 13, Consob published the Guidelines on "Inside Information" (the "Guidelines"), containing operational guidelines aimed at facilitating the full and correct application of European Regulation no. 596/2014 concerning market abuse (MAR, Market Abuse Regulation).

The Guidelines are part of the regulatory framework issued at Community level to prevent market abuse in their different meanings (i.e. insider trading, market manipulation, manipulation information etc.), representing a guide and address tool (soft law) to identify the concrete ways in which compliance with the provisions on the management of privileged information and the "Insider list".

It is useful to point out how the Guidelines address all issuers of financial instruments monitored by Consob - with the exception of "Financial instruments widely distributed among the public" as per art. 116 of Legislative Decree 58/98 (the "TUF") - in respect of which CONSOB has initiated the implementation of the same for issuers of financial instruments traded in growth markets for SMEs, c.d. Mini-Bonds and smaller banks, recognizing the latter, in accordance with the principle of proportionality, the need to prescribe a more simplified management of privileged information management processes.

Finally, it should be clarified that failure to adopt what is required under the Guidelines does not, in itself, entail the possibility of triggering sanctions for failure to comply with the rules in question, given the non-binding nature of the indications behavior contained in the Guidelines themselves.

However, it is important to emphasize the opportunity to carefully consider the adjustments indicated, which are a reference for the operators to carry out a full self-assessment of their internal organizational procedures for the suitability and compliance required by industry regulation as well as individual markets or trading venues of reference.