a) Since the last updating, Consob introduced in 1994 regulations on the offering of commercial papers which are considered as securities. In particular with respect to the public offer of them in a roll over issuing program.

The prospectus which may be used with the appropriate adaptation corresponds with the one used for Debt Securities.

b) Provisions were also introduced with respect to local authorities. When they issue and offer bonds, they have to comply with, pursuant to a decree of the Minister of Treasury of 1996, the ordinary requirements related to the appeal to the public.

Therefore, Consob has decided that prospectus drawn up for Debt Securities, used in the case of public offerings of them, may be used for local authorities' bonds with proper adaptations related to the nature of the offeror.

II. AUDITING

In listing requirements (article 7), it is provided for that foreign issuers must provide the Commission (Consob) with all assessment elements deemed necessary to recognize the equivalency of foreign auditing. In particular, as regards the independence of the auditors and auditing principles.

To this end, Consob has recommended in 1995 to auditing companies to adopt the principle of the going concern. The objective of this principle is to define behavioral indicators and to provide a guideline as regards the responsibility of the auditor as to the accuracy of the going concern assumption as a basis for the drawing up the financial statements of a company.