Consob, with Resolution no. 21536 of 15 October 2020 [only Italian version], currently being published in the Gazzetta Ufficiale, made some amendments to the Market Regulation (adopted by Consob with Resolution no. 20249 of 28 December 2017) on the subject of shareholders of regulated markets managers.

The amendments were required as a consequence of the changes made by the Law Decree no. 104, of 14 August 2020, containing "Urgent provisions for economic support and recovery", to the Article 64-bis of the Legislative Decree no. 58/1998 (Consolidated Law on Finance - TUF). The Law Decree n. 104 actually modified the rules governing the ownership structure of market operators to ensure that purchases of significant shareholdings or changes in control do not jeopardize the sound and prudent management by such managers. The recent legislative intervention, moreover, confirmed the regulatory powers provided for by paragraph 6, letter b), of the aforementioned article of the Consolidated Law on Finance - TUF, with regard to the content, terms and methods of the communications required to the subject involved in the acquisition of a relevant stake in a market manager or in the control of the same.

Attachment n. 1 [only Italian version]

Illustrative report of the consequences on regulation, on the activity of companies and operators and on the interests of investors and savers of the amendments to Article no. 5 of the Market Regulation [only Italian version]