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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

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 and Bank of Italy ease compliance obligations during COVID-19.

By Antonio Coletti, Marco Bonasso, and Isabella Porchia

The Italian Securities Commission (CONSOB) and the Bank of Italy have adopted a series of measures to grant intermediaries and online portal managers an extended deadline to comply with their disclosure obligations, and facilitated compliance activities by banks and supervised non-bank intermediaries, due to restrictions imposed by government measures to face the COVID-19 emergency.

Under resolutions no. 21314 and 21315 of March 25, 2020, CONSOB granted a 60-day extension for the terms relating to:

  • Intermediaries sending reports on how to perform services and reports on the organizational structure of SGR (asset management company), SICAF (fixed capital investment company), and SICAV (variable capital investment company)
  • Online portal managers sending data and news and transmitting documents to CONSOB, according to the regulation on raising funds through online portals

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.

The notice details the requirements applicable to both UK investment firms operating in Italy and Italian investment firms operating in the UK.

By Antonio Coletti and Isabella Porchia

On 1 August 2019, the Italian Securities and Exchange Commission (CONSOB) issued an update of Notice No. 7 of 26 March 2019 (the Notice) detailing the requirements applicable to both UK investment firms operating in Italy and Italian investment firms operating in the UK, further to Brexit Law Decree No. 22 of 25 March 2019 (the Update Notice). The decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. (See Italy’s Brexit Law Decree Comes Into Force for background information.)

The notice details the requirements applicable to UK investment firms operating in Italy, and Italian investment firms operating in the UK.

By Antonio Coletti and Isabella Porchia

On 26 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the requirements applicable to UK investment firms operating in Italy and Italian investment firms operating in the UK, further to Brexit Law Decree No. 22 of 25 March 2019. The decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. (Additional background information is available in this Latham.London post.)