Newsletter - CONSOB AND ITS ACTIVITIES
Newsletter
News of the week:
Abusive financial services: Consob blacks out 6 abusive sites
Illegal use of the Consob acronym and logo
Today, on 6 April 2021 - Corporate governance of Italian listed companies: presentation of the 9th Consob Report
Opa NAF 2 Spa takeover bid on ASTM Spa shares: Consob approves the bid document
Eureka!: digital borders. Consob webinar cycle
12 April 2021 - The evolution of financial information in the last 30 years: conference in memory of Angelo Apponi
2020 Annual Report of the Securities and Financial Ombudsman (ACF)
The ESMA clarifies corporate disclosure requirements for UK issuers
ESMA, publishing RTS 27 reports on the application of best execution
ESMA, EBA and EIOPA publish shared Q&A on cross-sectoral aspects of securitisation transactions
Investor protection warnings from other regulatory authorities
- NEWS OF THE WEEK -
Consob has ordered the black-out of 6 new websites that offer financial services illegally.
The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies), on the basis of which Consob can order internet service providers to block access from Italy to websites offering financial services without the proper authorization.
Below are the sites Consob has ordered to be blacked out:
Nab Europe Ltd (website www.nabeuropeltd.com);
Donnybrook Consulting Ltd (websites https://bid-broker-stocks.io and https://bid-broker-stocks.cc/);
"Globalcfd Ltd" and "D&D Venture Project Ltd" (website www.globalfxcfd.com);
"TradersHome Ltd" (website https://tradershome.trade);
"Primery Swiss Group" (website www.primeryswissgroup.com and its page client.primeryswissgroup.com). The number of sites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 416.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard one's savings: these include, for websites that offer financial services, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus has been published.
To this end, CONSOB would remind that on the website www.consob.it there is a section on the homepage “Watch for scams!”, providing useful information to warn investors against financially abusive initiatives.
The National Commission for Companies and the Stock Exchange (Consob) reports that, unspecified individuals by sending e-mail messages (from addresses apparently referable to Consob), by illegally using Consob acronym and the logo), identifiers of the National Commission for Companies and the Stock Exchange, offer savers the possibility of being recognized as the owners of quantities of cryptocurrencies (such as bitcoins at would be available to Consob as they are allegedly "blocked" from it. Savers are advised that these messages are in no way related to Consob nor have they been authorised by Consob. Such initiatives could be aimed at appropriating sums of money and/or personal data.
On 6 April, from 11:30 am to 1:00 pm, the 9th Consob Report on the corporate governance of Italian listed companies will be presented.
The Report, which together with the slides of the presentations will be available today on the Consob website from 11:30 am, provides findings on ownership structures, corporate bodies, meetings and transactions with related parties, based on data from statistical supervisory reports and public information;
Paolo Ciocca, Consob Commissioner, will speak.
The programme of the event is available on the Consob website at (https://www.consob.it/documents/46180/46181/20210406_programmaRCG.pdf/06239fe6-9d34-4dd1-9f18-a5344286ac0b).
The event will be streamed on the GoToMeeting platform; the link will be sent close to the event to those who have registered online (https://www.consob.it/web/area-pubblica/iscrizione-seminari).
Consob has approved the bid document relating to the voluntary takeover bid promoted, pursuant to Articles 102 et seq. of Legislative Decree no. 58 of 1998 (Consolidated Law on Finance), by NAF 2 Spa, on ordinary shares issued by ASTM Spa (resolution no. 21786 of 1 April 2021).
The bid is aimed at removing the issuer's shares from the MTA (delisting).
NAF 2 is a company vehicle wholly owned by Nuova Argo Finanziaria Spa, a company 60% owned by Aurelia Srl, a company wholly related to the Gavio family, and 40% by Mercure Investment Sàrl, a company related to Ardian, a French private investment company.
Therefore, Aurelia holds direct legal control over Nuova Argo and indirect legal control over NAF 2; in addition, Aurelia controls the issuer, pursuant to Article 93 of the Consolidated Law on Finance, through Nuova Argo. Pursuant to Article 101-bis, paragraphs 4 and 4-bis, Consolidated Law on Finance, Nuova Argo, Aurelia, Nuova Codelfa Spa and Mercure are persons acting in concert with the bidder.
