Consob has further extended for a three-months period, from 14 January 2021 to 13 April 2021, the transitional regime of enhanced transparency regarding changes in significant shareholdings and communication of investment objectives for companies with a shareholder base particularly widespread (as defined by Article no. 120 of the Consolidated Law on Finance - Tuf).
The resolution (resolution no. 21672 of 13 January 2021) extends, unless revoked early, the similar provisions already temporarily issued in April 2020 (resolutions no. 21326 and no. 21327 of 9 April 2020) and then renewed for further three months, first in July 2020 until 12 October 2020 (resolution no. 21434 of 8 July 2020) and then in October 2020 until January 2021 (resolution no. 21525 of 7 October 2020).
The further extension became necessary due to the continuing uncertainty about the evolution of the economic and financial situation generated by the COVID-19 epidemic.
In particular, as specified more in details in the press release of 10 April 2020, the transitional regime of enhanced transparency provides for:
a) the addition of a threshold of 1%, compared to the pre-existing one of 3%, as the minimum threshold upon exceeding which the obligation to communicate to the market, through Consob, of the investments acquired in large-capitalized listed ("non-SMEs") companies is triggered; for SMEs, on the other hand, the threshold of 3% is added before the threshold of 5%;
b) the addition of a threshold of 5%, compared to that of 10%, as the first threshold upon exceeding which the obligation to communicate to the market, through Consob, the "declaration of intentions" is triggered for the acquisition of shareholdings, that is, investment objectives for the subsequent six months.
The list of companies to which the enhanced transparency regime referred to in point a) is applied is the one most recently updated on 9 October 2020 (executive resolution no. 40/2020, only Italian version). However, it remains unchanged the list of companies to which the enhanced transparency regime referred to in point b) is applied.