This content is from: Local Insights

Implementation of the Transparency Directive

The Italian Securities Commission (Consob) has amended its Regulation on issuers (the Consob Regulation) with the purpose of introducing; (i) a standard regulation of the compulsory information required to listed issuers and to their shareholders, and (ii) specific provisions to assure the public access to the information which is to be made public by issuers. This is part of the ongoing implementation of the Transparency Directive.

In particular, the Consob Regulation sets forth new provisions pertaining to the management of the information which issuers of listed securities, with Italy as home member State, have to make public. The relevant phases are distribution, storage and deposit of the information with Consob.

Pursuant to article 65 of the Consob Regulation, issuers of listed securities, with Italy as home member State, could make the required information public autonomously or through SDIR (a system of electronic distribution of the information).

Any SDIR must be authorised by Consob and aims at connecting its users (among which issuers are included) to media (agencies specialised in making financial information public electronically).

Article 65 of the Consob Regulation sets forth a system of storage and deposit of the information which is to be made public. Storage systems must be authorised by Consob and aim at stocking all information which is to be made public.

Issuers of listed securities, with Italy as home member State, identify an authorised storage system within the day of request of listing and concurrently inform Consob.

Subsequently they transmit the information to be made public (i) to the selected storage system concurrently with their public distribution and (ii) to Consob through the connection with the storage system.

Consob Regulation has also amended the provisions pertaining to the notification requirements for major holdings in listed companies. Article 117, paragraph 1, of Consob Regulation sets forth the new levels of holdings to be notified to Consob which are (i) more than 2%, (ii) equal or more than 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 66.6%, 75%, 90% and 95%. The notification requirement also applies when a shareholding is reduced below the above percentages.

Instant access to all of our content. Membership Options | One Week Trial