Italian regulator imposes more stringent reporting obligations for certain Italian-listed issuers.

By Antonio Coletti and Isabella Porchia

The Italian Securities Commission (CONSOB) has adopted Resolution 21304, imposing stricter reporting obligations of relevant shareholdings in Italian-listed issuers included in the Annex to the Resolution.

The entry threshold of relevant shareholding to be reported, according to Italian law implementing the EU Transparency Directive (article 120 of Legislative Decree 58/1998), is lowered:

  • From 3% to 1% for 38 companies with equity listed on the Mercato Telematico Azionario included in Section A of the Annex. The regulator has selected these companies based on capitalisation higher than €500 million and spread ownership structure.
  • From 5% to 3% for 10 SMEs included in Section B of the Annex.

These new restrictive measures enter into force today, 18 March, and will be effective for the next three months, save for early revocation.

As of today, anyone holding a stake above the new entry thresholds in any of the listed issuers concerned will have to comply with the new reporting requirements under Italian law within the next 10 business days.