The bid relates to a maximum of 66,937,880 shares, equal to 47.638% of the share capital of the issuer, corresponding to all the shares issued by ASTM, less the shares held by Nuova Argo, Nuova Codelfa, Mercure and by the same issuer, equal to 52.362% of the capital, i.e.: (a) the total 60,449,417 shares held by Nuova Argo (of which 58,501,677 directly and 1,947,740 indirectly through Nuova Codelfa); (b) the 2,385,650 shares held by Mercure; (c) the 10,741,948 treasury shares held by the issuer (of which 8,571,040 shares held directly, 2,149,408 shares held indirectly through SINA Spa and 21,500 shares held indirectly through ATIVA Spa). NAF 2 does not hold shares of the issuer.
A cash payment of 25.60 euro will be paid for each share tendered in acceptance of the bid. The maximum total value of the bid, calculated in the event of total acceptance of the bid, is equal to 1,713,609,728 euro.
The subscription period, agreed with Borsa Italiana Spa, is from 13 April until 10 May 2021, inclusive. The subscription period could be reopened for five days of open stock exchange pursuant to Article 40-bis, paragraph 1, letter a) of the Issuers' Regulations if the bidder, on publication of the bid results, notifies the occurrence of the threshold condition (as defined below) or the waiver thereof.
Consistently, in the event that, at the end of the bid, the bidder and the persons acting in concert come to hold a total shareholding of more than 90%, but less than 95% of the issuer's share capital, the bidder will not restore a sufficient free float to ensure the regular trading of the issuer's ordinary shares.
In this circumstance, the obligation to purchase the remaining ASTM shares from the issuer's shareholders who request this pursuant to Article 108, paragraph 2, of the Consolidated Law on Finance, the jointly and severally liability thereof being on the bidder and on the persons acting in concert, will be fulfilled exclusively by the bidder at a consideration per share recognized in the bid.
In the event that, at the end of the bid, the bidder and the persons acting in concert come to hold an overall shareholding greater than or equal to 95% of the issuer's share capital, the bidder will avail itself of the right to purchase the remaining shares pursuant Article 111 of the Consolidated law on finance.
The bidder, by exercising the right to purchase, will, also on behalf of the persons acting in concert, fulfil the obligation to purchase pursuant to Article 108, paragraph 1, of the Consolidated law on finance, in relation to the shareholders of the issuer who have requested it, by thus carrying out a single procedure. In this case, the right to purchase pursuant to article 111, paragraph 1, of the Consolidated Law on Finance will be exercised by the bidder recognizing a consideration for each share equal to the bid price.
The effectiveness of the bid is subject to the following conditions:
adhesions to the bid have as their object a total number of shares such as to enable the bidder to come to hold, as a result of the same bid, a total shareholding of more than 90% of the share capital of the issuer. In the event that the threshold condition is not fulfilled, the bidder may waive the aforementioned condition provided that, as a result of the bid, he comes to hold a total of more than 66.67% of ASTM's share capital;
that no communications have been received, within the second trading day prior to the payment date, from any authority, where this is provided for by the applicable regulations, concerning the exercise of vetoes and/or findings and/or the affixing of conditions regarding the offer, also pursuant to and for the effects of any applicable legislation on "golden power";
failure to occur or failure to emerge, by the date of payment of the consideration, of extraordinary events or situations involving serious changes in the political, financial, economic, currency or market situation, either national or international, that have substantially detrimental effects on the bid and/or on the balance sheet, economic, financial or income situation of the issuer and/or the bidder, as better specified in the document.
The press release referred to in Article 103, paragraph 3, of the Consolidated Law on Finance and Article 39 of Consob Regulation no. 11971/1999 ("Issuers' Regulation"), including the opinion of the independent directors, containing all data useful for the appreciation of the bid, will be disclosed to the market, no later than the trading day prior to the first day of the subscription period.
Starting on 12 April, a webinar cycle entitled "Consob – Eureka!" will be held on the topics of artificial intelligence applicable to the field of financial market regulation and supervision.
