The more stringent reporting obligations for certain Italian listed issuers will continue until October 12, 2020.

By Antonio Coletti, Isabella Porchia, and Marta Negro

The Italian Securities Commission (CONSOB) has adopted Resolution 21434, extending for a period of three months — from July 12, 2020, to October 12, 2020 — the provisions of Resolutions 21326 and 21327 of April 9, 2020 (April Resolutions), which imposed stricter reporting obligations of relevant shareholdings in certain Italian-listed issuers that were selected taking into account their high current market value and/or spread ownership structure (see Annexes A and B to the April Resolutions).

CONSOB reported that this extension was motivated by the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 pandemic.

Therefore, until October 12, 2020 (save for early revocation):

  • The entry threshold of relevant shareholding to be reported is maintained at 1% for certain non-SME listed issuers and 3% for listed SMEs (as indicated in Annexes A and B to the April Resolutions)
  • The entry threshold of any takeover plan (e.g., any intention) to be disclosed by anyone acquiring a share capital stake in 104 Italian equity-listed issuers with spread ownership structure (as designated in the April Resolutions) is maintained at 5%.