ITALY: CONSOB to require further details on Italy major shareholdings held by trusts

Tuesday August 6 2013

Further to the update of 24th June 2013, following a period of public consultation, CONSOB has issued Communication  No. 66209 on transparency obligations relating to Italy major shareholdings of trusts in listed companies.

On the basis of the new rules, trusts which hold a significant equity investment pursuant to Art. 120 of the Consolidated Law on Finance in the capital of a company listed on the Stock Exchange or which take part in a shareholders` agreement will be subject to further disclosure obligations compared with those already provided for in the transparency rules currently in force. In particular, when they notify that they have exceeded the relevant thresholds, trusts must communicate to Consob, among other things, the identity of all parties involved in the trust, any powers to intervene in managing the equity investments, any overlapping between the parties involved and parties which are part of the investment chain involved in the trust.

Consob intends to publish on its website the information considered necessary for correct transparency of the ownership structures for the benefit of the market.

Click on the above link for the press release. Click here for the Communication (only in Italian).