More stringent reporting obligations regarding relevant shareholdings and investment objectives for Italian-listed issuers will continue until 13 April 2021.

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

On 13 January 2021, the Italian Securities Commission (CONSOB) adopted Resolution 21672 (the Resolution), further extending for three months the more stringent reporting requirements for relevant shareholdings and investment objectives in certain Italian-listed issuers with high current market value and/or spread ownership structure. The more stringent reporting requirements will now end on 13 April 2021. The Resolution extends the provisions of 9 April 2020, which were later extended until 13 January 2021

CONSOB reported that this further extension was motivated by continuing economic and financial uncertainty  in light of the COVID-19 pandemic.

Therefore, until 13 April 2021 (save for early revocation or renovation), the following provisions will apply:

  • The entry threshold of relevant shareholding to be reported is maintained at 1% for certain non-small and medium enterprises (non-SME) listed issuers (compared to the pre-existing threshold of 3%) and 3% (compared to the pre-existing threshold of 5%) for listed SMEs (as indicated in CONSOB Decision 40/2020, available 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 in Italian) is maintained at 5% (compared to the pre-existing threshold of 10%)