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Weekly newsletter - year XXIX - No. 4 - 6 February 2023

News of the week:
- > 9 June 2023 - Annual meeting of Consob with the Financial Market
- > Watch for scams! Financial fraud: Consob blacks out 5 more abusive websites
- > 7 February 2023 - Seminar dedicated to "Sustainable investments. Knowledge, attitudes and choices of Italian investors"
- > 16 February 2023 - Seminar dedicated to "Financial planning. Knowledge, attitudes and choices of Italian investors"
- > 23 February 2023 - Seminar dedicated to "Digitalization. Knowledge, attitudes and choices of Italian investors"
- > 27-28 February 2023 - Workshop on Cyber Security, Market Disclosure & Industry
- > 2 March 2023 - Seminar dedicated to Customer profiling for suitability assessment
- > Domus Srl mandatory takeover bid on shares: Consob approves the bid document
- > Ipo Euro Group Laminations Spa: Consob approves the listing prospectus
- > IOSCO: Review of the principles for the regulation and supervision of commodity derivatives markets
- > Investor protection warnings from other regulatory authorities

Other Commission decisions

Management decision

N.B. measures adopted by Consob are published in the electronic Bulletin and, where envisaged, also in the Gazzetta Ufficiale. This newsletter summarises the more important or general measures and their disclosure here is therefore merely to update readers on Commission activities.

- NEWS OF THE WEEK -

The Annual Meeting of Consob will be held on Friday 9th June 2023 H. 11:00 AM in Palazzo Mezzanotte, the historic headquarters of the Italian Stock Exchange, in Piazza Affari, Milan.

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Consob ordered the blackout of 5 new websites which are offering 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:

  • Bright Group Llc (website https://allfinagroup.pro and its page https://fingroup.click page);
  • BrokerCreditServiceLtd.net (website www.brokercreditserviceltd.net and its page https://account.brokercreditserviceltd.net);
  • Unico Aust Pty Ltd (website www.unicofx.co and its page https://account.unicofx.co);
  • Cms Ltd (website https://cmstrategy.io and its pages https://client.cmstrategy.io and https://webtrader.cmstrategy.io);
  • Olympusbrokers Ltd (website www.olympusbrokers.io).

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 825.

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 you that there is a section on the homepage of its website www.consob.it entitled "Watch for scams!", providing useful information to warn investors against financially abusive initiatives.

***

Consob has also forbidden the offering to the public resident in Italy of financial products represented by the "Investment Plans" called "Plan A", "Plan B", "Plan C", "Plan D", "Diamond Plan", "Silver Package" and "Gold Package" made by "Coin Earners Ltd" including through the https://coinearnersltd.com website (resolution no. 22573 of 1 February 2023). The activity had been suspended, for a period of 90 days, by resolution no. 22496 of 3 November 2022.

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Consob presents the seminar entitled "Sustainable investments. Knowledge, attitudes and choices of Italian to be held on Tuesday, 7 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome. Chiara Mosca (Consob Commissioner), Lucia Alessi (European Commission), Julien Mazzacurati (ESMA), Giovanni Petrella (Università Cattolica del Sacro Cuore, Milan), Nadia Linciano, Daniela Costa and Monica Gentile (Consob Research Division) will speak. The event is also streamed at the following link: https://youtu.be/M4cUm0gy7Iw. Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari. The meeting is part of the series of four seminars entitled "The investment choices of Italian households – Financial culture, innovation and sustainability" based on the data collected by the Observatory "The approach of Italian households to finance and investment".

The first seminar, "The financial choices of Italian households. Evidence from the 8th Consob Report", took place on 26 January 2023. Below are the two other meeting days on 16 and 23 February 2023.

