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Consob extends the validity of the provisions regarding the obligations for enhanced transparency on changes in significant shareholdings

13 October 2020
On 7 October 2020, Consob published the resolution no. 21525 which further extends for a three-months period (from 13 October 2020 to 13 January 2021) the transitional regime of enhanced transparency regarding major shareholdings and communication of investment objectives for certain companies.

On 7 October 2020, Consob published the resolution no. 21525 (the "Resolution") which further extends for a three-months period (from 13 October 2020 to 13 January 2021) the transitional regime of enhanced transparency regarding major shareholdings and communication of investment objectives for certain companies.

The extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 pandemic.

The transitional regime of enhanced transparency provides for:

  • the addition of a 1% (one per cent) threshold, compared to the pre-existing one of 3% (three per cent), as the minimum threshold exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-capitalized listed companies ("non-SMEs") is triggered; for SMEs, on the other hand, the 3% (three per cent) threshold is added to the existing the 5% (five per cent) threshold;
  • the addition of a 5% (five per cent) threshold as the first threshold exceeding which the obligation to communicate to the market, through Consob, the "declaration of intention".

Authors: Luca Lo Po' and Claudio Saba

Further Reading