Six events, from 4.00 pm to 5.30 pm introduced by the Consob Chairman, Paolo Savona, in which some of the top experts in the field will focus on the potential of digital technology with the aim of identifying innovative tools that simplify and improve the activities of regulators, supervisors and political decision-makers.
A confrontation among professionals who, inspired by Archimedes, help to reach the Eureka!
Participation in the webinars is reserved for Consob employees and those of other financial sector institutions (Bank of Italy, IVASS, etc.) that have been involved through institutional channels.
On Monday, 12 April 2021, from 9:15 am to 2:00 pm, there will be a conference entitled The evolution of financial reporting over the last 30 years. The event is organised in memory of Angelo Apponi.
The events will be opened by the Commissioner Anna Genovese, will be moderated by the Commissioner Paolo Ciocca and will be concluded by the CommissionerGiuseppe Maria Berruti.
The detailed programme of the event will be available shortly.
Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.
The event will be streamed on the GoToMeeting platform; the link will be sent close to the event to those who have registered.
The 2020 Annual Report of the Financial Dispute Ombudsman (ACF), the body established at Consob in 2016 for the out-of-court settlement of disputes (so-called Alternative Dispute Resolution - ADR) between retail investors and intermediaries authorised to provide investment services in case of breach by the latter of the obligations of diligence, transparency, fairness and information, has been published.
In 2020, incoming appeals increased (1,772), with an increase by 5.6% compared to 1,678 received during 2019, bringing the total number of appeals sent to ACF in its first four years of operation to 7,113.
Also in 2020, the ACF dispute had a significant economic weight, with compensation claims approaching 100 million euro in total, bringing the total of the compensations claimed in the four-year period 2017/2020 to 400 million euro.
In the range there were 414 appeals between 10,000 and 30,000 euros, 286 compensation claims worth more than 100,000 euros and not infrequently those amounting to the maximum threshold of competence (500,000 euros).
At the same time and to a greater extent than in previous years, the decision-making activity of the Board grew, which held 53 meetings (there had been 46 in 2019), making a total of 1,060 decisions (853 in 2019), 65% of which were granted appeals; the latter percentage resulting in a significant jump (+10%) compared to the 2019 counterpart (55% of granted appeals).
The granting decisions taken allowed compensation to be recognised for 28.5 million euros, doubled compared to 2019, with an average of over 41,000 euros per appeal. The minimum amount was 12.22 euros, the maximum one 494,000 euros. This brings the total amount of compensations granted by ACF in the four-year period 2017/2020 to 84.4 million euro.
The number of proceedings that were concluded early, at the saver's request, also increased: 212 in 2020, with an increase by 9.2% compared to 194 in 2019, bringing the total number of appeals settled in the first four years of activity to 676 (about 10% of the total). On the other hand, the figure relating to cases of unacceptability/inadmissibility of appeals is steadily and positively decreasing: 238 in 2020 (-17.9% compared to 2019, with 290).
Summing up the decisions of the Board, the proceedings settled early at the request of the applicants and the measures of unacceptability/inadmissibility of the President, in the four-year period 2017/2020 5,270 preliminary investigations were concluded, corresponding to 75% of the total appeals received.
The 2020 balance sheet confirms and consolidates some trends. Like in 2019, the South was also confirmed as the area of origin of the highest number of appeals (45%), followed by the Centre (37%) and the North (18%) of the country.
Regarding the distribution by gender, the percentage of appeals filed by men fell from 70% in 2019 to 64.3% in 2020, thus partially closing the gender gap, which tends to disappear in the younger age groups, opening prospects for a future and no longer so distant definitive rebalancing.
The average age of savers turning to the ACF continues to be high, with those aged over 55 having accumulated almost 70% of the 2020 appeals pool, a sign of how difficult it is for younger people to accumulate savings to be allocated to financial investments.
Relational dynamics between savers and intermediaries continue to remain at the heart of ACF litigation. Among the most frequent reasons for litigation, those concerning the drafting of the profiling questionnaire and the assessment of adequacy/appropriateness.
There is also an increase in litigation relating to the provision of online trading services, alongside the increasingly widespread use of home banking systems, also induced by the lockdown periods imposed by the health emergency.
