INFORMATION TECHNOLOGY
Law-Decree no. 25/2023 on issuance of digital financial instruments.
Law-Decree no. 25/2023 on "Urgent provisions on the issuance and circulation of certain financial instruments in digital form and simplification of FinTech experimentation" was published in Official Gazette No. 65 of March 17, 2023.
The decree introduces rules in coordination with the so-called " DLT Regulation" of the EU No. 2022/858 on a pilot scheme for market infrastructures based on so-called "distributed ledger technology" - DLT.
The new rules essentially introduce trading of ordinary financial instruments on DLT (i.e., on a repository of information in which transactions related to digital financial instruments are recorded and which is shared by a number of nodes-even simple PCs or network servers-and synchronized among them).
The regulatory framework applies to financial instruments with "digital form" (i.e., instruments that exist only as entries in a register for digital circulation) represented by shares, bonds, debt securities issued by limited liability companies, additional debt securities whose issuance is permitted by law, depositary receipts relating to bonds and other debt securities of non-domiciled issuers issued by Italian issuers, money market instruments regulated by Italian law, shares and units of UCITS, and additional instruments decided by Consob).
The decree introduces rules in coordination with the so-called " DLT Regulation" of the EU No. 2022/858 on a pilot scheme for market infrastructures based on so-called "distributed ledger technology" - DLT.
The new rules essentially introduce trading of ordinary financial instruments on DLT (i.e., on a repository of information in which transactions related to digital financial instruments are recorded and which is shared by a number of nodes-even simple PCs or network servers-and synchronized among them).
The regulatory framework applies to financial instruments with "digital form" (i.e., instruments that exist only as entries in a register for digital circulation) represented by shares, bonds, debt securities issued by limited liability companies, additional debt securities whose issuance is permitted by law, depositary receipts relating to bonds and other debt securities of non-domiciled issuers issued by Italian issuers, money market instruments regulated by Italian law, shares and units of UCITS, and additional instruments decided by Consob).
