Monday January 25 2021
News Source: Global Disclosures
Focus: Major Shareholdings
Consob, the Italian regulator, has again extended for a further three months to 13 April 2021, the transitional regime of enhanced transparency regarding changes in significant shareholdings and communication of investment objectives for companies with particularly widespread shareholdings (as defined from article 120 of the Consolidated Law on Finance – TUF).
The resolution (resolution no.21672 of January 13, 2021) extends, unless revoked early, the similar measures already temporarily introduced in April 2020 (resolutions no.21326 and 21327 of April 9, 2020) and then renewed for three months, first in July until 12 October 2020 (resolution no.21434 of 8 July 2020) and then last October until 13 January 2021 (resolution no.21525 of 7 October 2020).
The further extension was necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the covid-19 epidemic.
The transitional regime of enhanced transparency provides for:
- the addition of a threshold of 1%, compared to the pre-existing one of 3%, as a minimum threshold upon exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-cap listed companies (the “non-SMEs”); for SMEs, on the other hand, the 3% threshold is added before the 5% threshold.
- the addition of a threshold of 5%, compared to that of 10%, as the first threshold upon exceeding which, for the shareholdings acquired, the obligation to communicate to the market, through Consob, the “declaration of intentions”, that is, the investment objectives for the following six months.
The list of companies to which the enhanced transparency regime referred to in point a) applies is the one updated on 9 October 2020 (executive resolution no. 40/2020). However, the list of companies to which the enhanced transparency regime referred to in point b) remains unchanged .
Click on the ink for further information.