On 31 March, the European Securities and Markets Authority (ESMA) published a statement referring to the application of transparency requirements by issuers in the United Kingdom ("third country" within the meaning of the Transparency Directive 2004/109/EC "DT", as a result of Brexit) that have securities admitted to trading on regulated markets in the European Union (EU).
From 1 January 2021, issuers in the United Kingdom may no longer draw up and publish financial reports on the basis of United Kingdom law in the absence of an equivalence decision.
In particular, Article 23 (1) of the TD Directive allows competent national authorities (CNAs) to exempt third-country issuers from the obligation to publish an annual financial report prepared in accordance with International financial reporting standards (IFRS), provided that the third country establishes equivalent requirements.
The purpose of the declaration is to ensure uniformity of supervision by national competent authorities in granting UK issuers exemption from the application of the criteria set out in the Transparency Directive for the consolidated and individual financial statements of individual group entities.
To this end, UK issuers can make use of the international IFRS standards approved by the EU, of those issued by the International Accounting Standards Board (IASB) or of the principles of third countries considered equivalent (US GAAP, Chinese GAAP, Canada GAAP, Japan GAAP, Republic of Korea GAAP).
In addition, information concerning, for issuers of shares, the calculation of dividends and the ability to pay dividends, and for all issuers, minimum capital and equity requirements and liquidity problems must be provided.
On 31 March, the European Securities and Markets Authority, ESMA, published a public statement to promote coordinated action by the competent national authorities (CNAs) regarding the obligation for execution venues to make available to the public data on the quality of execution of transactions at their venues, provided for in MIFID II (RTS 27 reports).
The ESMA, aware of the fact that RTS 27 reports are rarely read and do not allow investors and other users to make meaningful comparisons based on the information contained and taking into account the lack of clarity among market operators about the date of application of the suspension of the obligation to publish RTS 27 reports, recommends CNAs not to prioritise, in supervisory actions against the execution venues, the obligation to publish RTS 27 reports, until the date of application of the national transposition measures.
On 26 March last, the three European supervisory authorities (ESMA, EBA and EIOPA) published the questions and answers (Q&A) on the cross-sectoral aspects of the Securitisation Regulation, with the aim of clarifying its enforcement mechanisms, of facilitating the fulfilment of related obligations by market participants and of promoting the consistent implementation of the requirements in question within the European Union in the areas of competence.
Q&As contain clarifications relating (a) to the content and format of securitisation information, to be communicated by the originator, the promotor
and the Securitisation special purpose entity (SSPE), (b) to the characteristics of the documentation to be made public in order to facilitate investors' compliance with due diligence requirements and, finally, (c) to the STS certification services (simple, transparent and standardised) that can be provided to the subjects involved in the securitisation by third-party
verifiers.
The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Luxemburg (Commission de Surveillance du Secteur Financier - CSSF), Hong Kong (Securities and Futures Commission - SFC), New Zealand (Financial Markets Authority - New Zealand - FMA), Poland (Polish Financial Supervision Authority - KNF), British Columbia (British Columbia Securities Commission - BCSC), Portugal (Comissão do Mercado de Valores Mobiliários - CMVM), Ireland (Central Bank of Ireland - CBI), Spain (Comisión Nacional del Mercado de Valores - CNMV), France (Authorité des Marchés Financiers - AMF) and Belgium (Financial Services and Markets Authority - FSMA), report the companies and websites offering investment, financial and insurance services without the required authorisations.