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Consob presents the seminar entitled "Financial planning. Knowledge, attitudes and choices of Italian investors", which will be held on Thursday, 16 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome. Carlo Comporti (Consob Commissioner), Chiara Monticone (OECD), Marianna Brunetti and Rocco Ciciretti (Tor Vergata University of Rome), Nadia Linciano and Paola Soccorso (Consob Research Division) will speak. The detailed programme of the event will be available shortly. The event is also streamed at the following link: https://youtu.be/vKf9kRPEv1w. Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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Consob presents the seminar entitled "Digitalization. Knowledge, attitudes and choices of Italian investors", which will be held on Thursday, 23 February 2023 from 15:00 to 17:00 at the Consob Auditorium, Via C. Monteverdi 35, Rome. Paolo Ciocca (Consob Commissioner), Tania De Renzis (ESMA), Laura Grassi (Politecnico di Milano), Matthew Kan (Ontario Securities Commission), Daniela Marconi (Bank of Italy), Nadia Linciano and Paola Soccorso (Consob Research Division) will speak. The detailed programme of the event will be available shortly. The event is also streamed at the following link: https://youtu.be/pergz0NoAY4. Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

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The Catholic University of the Sacred Heart and Consob have organised a Workshop on Cyber Security, Market Disclosure & Industry that will take place in Milan on 27 February 2023 from 15:00 to 18:00 and on 28 February 2023 from 10:00 to 13:00.

The event will take place over two sessions (days) and the aim is to discuss whether increasing the market disclosure and cyber risk resilience of listed companies and/or companies of significant importance would effectively strengthen investor protection and market awareness.

First session: 27 February, 15:00-18:00

  • Following a welcome address by the Dean of the Faculty of Banking, Financial and Insurance Sciences (Milan), the first part of the session will be dedicated to Consob, ESMA (European Financial Instruments and Markets Authority) and the SEC Securities and Exchange Commission), which will offer an overview of the latest regulatory developments in Europe and America on cybersecurity. The second part will involve a round table discussion among the CFOs of relevant companies listed on the Italian stock exchange.

Second session: 28 February, 10:00-13:00

  • Following opening remarks by the Dean of the Faculty of Economics and Law (Piacenza), the European Banking Federation will introduce the topic of cyber resilience and the potential impact of the new DORA legislation. The second part will take the form of a round table discussion during which the authorities, significant entities and specialised companies will share their experiences.

The event can be attended in person in room PIO XI of the Catholic University of the Sacred Heart (Milan), or remotely. Details on how to register for the workshop will follow.

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Consob has organized a seminar entitled Customer profiling for suitability assessment - Recognition on a sample of Italian intermediaries that will take place on Thursday, 2 March 2023, from 10:00 to 12:00, at the Consob Auditorium, Via Monteverdi 35 (Rome) and will be streamed live. Paolo Ciocca (Consob Commissioner), Gianpaolo Barbuzzi (Alternative Financial Dispute Resolution Scheme), Michele de Mari (University of Verona), Francesco Adria and Francesco Quaranta (Consob Intermediaries Division), Nadia Linciano and Paola Soccorso (Consob Research Division) will speak.

Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/area-pubblica/iscrizione-seminari.

The detailed programme of the event will be available shortly. The event can also be streamed using the following link: https://youtu.be/rqsT6mpp6Aw.

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Consob approved the document relating to the mandatory takeover bid promoted, pursuant to Articles 106, paragraph 1, of Legislative Decree no. 58 of 1998, by Domus Srl on all the shares issued by Aedes Siiq Spa (resolution no. 22574 of 1 February 2023).

The bidder, Domus Srl, is a company incorporated in July 2022 whose capital is, at the date of the document, divided between Domus Lux which holds 82.77% and VI-BA which holds the remaining 17.23%.

Domus Lux is a Luxembourg company whose capital is in turn 94.3% held by Loxias, a company indirectly owned by affiliated funds and managed by Apollo and, for the remaining 5.7% by Hines, a limited liability company, part of the homonymous group, incorporated under the law of Delaware.

VI-BA  is a limited liability company, owned by the Amenduni Gresele family, operating in the sale, management and enhancement of real estate assets, and holder of shares in companies with a similar purpose in Italy.

The bid, aimed at delisting the issuer, is mandatory and concerns 126,687,361 Aedes shares, representing 45.15% of the capital and all the issued shares, less the 153,919,908 shares representing 54.85% of the capital, purchased from Domus Srl, on 14 December 2022, as a result of the execution of the purchase and sale contracts signed on 30 December 2022, with Augusto Spa in liquidation, which held 51.17% of the capital of Aedes, and with Palladio Srl which held 3.69% of Aedes.

