Latham & Watkins LLP (JD Supra Italy)

Italian Securities Commission returns to ordinary reporting requirements for listed issuers. The Italian Securities Commission (CONSOB), by press release dated April 12, 2021, announced its decision to end the more stringent reporting requirements originally introduced on April 9, 2020, as a response to the impact of the COVID-19 pandemic on financial markets.

More stringent reporting obligations regarding relevant shareholdings and investment objectives for Italian-listed issuers will continue until 13 April 2021. On 13 January 2021, the Italian Securities Commission (CONSOB) adopted Resolution 21672 (the Resolution), further extending for three months the more stringent reporting requirements for relevant shareholdings and investment objectives...

Il Decreto Legge 16 luglio 2020 n. 76 (c.d. Decreto Semplificazioni) ha cercato di concretizzare i precedenti sforzi del governo italiano di supportare le operazioni di ricapitalizzazione delle società di capitali italiane necessarie per fronteggiare la carenza di liquidità dovuta al COVID-19. Le agevolazioni per gli aumenti di capitale - Il Decreto Semplificazioni, convertito con...

The provisions aim to help Italian companies overcome a lack of liquidity caused by the COVID-19 pandemic. Facilitation of capital increases - Law Decree no. 76 of 16 July 2020 (the Simplification Decree), converted with amendments by Law no. 120 of 11 September 2020 (entered into force on 15 September 2020), has introduced provisions on corporate matters to facilitate capital increases by

The more stringent reporting obligations for certain Italian-listed issuers will continue until January 13, 2021. The Italian Securities Commission (CONSOB) has adopted Resolution 21525, extending for a period of three months - from October 13, 2020, to January 13, 2021 - the provisions of Resolutions 21326 and 21327 of April 9, 2020, as later extended by Resolution 21434 of July 8, 2020 (the...

The Simplification Decree (Decreto Semplificazioni) follows and puts into effect the earlier attempt of the Italian cabinet to facilitate capital increases. Law no. 120/2020 converting Law Decree no. 76/2020 (Decreto Semplificazioni), which entered into force today (Law no. 120/2020), introduces certain measures (see Article 44) facilitating capital increases by Italian private and listed...

The more stringent reporting obligations for certain Italian listed issuers will continue until October 12, 2020. The Italian Securities Commission (CONSOB) has adopted Resolution 21434, extending for a period of three months — from July 12, 2020, to October 12, 2020 — the provisions of Resolutions 21326 and 21327 of April 9, 2020 (April Resolutions), which imposed stricter reporting...

The Recovery Decree aims to rapidly raise equity financing and counter liquidity shortage. Law Decree, approved on 13 May 2020 (Recovery Decree) introduces provisions facilitating capital increases by Italian private and listed companies to rapidly raise equity financing and to counter liquidity shortage.

The Recovery Decree allows Italian companies with equity listed on regulated markets to issue multiple voting shares to enhance competition with foreign countries and protect the Italian markets. The Recovery Decree dated May 13, 2020, introduced the ability for Italian listed companies to issue multiple voting shares to enhance competition with foreign jurisdictions, discourage the transfer...

A look at how privately held and publicly listed Italian companies controlled by families are innovating in corporate governance. Key Points - ..Italy hosts a number of dynamic family-controlled companies (FCCs) that are issuing a variety of capital markets instruments with increasing frequency. ..The institutionalization and formalization of key institutions both within and outside the

This third in a series provides practical guidance to help companies cope with the evolving regulatory scenario during the pandemic. Due to the global spread of COVID-19, governments and regulators have adopted a variety of measures to support companies with equity and/or debt listed securities. As measures continue to be adopted to address the economic consequences of the epidemic, the...

This second in a series provides practical guidance to help companies cope with the evolving regulatory scenario during the pandemic. Due to the global spread of COVID-19, governments and regulators have adopted a variety of measures to support companies with equity and/or debt listed securities. As measures continue to be adopted to address the economic consequences of the epidemic, the...

The Italian government extends its Golden Power to veto or impose conditions on corporate transactions involving foreign investment. On April 8, 2020, the Italian Government issued Law Decree 23/2020 providing a contingency package of extraordinary measures to safeguard and strengthen the national economy and support Italian companies during the COVID-19 emergency (the Liquidity Decree). ...

A Q&A for Italian high yield issuers, focusing on capital markets implications and best practices. Disclosure Requirements on COVID-19 Impact for High Yield Issuers - Q: How should companies disclose the impact of the pandemic on their business? The Market Abuse Regulation (MAR) applies to all issuers with financial instruments admitted to trading on a regulated market or multilateral...

This first in a series provides practical guidance to help companies cope with the evolving regulatory scenario during the pandemic. Due to the global spread of COVID-19, governments and regulators have adopted a variety of measures to support companies with equity and/or debt listed securities. As measures continue to be adopted to address the economic consequences of the epidemic, the...

The Liquidity Decree strengthens CONSOB’s powers to impose stricter reporting requirements of relevant shareholdings in Italian-listed issuers. The Italian government has adopted Law Decree n. 23/2020 (the Liquidity Decree), in force form 9 April 2020, providing urgent measures supporting access to liquidity and financings for Italian companies facing challenges during the COVID-19 outbreak...

The revised Market Practice reflects the remarks raised by ESMA after a public consultation process. Article 13 of MAR provides for an exemption from sanctions in case a transaction breaches the general prohibition of market manipulation for transactions carried out for legitimate reasons and in line with accepted market practices established by national competent authorities (in Italy, CONSOB)

CONSOB and Bank of Italy ease compliance obligations during COVID-19. The Italian Securities Commission (CONSOB) and the Bank of Italy have adopted a series of measures to grant intermediaries and online portal managers an extended deadline to comply with their disclosure obligations, and facilitated compliance activities by banks and supervised non-bank intermediaries, due to restrictions...

Practical guidance for private equity firms when tackling Italian portfolio companies’ questions during the pandemic. In light of the COVID-19 outbreak, the Italian government has adopted significant steps to curb the spread of the disease. In particular, the government has issued four major extraordinary decrees: (i) the Law Decree no. 18 of March 17, 2020 (the Cura Italia Decree); (ii) the...

D.P.C.M. now includes measures for certain manufacturing industries, as well as call centres and civil engineering works, but excludes employment agencies. By decree of the Ministry of Economic Development, adopted yesterday and in force since today, March, 26, 2020, several amendments have been made to the list annexed to the D.P.C.M. of March 22, 2020.

The new decree imposes measures in effect from today until April 3, 2020 to combat the spread of COVID-19. Yesterday evening, the Italian government adopted a new decree (D.P.C.M. of March 22, 2020), which suspends, as of today, non-essential industrial and commercial production activities throughout the country to contain the spread of COVID-19.

Il Decreto Cura Italia proroga il termine per la convocazione dell’assemblea ordinaria di approvazione del bilancio e agevola la partecipazione degli azionisti con mezzi alternativi all’intervento di persona. Il Decreto Legge 17 marzo 2020, n. 18 prevede misure di potenziamento del Servizio sanitario nazionale e di sostegno economico per famiglie, lavoratori e imprese connesse all'emergenza...

The Cura Italia Decree also extends the validity of administrative authorizations. On March 17, 2020, the Italian government adopted Law Decree No. 18/2020 (the Cura Italia Decree), providing for a contingency package of extraordinary measures to strengthen the national health service and provide financial and economic support to families, workers, and companies facing the pandemic.

The Cura Italia Decree extends the annual meeting season for private and public companies, and provides for remote attendance options. Law Decree no. 18 of 17 March 2020 provides a contingency package of extraordinary measures to strengthen the national health service and provide financial and economic support to families, workers and companies facing the global COVID-19 outbreak (the Cura...

Italian regulator imposes more stringent reporting obligations for certain Italian-listed issuers. The Italian Securities Commission (CONSOB) has adopted Resolution 21304, imposing stricter reporting obligations of relevant shareholdings in Italian-listed issuers included in the Annex to the Resolution.

Le società quotate italiane possono approfittare dell’imminente stagione assembleare per attrarre investitori italiani e stranieri attraverso l'adozione delle migliori practice di corporate governance. Introduzione - A seguito dell'entrata in vigore della Direttiva (UE) 2017/828 (SHRD 2) e della pubblicazione del nuovo Codice di Corporate Governance, le società quotate italiane stanno...

The upcoming annual general meetings season provides companies the opportunity to attract Italian and foreign investors by adopting best-in-class corporate governance rules. Overview - Following the entry into force of Directive (EU) No. 2017/828 (i.e., the SHRD II) and the publication of the new Corporate Governance Code, Italian-listed companies are increasingly focusing their attention...

The FinTech sandbox would aim to foster innovation in the financial, credit, and insurance sectors. The Italian Ministry of Economy and Finance has launched a public consultation on a draft ministerial decree (Draft Decree) implementing the mandate received by the Italian legislature (Decreto Crescita) to set up a regulatory sandbox to test FinTech activities in the financial, credit, and...

The four-pronged Code aims to encourage issuers in Italy to focus on long-term sustainability and engagement. A new edition of the Corporate Governance Code was released on 31 January 2020. The new Code focuses on four essential objectives and principles: sustainability, engagement, proportionality, and simplification.

In September 2019, Italian power generation company Enel opened up the market for a new sustainable finance product — bonds with interest rate adjustments related to sustainability performance targets. This new product has considerable potential to bring more issuers into sustainable finance, allow more financings to incorporate sustainability, and create investable assets for a greater portion...