Reported by the FCA:
- Fixed Income Solutions (www.fixed-income-solutions.com);
- Just Bonds (www.Just-bonds.com);
- Bond Compare Uk (www.bond-compare.com);
- Supercontrol Limited (https://supercontrol.co.uk);
- IVI Funds PLC (https://ivifundsplc.com), clone of an authorised company;
- Choose Wisely Limited (https://www.choosewisely.co.uk), clone of an authorised company;
- FXGbp Markets (https://fxgbpmarkets.com);
- Fletcher Corporate Partners (www.fletchercorppart.com;
- Fixed Income Solutions (www.fixed-income-solutions.com);
- Keyslaw Group / Keys Law Group (www.keyslawgroup.com);
- Greenberg Securities LLC (www.greenbergsecuritiesllc.com);
- Lazard & Co Limited (www.lazard.secureportal.uk), clone of an authorised company;
- Proper Finance Ltd (email: michael.ruth2545@gmail.com; samanthawoodcock1990@gmail.com), clone of an authorised company;
- Castle Trust / Castle Trust Bank (www.castletrustukonline.com; www.astletrustbankukonline.com; www.castletrust-uk.org), clone of an authorised company;
- MAEF Wealth Management (www.maefwealthmanagement.co.uk), clone di intermediario autorizzato;
- Bitmax4u (www.bitmax4u.com), clone of an authorised company;
- U Trade FX (https://web.utradefx.net/, www.utradefx.net);
- High Net Bonds (www.highnetbonds.com);
- Compare Bonds Uk (www.comparebondsuk.com);
- Uk Bond Street (www.ukbondstreet.com);
- Best Uk Bonds (https://best-uk-bonds.com);
- Offer Investor Yields (offerinvestoryields.com);
- UK Investment Options (https://ukinvestmentoptions.com);
- Capital Market Search (www.capitalmarketsearch.com);
- Compare Best Investment (comparebestinvestment.com);
- Compare Bonds to Invest (comparebondstoinvest.com);
- Compare Uk Investments (www.compareukinvestments.net);
- Uk Elite Bonds (www.ukelitebonds.com);
- Bond Guides (www.bondguides.com);
- Uk-investment-search.org.uk (www.UK-investment-search.org.uk);
- Overton's International (www.overtonsint.com);
- Capital Platform (CP) International (www.cp-international.co.uk);
- Search Bonds a trading style of Golden Water Ventures Ltd (https://www.searchbonds.com/, www.searchbonds.net). The company that had already been reported by the FCA, (see "Consob Informa" no. 32/2020 of 14 September 2020) uses now a further website;
- Bond Spotter (www.bondspotter.com);
- BondRaters (bondraters.com);
- Future Protect (www.thefutureprotect.com);
- Compare Bonds Today (www.comparebonds.today);
- Bond Comparisons Uk (www.bondcomparisonsuk.com);
- Uk Investing (www.uk-investing.com).
Reported by the CSSF:
- Vicotoris (www.vicotoris.com);
- www.nexgenpartners.co.uk, clone of an authorised company;
- www.europeancapitalpartners.fr, clone of an authorised company;
- Livret FIL (www.fil-lux.com);
- Nordea Investment Funds S.A., clone of an authorised company;
- SFI - Société Financière d'Investissement (www.sfi-capital.com).
Reported by the SFC:
- www.qhassetmanagement-hk.com, clone of an authorised company.
Reported by the FMA – New Zealand:
- www.ghctrades.com, www.in-tan.com, clones of authorised companies.
Reported by the KNF:
- Krisimarks Eood (www.starmarkets.io);
- LV Grow Markets (https://lvgrowmarkets.com/pl).
Reported by the BCSC:
- Impero Solutions Limited (https://impero.solutions);
- Tethertrade (https://tethertrade.net);
- Cryptocloudmine (https://cryptocloudmine.live).
Reported by the CMVM:
- Trading Jar (www.tradingjar.com, https://www.tradesjar.com, Facebook: https://www.facebook.com/jamestradingjar, Instagram: https://www.instagram.com/jamestradingjar, Twitter: (https:/twitter.com/jamestradingjar);
- https://market.banif-bc.online, clone of a former authorised company.
- David Soares (https://www.globalyouthtrading.com/ and www.wevesting.com, Instagram: https://www.instagram.com/davidgyt_/ https://www.instagram.com/wevesting;
- Juventude Global, Lda;
- Bds Markets.
Reported by the BCI:
- FTI Limited (https://www.fti-limited.com), clone of an authorised company.
Reported by the CNMV:
- Ui Group (https://u-i-group.com);
- Bitcoin Champion (https://bitcoin-champion.com);
- https://bluetradesfx.com;
- www.btcswing.com;
- City Fx Capital / Turtle Capital Ltd (https://cityfxcapital.com);
- Classicfx-24trade (Uk) Limited (www.classicfx24trade.com);
- Cryptocashsignals / Cryptocashbusiness;
- Crypto Infuse Ltd (www.cryptoinfuseusa.com);
- C Trust (https://ctrust.co/es);
- https://dealfx.net;
- Forex Al Milímetro (Telegram Group) (https://t.me/Forex_al_milimetro. https://www.facebook.com/groups/198391691453180);
- Gemini Option Ltd (https://geminioption.com);
- Gu Arex (https://guarex.com/es);
- Pacific Union Limited (https://es.puprime.com);
- www.stanfordfinancegroup.com;
- https://stn-capitals.com;
- Ccai Limited (www.topcmarkets.com);
- Topindex / Penelope Partnership Ltd (https://topindex.co).
