Consob has ordered the end of the enhanced transparency regime on the communication of significant shareholdings in listed companies with widespread shareholding starting from next Wednesday 14 April.
This was stated in a note in which it is recalled that the measures, which included the declaration of investment objectives, were introduced on April 9 to "cope with the turbulence" of the markets following the pandemic.
Consob stresses that from April 14th only the ordinary legislation on transparency on changes in significant shareholdings and on declarations of investment objectives will therefore come back into force.
The temporary regime of enhanced transparency introduced in April 2020 for "some Italian companies listed on the stock exchange, identified according to the criterion of the diffusion of the shareholding structure, or not controlled by law", had been renewed by three months in three months until the next deadline tomorrow.
In this way, starting from next Wednesday, investors will have to "comply with the provisions of the ordinary transparency discipline", according to which the obligation to communicate changes in significant shareholdings held in Italian companies listed on the stock exchange is triggered when the threshold is exceeded. by 3% for medium-large capitalization companies, qualified as 'non-SMEs', and upon exceeding the 5% threshold for small-cap companies, qualified as 'SMEs'.
The obligations relating to the exceeding of subsequent thresholds remain unchanged.
The temporary regime of enhanced transparency had instead lowered the minimum communication thresholds to 1% for non-SMEs and 3% for SMEs, respectively.
As for the transparency on the declarations of the investment objectives, from next Wednesday the obligation to communicate will be triggered when the 10% threshold is exceeded and no more than the 5% threshold, temporarily introduced by the enhanced transparency regime.
