• ITA Consob extended enhanced transparency regime on changes in substantial shareholdings, declaration of investment objectives for further 3 months until 13 April 2021.
• Follows ITA Consob April 2020 issued enhanced transparency obligations.

Overview

• Transitional regime of enhanced transparency re changes in substantial shareholdings.
• Communication of investment objectives for companies with particularly widespread shareholdings (as defined in art 120 of Consolidated Law on Finance, TUF) extended.
• Further extension was necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the Covid-19 pandemic.
• Transitional regime of enhanced transparency provides for addition of 1% threshold.
• Compared to pre-existing 3% as minimum threshold upon exceeding which obligation to communicate to market, via ITA Consob, investments acquired in large listed firms.
• Triggers obligation for non-SMEs, for SMEs 3% threshold (before it was 5%).
• The list of companies to which enhanced transparency regime referred applies was updated on 9 October 2020 (executive res 40/2020).
• New threshold of 5% compared to 10%, as first threshold upon exceeding which, for shareholdings acquired, obligation to inform via Consob, declaration of intentions.
• That is their investment objectives for the following 6 months is triggered.
• List of companies to which enhanced transparency regime referred applies unchanged.

Effectiveness

• Resolution effective on 15 January 2021.
• Validity of mentioned measures (res 21326, 21327) was extended until 13 April 2021.