The issuer, Aedes Siiq Spa, is a company listed on Euronext Milan established in December 2016 under the name Sedea SIIQ Spa, subsequently split in December 2018; on the basis of the communications made pursuant to Article 120 of the Consolidated Law on Finance, the only relevant shareholders of the issuer are Domus Srl and VI-BA Srl.

The bid is part of a broader operation referred to in the agreement signed on 30 December 2022 by Domus Lux with VI-BA, pursuant to which the latter undertook to invest up to 31 million euros in Domus – participating in the relative capitalization in return for a participation that may range between 17.23% and 21.70%, depending on the trend in subscriptions to the bid – and to subscribe to the actual bid with all the Aedes shares held by it.

This agreement also governs the commitments made by the parties in terms of the capitalization of the bidder as well as the rules relating to the future governance of the bidder – which will be jointly managed by Domus Lux and VI-BA due to the significant veto powers attributed to the latter – and of the issuer.

Specifically, the commitments made by the parties with regard to the capitalization of Domus provide for a total investment of a maximum of 179,894,544.98 euros, of which a maximum of 31 million euros pertaining to VI-BA and the remaining maximum of 148.9 million euros pertaining to Domus Lux.

The bid period, agreed with Borsa Italiana Spa, begins on 6 February and will end on 3 March 2023, unless the deadline is extended or reopened on 13, 14, 15, 16 and 17 March 2023.

The bidder will pay each participant a consideration, for the Aedes shares tendered, equal to 0.2922 euros for an overall amount of 37,018,046.9 euros. Given the mandatory nature of the bid, the consideration for the bid has been determined in compliance with Article 106, paragraph 2, of the Consolidated Law on Finance and coincides with the price paid by the bidder for the purchase of Aedes shares in performance of the Augusto sale and the Palladio sale.

The bid is aimed at revoking the listing of the shares and the document states that: i) if the issuer remains listed, the bidder reserves the right to propose to the competent bodies of the issuer and the bidder to accomplish the delisting by merger by incorporation of the issuer into the bidder pursuant to Articles 2501 et seq. of the Italian Civil Code; ii) if the delisting is accomplished as a result of the bid, the bidder has declared that it will evaluate the possibility of carrying out the merger between non-listed entities.

The bidder intends to meet the financial coverage of the maximum disbursement through the use of own funds, deriving from the subscription by Domus Lux and VI-BA of the second tranche of the capital increase amounting (including surcharge) to 36,745,188.98 euros, whose subscription commitments are governed under the VI-BA Agreement.

VI-BA undertook to contribute the entire shareholding held by it in Aedes (equal to 9.07% of the capital) to the bid, against payment by the bidder of an amount equal to 7,439,350.00 euros.

The approved issuer's press release, pursuant to Article 103, paragraph 3, of the Consolidated Law on Finance (TUF) and Article 39 of the Issuers' Regulation, containing all data useful for assessing the bid and for its own evaluation of the bid, is attached to the bid document, accompanied by the opinion of the independent directors and by the relative opinion of the independent expert appointed by the Board of Directors.

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Consob has approved the prospectus (written in English) for the admission to trading of the ordinary shares issued by EuroGroup Laminations Spa on Euronext Milan, organised and operated by Borsa Italiana Spa.

Borsa Italiana has ordered the admission to listing on Euronext Milan with a measure dated 31 January 2023.

The group is a world leader in the production and distribution of motor cores (stators and rotors) for electric motors and generators. On the date of the prospectus, the main shareholders of the issuer are: Euro Management Services Spa, which holds 70% of the share capital; Delorean Partecipazioni Spa, which holds 26.374% of the share capital; T2 Energy Transition Fund, which holds 1.989% of the share capital; T2 Eltif Energy Transition Fund, which holds 1.638% of the share capital.

Therefore, as at the prospectus date, Euro Management Services Spa exercises control over the issuer pursuant to article 93 of the Consolidated Law on Finance.

