{"id":328,"date":"2020-02-01T10:34:11","date_gmt":"2020-02-01T09:34:11","guid":{"rendered":"https:\/\/www.crocenzilex.com?p=328"},"modified":"2023-03-14T12:28:46","modified_gmt":"2023-03-14T11:28:46","slug":"italian-regulatory-update-2","status":"publish","type":"post","link":"https:\/\/www.crocenzilex.com\/en\/italian-regulatory-update-2\/","title":{"rendered":"SLC Lower CONSOB thresh for reports of holding in Italy"},"content":{"rendered":"

COVID-19 BREAKING NEWS \u2013 Italy\u2019s CONSOB lower the thresholds that trigger reporting duties for acquisitions of shares in Italian listed companies<\/h2>\n

The Law Decree no 23 of 8 April 2020 in response to COVID-19<\/strong><\/p>\n

After the protection of public health, one of the main goals of the Italian emergency legislation to face the COVID-19 is the protection of the Italian economic system from hostile takeovers on listed companies, made easier by lower market prices.<\/p>\n

In this context, the Law Decree no 23 of 8 April 2020 (\u201cDL 23\u201d) – among a number of stimulus provisions for the economy – amended the main Italian law on financial intermediation, i.e., the Legislative Decree no 58 of 1998, as amended (\u201cTUF\u201d).<\/p>\n

In particular, the DL 23 enhanced the powers of CONSOB to lower on a temporary basis the thresholds provided by the TUF in connection with the reporting of shareholding in companies listed on the Italian Exchange: now CONSOB has the authority to lower these thresholds for the stocks of all the high free float (\u201cHFF\u201d) listed companies, and not only when the HFF is also accompanied by a \u201chigh market value\u201d, as provided in the TUF before the changes introduced by the DL 23. HFF means a listed company without a shareholder with 50% of the shares with voting rights plus one.<\/p>\n

In addition, the DL has lowered the thresholds for allowing CONSOB to require the information related to the \u201cstatements of the intentions\u201d of the purchaser in the six months following the initial acquisition, to be disclosed when a holding in an Italian listed company is acquired: before the changes of the DL 23, the minimum threshold for triggering these duties was 10%, while the new threshold is 5%.<\/p>\n

II The CONSOB Communications nos. 21326 and 21327 of April 9, 2020<\/strong><\/h2>\n

By means of the above captioned Communications of April 9, (see link in http:\/\/www.consob.it\/web\/consob\/dettaglio-news\/-\/asset_publisher\/hZ774IBO5XPe\/content\/comunicato-stampa-10-04-2020-hp\/10194<\/a>) CONSOB exercised the above new powers, granted to it by the DL 23.<\/p>\n

The Communication no. 21326.<\/strong><\/p>\n

CONSOB lowered to 1% from 3% the reporting duties for holdings in (large-cap) HFF companies listed in Annex A to the Communication no 21326, and from 5% to 3% for holdings in HFF \u201csmall and medium-sized companies\u201d (\u201cPMI\u201d) – as defined in the TUF – listed in Annex B to the same Communication no 21326.<\/p>\n

The Communication no. 21327<\/strong><\/p>\n

By means of this Communication, CONSOB actually exercised the powers granted to it by the DL 23 as specified in the last period of the above paragraph, and therefore it extended the duty of transmission of the \u201cstatements of the intentions\u201d of the purchaser to the acquisition of shareholdings exceeding 5% in the 104 companies listed in both Annex A and B of the Communication no 21326.<\/p>\n

III Provisions common to Communications 21326 and 21327 and Timeframe<\/strong><\/h2>\n

The other thresholds for reporting and information duties provided by the TUF and the second-level CONSOB rules remain unchanged.
\nThe Communications 21326 and 21327 will be in force from April 11, 2020 until July 11, 2020, unless terminated earlier at CONSOB discretion.
\nThe reports\/information related to the new lower thresholds will have to be transmitted by ten business days from April 11, 2020<\/strong> (unless already made).<\/p>\n","protected":false},"excerpt":{"rendered":"

COVID-19 BREAKING NEWS \u2013 Italy\u2019s CONSOB lower the thresholds that trigger reporting duties for acquisitions of shares in Italian listed companies The Law Decree no 23 of 8 April 2020 in response to COVID-19 After the protection of public health, one of the main goals of the Italian emergency legislation to face the COVID-19 is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17,1],"tags":[],"class_list":["post-328","post","type-post","status-publish","format-standard","hentry","category-newsletter-en","category-non-categorizzato"],"yoast_head":"\nSLC Lower CONSOB thresh for reports of holding in Italy - Studio Legale Crocenzi e Associati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.crocenzilex.com\/en\/italian-regulatory-update-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SLC Lower CONSOB thresh for reports of holding in Italy - 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