Covid-19: Thresholds for major shareholding notifications are lowered under Art. 120 of the Italian CFA
19 March 2020

As of 18 March, investors who come to hold shareholdings in listed companies exceeding 1% (3% for SMEs) must notify the issuer and CONSOB under Art. 120 of Italian Legislative Decree No. 58/1998, i.e., the Consolidated Financial Act (“CFA”).

The resolution applies for three months from 18 March (i.e. it will expire on 18 June, unless revoked) and applies exclusively to the shares of 48 issuers listed on the Italian MTA, thereby qualifying them as “issuers with high current market value and whose shareholder base is particularly large”.

Which companies are these?

Our Equity Capital Markets Focus Team, in collaboration with the Task Force created for Covid-19 emergency, analyzes the CONSOB resolutions in the document available here.