The measure is intended to align market practice with the principles laid down under the European market abuse regulation.

The Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa, or Consob):

..Approved the new accepted market practice on liquidity contracts

..Ordered the termination of market practices on the purchase of own shares to set up a share warehouse position and for the buyback of bonds at predetermined conditions, as of June 30, 2019

..Announced the issuance of guidelines to regulate the set-up of share warehouse positions and bond buybacks, which will no longer benefit from market practice safe harbor provisions...