The prospectus is aimed at the initial admission of the company's ordinary shares to trading on Euronext Milan. A concomitant bid for subscription and sale of shares to qualified investors is envisaged, functional to the distribution of ordinary shares and their listing on Euronext Milan, aimed at the formation of the float of shares required for admission to that market. No bid to the retail public is envisaged.

The bid includes (i) a bid by the company of a number of newly issued ordinary shares and (ii) a bid by the selling shareholders of a portion of their existing ordinary shares. In particular:

  • the company offers ordinary shares for subscription for an overall amount of 250 million euros, up to a maximum of 50,000,000 newly issued shares (based on the minimum price in the price range) and up to a maximum of 41,666,666 newly issued shares (based on the maximum price in the price range);
  • selling shareholders offer up to 25,555,612 existing ordinary shares for sale (based on the minimum price in the range price) or up to 26,214,420 existing ordinary shares (based on the maximum price in the range price), excluding over-allotment shares.

In addition, the overallotment option will be granted by the selling shareholders equal to approximately 10% of the number of shares covered by the offer.

The bid price will be between 5 and 6 euros per share offered. The bid price can be set within, above or below the bid price range.

The bid price and the exact number of shares offered (including the maximum number of over-allotment shares) will be determined by the company and the selling shareholders after consulting the placement agents following a book building process and will be indicated in the press release that will be published on the company's website (www.euro-group.it) and transmitted to Consob.

The prospectus outlines the risks with regard to the issuer and the group, to the operating activities and the sector in which they operate, and to the financial instruments that will be admitted to listing.

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The Board of IOSCO (International Organization of Securities Commissions), to which the financial supervisory authorities of the various countries belong, published a new revised version, on 31 January last, of the Principles issued in 2011 for the regulation and supervision of commodity derivatives markets, calling on the competent market authorities in order to review the current policies and regulations. The aim is to obtain a resilient and up-to-date framework for regulation and supervision, in light of the trend in the markets over the last decade following the various developments of economic scenarios and international events (such as the COVID-19 pandemic and the conflict in Ukraine).

The review was preceded by a consultation stage that concluded on 17 January 2023.

Recent geopolitical tensions and increased macroeconomic uncertainty have led to significant volatility, with knock-on effects on the financial system in its broadest sense.

The IOSCO principles, which were established in 2011 under the mandate of the G20, therefore aim to ensure the integrity of commodity derivatives markets by ensuring appropriate mechanisms for price formation on those markets, as well as on the underlying physical energy, metals and food markets, protecting them from manipulation and abusive trading patterns.

In the review, IOSCO emphasises 24 principles on various topics: transparency; price discovery; correlation with physical markets; management of market disturbances; reaction to market abuse; strengthening of the executive powers of trading venues with respect to the behaviour of end users. In particular, the new Principle 16 on "Unforeseen Interruptions" is intended to provide the Regulatory Authorities with a guide to restoring market order in the event of unforeseeable discontinuities, ensuring that market participants have adequate plans in place to deal with them.

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The supervisory authorities of the United Kingdom (Financial Conduct Authority - FCA), Poland (Polish Financial Supervision Authority - KNF), Switzerland (Swiss Financial Market Supervisory Authority - FINMA), Malta (Malta Financial Services Authority - MFSA), Ontario (Ontario Securities Commission - OSC), New Zealand (Financial Markets Authority - FMA New Zealand) and Gibraltar (Gibraltar Financial Services Commission - GFSC), report the companies and websites offering investment, financial and insurance services without the required authorisations.

Reported by the Financial Conduct Authority (FCA) - United Kingdom:

