Latest Publications


The Race Toward PSD2 Implementation Intensifies

Latest milestones in the transformation of the payment services market: final text of the RTS and the member states’ implementation of PSD2. Key Points: ..The EC has adopted the final text of the RTS, which includes...more

Italy Issues New Rules on Hostile Foreign Takeovers and Golden Powers

The Italian Council of Ministers has approved law decree no. 148 (the Decree), extending the disclosure requirements on stakebuilding in Italian listed companies and the Italian government’s so-called “golden powers”. The...more

10/26/2017  /  Hostile Takeover , Italy , New Regulations

New Handbooks Will Clarify Market Abuse Regulation Policies in Italy

The Italian Securities Commission (CONSOB) has approved two handbooks, “Management of Inside Information” and “Investment Reccomendations,” which offer guidelines under Market Abuse Regulation no. 596/2014 (MAR) and delegated...more

Collocamento diretto di azioni: La piattaforma di Borsa Italiana del mercato secondario a servizio del primario

Dal 3 luglio 2017 è possibile utilizzare la piattaforma del mercato secondario oltre che per le obbligazioni anche per l’offerta di azioni. Nuove opportunità per le offerte retail con nuovi ruoli (e responsabilità) per lo...more

Italy Approves Regulatory Provisions Implementing Market Abuse Regulation (MAR)

The Italian Securities Commission (CONSOB) has published Resolution no. 19925/2017 setting out the amendments to CONSOB regulation on issuers, markets and related parties transactions which are necessary to implement in...more

Italy Implements Directive Requiring Non-Financial Disclosures for Large European Undertakings

Large public-interest companies and parent companies must disclose several types of non-financial information — for the benefit of both investors and consumers — or face monetary penalties. Directive 2014/95/EU of...more

Bank of Italy: New Reporting Requirements on Issuances and Offerings of Financial Instruments

The Bank of Italy post-trade reporting requirements are likely to impact the issuance and offering of bonds and other debt securities in Italy. The Bank of Italy has the power to require entities issuing or offering...more

Italian Corporate Governance Code Amended to Include Corporate Social Responsibility and Whistleblowing Provisions for Listed...

Italian Listed Companies should implement changes by the end of the 2016 fiscal year. On July 10, 2015, the Corporate Governance Committee (the Committee) approved certain amendments to the Corporate Governance Code of...more

Modifiche al Codice di Autodisciplina delle Società Quotate

Corporate Social Responsibility e Whistleblowing entrano nel Codice di Autodisciplina delle Società Quotate. Il Comitato per la Corporate Governance (il “Comitato”) ha approvato lo scorso 10 luglio alcune modifiche al...more

New Italian Legislation Allows Enhanced Voting Rights Capital Structures

In a break from the “one share one vote” principle, issuers of Italian-listed stocks now have more flexibility in their capital structures. Legal framework – Law Decree No. 91 of 24 June 2014, as converted...more

2/12/2015  /  Italy , Shareholders , Voting Rights

Nuove misure per favorire la raccolta di finanziamenti tramite emissioni obbligazionarie – Conversione in legge del Decreto...

La contrazione dei finanziamenti alle imprese italiane da parte delle banche ha posto da tempo l’esigenza di attrarre risorse, anche internazionali, sul mercato dei capitali. La liberalizzazione delle emissioni...more


Destination Italy Decree – New Legislative Measures to Encourage Debt Capital Markets Transactions

The Italian government has introduced a new decree, now converted into law, to encourage debt capital markets transactions by expanding favorable tax treatment. As banks adapt to new capital requirements, bank finance...more

Modifiche al Regolamento Emittenti in materia di prospetto, comunicazioni price sensitive, offerte pubbliche di acquisto e diritti...

Nel corso del 2013, la CONSOB ha apportato alcune modifiche al proprio regolamento in materia di emittenti adottato con delibera n. 11971 del 14 maggio 1999 (il “Regolamento Emittenti”), con l’obiettivo, da una parte, di...more

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