Reported by the AMF:
- www.gwp-conseil.com;
- www.itmehpad.com;
- www.lamaisonlivreo.com;
- www.petrus-conseil.com;
- www.placementsfaciles.fr/container;
- www.rubis-patrimoine.biz;
- www.st-conseils.com;
- www.74invest.com.
Reported by the FSMA:
- Alpha Connect Capital France (www.accfrance.com);
- Dutch Options & Futures institute BV (https://www.dofin-bv.com);
- Global Multi Trade (www.globalmtcorp.com);
- Itm Immo Log;
- International Financial Advisers (www.robingregory-ifa.com, https://occxpng.1e-gtwsjdnqj7msc-1-3dbtwdnfgq.com;
- Omicron SCPI (www.omicron-scpi.com);
- Oranje Vest BV (www.oranje-bv.com);
- PMB Invest (www.pmb-invest.com);
- Themis Patrimoine;
- Action Refund (www.actionrefund.com, www.lp.actionrefund.com and www.actionrefund-ltd.com)
- Private-Union (www.private-union.com), clone of an authorised company.
- The bid document relating to the voluntary takeover bid promoted, pursuant to articles 102 et seq. of Legislative Decree no. 58 of 1998 (Consolidated Law on Finance) by NAF 2 Spa on ordinary shares issued by ASTM Spa has been approved (resolution no. 21786 of 1 April 2021).
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The auditing body Kpmg Llp, with registered office in London, United Kingdom, is registered in Section B of the Special Register of auditing firms maintained by Consob, referred to in Article 161 of Legislative Decree no. 58 of 24 February 1998, relating to third-country auditors and audit entities registered in accordance with Article 45, paragraph 1 of Directive 2006/43/EC (resolution no. 21779 of 30 March 2021).
The auditing body Ernst & Young Llp, with registered office in London, United Kingdom, is registered in Section B of the Special Register of Auditing Companies kept by Consob, referred to in Article 161 of Legislative Decree no. 58 of 24 February 1998 on auditors and audit entities of third countries registered in accordance with Article 45, paragraph 1 of Directive 2006/43/EC (resolution no. 21778 of 30 March 2021).
Order, pursuant to art. 7-octies, letter b) of Italian Legislative Decree no. 58 of 24 February 1998 (Consolidated Law on Finance) to cease infringement of art. 18 of the said Consolidated Law on Finance, put in place by:
- Nab Europe Ltd through the website www.nabeuropeltd.com (resolution no. 21784 of 31 March 2021);
- Donnybrook Consulting Ltd through the websites https://bid-broker-stocks.io and https://bid-broker-stocks.cc/ (resolution no. 21783 of 31 March 2021);
- Globalcfd Ltd and D&D Venture Project Ltd through the website www.globalfxcfd.com (resolution no. 21782 of 31 March 2021);
- TradersHome Ltd through the website https://tradershome.trade (resolution no. 21781 of 31 March 2021);
- Primery Swiss Group through the website www.primeryswissgroup.com and its page client.primeryswissgroup.com (resolution no. 21780 of 31 March 2021).
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Based on the provisions of article 147-ter of Legislative Decree no. 58/1998 (Consolidated Law on Finance) and articles 144-ter et seq. of the Issuers' Regulation, the Head of Consob's Corporate Governance Division has determined the minimum shareholdings for the submission of slates of candidates for the election of the board of directors and internal control bodies of the company Cattolica di Assicurazione – Società per Azioni. Unless the company's articles of association prescribe a lower shareholding the threshold has been set at 2.5%. The full text of the management decision (no. 47 of 1 April 2021) is available on the website www.consob.it, together with a table setting out the criteria used to determine the qualifying shareholding.