Legal Framework

Warning Notice no. 2/20 of 25 March 2020

Subject: COVID-19 - Assessments regarding the impacts of the Coronavirus emergency on the obligations of online portal managers.

The spreading of COVID-19 (hereinafter also Coronavirus) can have a range of implications for the operation of online portal managers.

The adoption of increasingly strict measures for the containment of the pandemic could, in fact, affect various operational profiles of the portals (order management, control systems ...).

The managers carrying out capital raising activities through online portals, as included in the register provided for by Article 50-quinquies, paragraph 2, of the Legislative Decree of 24 February 1998, no. 58 (Consolidated Law on Finance - TUF), are therefore referred to consider with due diligence the potential implications that the ongoing emergency could have for the purpose of investors protection.

In particular, it must be emphasized the need, especially in the areas which are most affected by the spreading of the virus, to adopt the most appropriate measures for guaranteeing the continuity of the activities managed on the portal.

From another point of view, with reference to the informations to be disclosed with reference to the individual offers, it is necessary to promptly publish any updates provided by the bidder, even if concerning new and significant events, occurred after the publication of the offer, likely to influence the investment decision.

Portal managers are invited to represent the measures they have adopted in this regard in the report on the activities carried out and on the organizational structure pursuant to Article 21, paragraph 3, of the "Regulation on the capital raising activity through online portals" adopted with Resolution no. 18592 of 26 June 2013 and subsequent amendments.

Paolo Savona