  • Legit-Trading.org (https://legit-trading.org);
  • Aursfxl.com (www.aursfxl.com);
  • Centraltradinghub (https://centraltradinghub.com);
  • Future Fx Stakes Ltd (https://futurefxstakes.net);
  • Cryptomargin ( https://cryptomarginltd.com);
  • Digital-Inv (https://digital-inv.org);
  • Fxcapitalprofit (https://fxcapitalprofit.com);
  • Forexmining.org (www.forexmining.org);
  • Smart Coin Trade Fx (www.smartcointradefx.com);
  • Hex-Capitals Ltd (www.hex-capitals.ltd);
  • Esotericfund.com (www.esotericfund.com), clone of a licensed company;
  • Itgtcm.com (www.itgtcm.com), clone of a licensed company;
  • Aztrading24.com (www.aztrading24.com), clone of a licensed company;
  • Honestumhk / Honestumhk.com (www.honestumhk.com);
  • Venus Holdings (www.venusholdings.co.uk);
  • Legal Answers Ltd (Linkedin: https://www.linkedin.com/in/asab-ali-b6939a147);
  • Arab European Bank (www.arabeuropeanbank.com);
  • Kopes Bank / Kopesbank.com (www.kopesbank.com);
  • Oh Jy Coin (www.ohjycoin.com);
  • Optima Investing / Invest Limited (www.optimainvesting.com);
  • Hutano Medicals (www.hutanomedicals.co.uk);
  • Portman Financial Management (www.portmanfinancialmanagement.com);
  • Kryptod Llc / Krypto Holding Limited (www.kryptod.com);
  • Mmrecoverylimited (www.mmrecoverylimited.org.uk), clone of a licensed company;
  • Dot Dot Loans (email: loancustomersevice.co.uk@gmail.com), clone of a licensed company;
  • Mascot Automotive Leasing (www.mascot-automotive.com), clone of a licensed company;
  • Alpha-Crypx (alfa-crypx.net);
  • Abbey Loans / Abby Finance (email: customerserviceabbeyloans@gmail.com);
  • TapTop Fintech Ltd (www.taptop.co.uk);
  • Winfxmarkets / Winfxmarkets.com (www.winfxmarkets.com);
  • Alpha Capital / Alpha-capitalfx.com (www.alpha-capitalfx.com);
  • Gct Trading Coin (www.gcttradingcoin.com);
  • Lamelle Financial Consultants Ltd (www.lamellefinancialconsultants.com);
  • Banco Amigavel Internacional (www.baniami.com);
  • Seedcamp (www.seedcampsk.net), clone of a licensed company;
  • Montgomerykentinsurance.co.uk (www.montgomerykentinsurance.co.uk), clone of a licensed company;
  • Naslsportline@insurer.com (email: ), clone of a licensed company;
  • O3fx Capital (www.o3fxcapital.com);
  • Coin Plus Wallet (www.coinpluswallet.com);
  • Zenith Trading Capital (https://zenithtradingcapital.com);
  • Exchangenilo (https://exchangenilo.com);
  • Coinflex-mining.ltd (https://coinflex-mining.ltd);
  • Protonforex / Proton Brokers (www.protonforex.com, www.protonbrokers.com);
  • Earneasymoney (www.earneasymoney.net);
  • Accel Venture Partners / Crypto-Accel (www.accelpartnersventure.net);
  • Deluxe-broker (https://deluxe-broker.net);
  • Tradesxmarket (https://tradesxmarket.com);
  • Tradeio Fx (www.tradeiofx.co);
  • Trust-coin.trade (www.trust-coin.trade);
  • Forex-exchangeltd.ltd (www.forex-exchange.ltd.ltd);
  • Millenium Growth (www.milleniumgrowthltd.net);
  • Blinarux.com (www.blinarux.com);
  • Surgeinvestcoin.com (www.surgeinvestcoin.com);
  • Altex-intel.com (www.altex-intel.com);
  • Hfx Cryptofx Trade (www.hfx-cryptofxtrades.com).

Reported by the Polish Financial Supervision Authority (KNF) - Poland:

  • Brikanta Limited Ltd (www.fxinvestbank.com);
  • Jdp Group Llc (www.sureinvest.org);
  • Incendiary Group Ltd / Cynosure Consulting Ltd (www.primecapital.pro, www.meteortrade.co, www.meteortrade.pro, www.majortrade.pro, www.majortrade.co, www.majortrade.world, www.trade-union.pro e www.influxfinance.pro).

Reported by the Swiss Financial Market Supervisory Authority (FINMA) - Switzerland:

  • Swissiam (www.swissiam.com);
  • Hyperrr.com Gmbh (www.hyperrr.com);
  • Saqs Investment (www.saqsinvestment.com). Already reported by the Securities and Futures Commission - (SFC) - Hong Kong (see Consob Informa no. 36/2022 of 7 November 2022).

