The more stringent reporting obligations for certain Italian-listed issuers will continue until January 13, 2021.

By Antonio Coletti, Isabella Porchia, Guido Bartolomei, and Marta Negro

The Italian Securities Commission (CONSOB) has adopted Resolution 21525, extending for a period of three months — from October 13, 2020, to January 13, 2021 — the provisions of Resolutions 21326 and 21327 of April 9, 2020, as later extended by Resolution 21434 of July 8, 2020 (the Previous Resolutions). The provisions 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 updated lists, available only in Italian, set out in CONSOB Decisions 39/2020 and 40/2020).

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

Therefore, until January 13, 2021 (save for early revocation or renovation):

  • 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 CONSOB Decision 40/2020, available only in Italian).
  • The entry threshold of any takeover plan (e.g., any intention) to be disclosed by anyone acquiring a share capital stake in certain Italian equity-listed issuers with spread ownership structure (as last designated in CONSOB Decision 39/2020, available only in Italian) is maintained at 5%.