The more stringent reporting obligations for certain Italian listed issuers will continue until October 12, 2020.
The Italian Securities Commission (CONSOB) has adopted Resolution 21434, extending for a period of three months — from July 12, 2020, to October 12, 2020 — the provisions of Resolutions 21326 and 21327 of April 9, 2020 (April Resolutions), which imposed stricter reporting obligations of relevant shareholdings in certain Italian-listed issuers that were selected taking into account their high current market value and/or spread ownership structure (see Annexes A and B to the April Resolutions).
CONSOB reported that this extension was motivated by the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 pandemic.
Therefore, until October 12, 2020 (save for early revocation):
- The entry threshold of relevant shareholding to be reported is maintained at 1% for certain non-SME listed issuers and 3% for listed SMEs (as indicated in Annexes A and B to the April Resolutions)
- The entry threshold of any takeover plan (e.g., any intention) to be disclosed by anyone acquiring a share capital stake in 104 Italian equity-listed issuers with spread ownership structure (as designated in the April Resolutions) is maintained at 5%.
