CONSOB: lowered thresholds for shareholdings and the “declaration of intentions” pursuant to art. 120 TUF until 11 July
16 April 2020

CONSOB recently passed two resolutions in accordance with the Liquidity Decree that significantly increase the scope of disclosure duties under Art. 120 of Italy’s Consolidated Financial Act for 104 issuers listed in Italy.

Specifically, CONSOB has lowered the thresholds triggering obligations to notify the purchase of a significant shareholding and to provide a “declaration of intent”. The lower thresholds are in effect between 11 April and 11 July.

CONSOB also amended its Issuers Regulation by adding a provision to regulate exemptions from the duty to provide a “declaration of intent”.

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