Reported by Malta Financial Services Authority (MFSA) – Malta:

  • Fxbinapro (http://climaxxasset.com);
  • https://finbondgroupltd.com.

Reported by the Ontario Securities Commission (OSC) – Ontario:

  • Cryptopoint72 / Crytop72 Ltd (www.cryptopoint72.vc);
  • Magking Global / Magking Forex / Magking Limited;
  • Vnsmart (www.vnsmart.com);
  • Swiss Market Index (www.smitrade.eu);
  • Northern Bits (www.northernbits.com, www.northern-bits.com);
  • Trade It Green (www.tradeitgreen.com);
  • Spotchains (www.spotchains.com, www.spotchains.co, www.spotchains.net);
  • Wellari (www.wellari.tech);
  • Bitcoin Motion / BitcoinMotioneu (www.the-bitcoinmotion.com, www.bitcoinmotion.software, www.bitcoinmotion.site);
  • Tetherdefi-Mining (www.tetherdefi-mining.com);
  • Trenton International Investments (www.trenton-international.co.uk);
  • Crypto Wealth Investments / CryptoWealthInvestments / Crypto Wealth Investments / Crypto Wealth Investments (www.cryptowealthinvestments.com);
  • Investments Global (www.investmentsglobal.com);
  • Lpl Invest (www.lpinvest.com). Reported by the Financial Services and Markets Authority (FSMA) – Belgium (see "Consob Informa" no. 20/2022 of 13 June 2022);
  • Nab-Capital (www.nab-capital.com);
  • Marketsxo (www.marketsxo.com). Previously reported by the Financial Services and Markets Commission (BCSC) - British Columbia (see "Consob Informa" no. 28/2022 of 12 September 2022);
  • Nab Crypto (www.nabcrypto.io);
  • Beneffx (www.beneffx.com);
  • Prime Coin (www.prime-coin.info).

Reported by the Financial Markets Authority - (FMA New Zealand):

  • Magnitude Financial Group (magnitudefinancialgroup.co.nz, magnitudefinancial-nz.co);
  • Vb-Fx (http://www.vsb-fx.com), clone of a licensed company.

Reported by the Gibraltar Financial Services Commission (GFSC) – Gibraltar:

  • Gibraltarint.com (clone of a licensed company).

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Takeover bids and exchange tender offers
  • The document relating to the mandatory takeover bid promoted, pursuant to Article 106, paragraph 1, of Legislative Decree no. 58 of 1998, by Domus Srl on all the shares issued by Aedes Siiq Spa has been approved (resolution no. 22574 of 1 February2023).
Prospectuses
  • The prospectus (drawn up in English) aimed at the admission to trading on Euronext Milan, organized and operated by Borsa Italiana Spa, of the ordinary shares issued by EuroGroup Laminations Spa has been approved (decision of 1 February 2023).
  • The information note on the programme for the offering to the public of bonds issued by Banco di Desio e della Brianza Spa has been approved (decision of 1 February 2023).
Combating market abuse (art. 7-octies of the Consolidated Law on Finance)
Participation share for the election of management and control bodies
  • The Head of Consob's Corporate Governance Division, on the basis of 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' Regulations, has determined the minimum shareholding for the presentation of slates of candidates for the election of the boards of directors and control bodies of listed companies whose financial year ended on 31 December 2022. The full text of the management decision no. 76 of 30 January 2023  is available on the website www.consob.it, together with a table setting out the criteria used to determine the qualifying shareholding.
CONSOB INFORMS (Rome Tribunal Registration no. 250 of 30/10/2013) Chief Editor: Manlio Pisu - Editorial board: Antonella Nibaldi (coordinator), Claudia Amadio, Riccardo Carriero, Luca Cecchini, Laura Ferri, Chiara Tomaiuoli, Alfredo Gloria - Address: CONSOB Via G. B. Martini, 3 - 00198 Rome - telephone: (06) 84771 - fax: (06) 8417707. Documents or reports can be submitted via the interactive section of the web site www.consob.it, where CONSOB INFORMA can also be consulted via the "newsletter" link.