Tuesday June 7 2016
News Source: Global Disclosures
Focus: Major Shareholdings
Type: General
Country: Italy
Consob has approved amendments to the “Regulations for Issuers” necessary to make the regulation comply with the changes introduced on major shareholdings by the Transparency Directive Amendment Directive, 2013/50/EU (TDAD), and by Italian Legislative Decree No. 25 of 15 February 2016, following the completion of a public consultation completed on 15 December 2015.
As a result of the changed regulatory framework, a specific communication to Consob and to the issuer company is required to be made. This must be made by 31 August 2016, and must indicate the equity investment held as of 01 July 2016. Consob will publish the information necessary to ensure correct transparency of ownership structures on its website, in order to protect investors and guarantee the regular functioning of the market.
Listed issuers with Italy as their Home Member State must communicate this in accordance with Decree No. 25 of 15 February 2016, by 18 June 2016 via email to address: hmsdisclosureform@consob.it using the ESMA standard form available as a link within question 7 “Who is the report made out to” on our EU – Major Shareholding rules portal or the ESMA website.
Changes introduced include new definitions of “equity investment in financial instruments” and “aggregated equity investment”, replacing the “overall long position”, and confirming a minimum notification threshold of 5% for these equity investments. A uniform notification threshold of 50% was introduced, and a threshold of 66.6% was confirmed in place of the 75% threshold.
For the CONSOB announcement, please click the above link:
For our previous Article on the public consultation of 15 December 2015, please see the below link:
For changes introduced by Decree no. 25 of 15 February 2016. please click the below link: