The Recovery Decree allows Italian companies with equity listed on regulated markets to issue multiple voting shares to enhance competition with foreign countries and protect the Italian markets.

By Antonio Coletti, Isabella Porchia, and Guido Bartolomei

The Recovery Decree dated May 13, 2020, introduced the ability for Italian listed companies to issue multiple voting shares to enhance competition with foreign jurisdictions, discourage the transfer of the corporate seat to and listing in countries permitting such voting structures, and protect the Italian markets.

This measure follows and accompanies the measures of the Liquidity Decree, which strengthened the government’s golden power rules and the reporting requirements of relevant shareholdings in Italian listed issuers (for details, see Italy Adopts Liquidity Decree to Support Italian Companies).

The Recovery Decree aims to rapidly raise equity financing and counter liquidity shortage.

By Antonio Coletti, Isabella Porchia, and Guido Bartolomei

Law Decree, approved on 13 May 2020 (Recovery Decree) introduces provisions facilitating capital increases by Italian private and listed companies to rapidly raise equity financing and to counter liquidity shortage.

In particular, article 45-bis of the Recovery Decree (in the draft available pending publication in the Official Gazette) provides: