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Italy

Transparency requirements

CONSOB is recommending strict compliance with its communication requirements. Article 114 of Legislative Decree No. 58 of February 24 1998 and CONSOB's resolution No. 11520 of July 1 1998 relate to communications to the public of relevant circumstances which apply to listed companies and to their controlling shareholders.

Such a burden exists when circumstances or facts not yet in the public domain and capable of strongly influencing the prices of securities occur.

The procedure established by CONSOB contemplates that a communication must be sent to the company managing the relevant market which is required to disclose it immediately to the public and at least two press agencies at the same time.

Should the communication be made available to the public during the course of securities tradings it must also be forwarded to CONSOB and to the company managing the market at least 15 minutes before its distribution to the public.

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