Latham & Watkins LLP (LexBlog Italy)

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. By Antonio Coletti, Isabella Porchia, and Guido Bartolomei The Recovery Decree dated May 13, 2020, introduced the ability for Italian listed companies to issue multiple voting shares...

The Liquidity Decree strengthens CONSOB’s powers to impose stricter reporting requirements of relevant shareholdings in Italian-listed issuers. By Antonio Coletti and Isabella Porchia 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...

The revised Market Practice reflects the remarks raised by ESMA after a public consultation process. By Antonio Coletti, Marco Bonasso, and Isabella Porchia 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...

CONSOB and Bank of Italy ease compliance obligations during COVID-19. By Antonio Coletti, Marco Bonasso, and Isabella Porchia 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...

The four-pronged Code aims to encourage issuers in Italy to focus on long-term sustainability and engagement. By Antonio Coletti and Isabella Porchia 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. Sustainability: The new Code...

The notice details the requirements applicable to both UK investment firms operating in Italy and Italian investment firms operating in the UK. By Antonio Coletti and Isabella Porchia On 1 August 2019, the Italian Securities and Exchange Commission (CONSOB) issued an update of Notice No. 7 of 26 March 2019 (the Notice) detailing the requirements...

New law aims to expand the currently limited application of class actions in Italy. By Antonio Distefano and Isabella Porchia The Italian Parliament recently introduced a comprehensive reform of the rules governing class actions with Law No. 31 of 12 April 2019 (the Reform). The Reform, which was published in the Official Gazette on 18...

The instructions clarify the requirements applicable to banking and financial intermediaries under the Brexit Law Decree. By Antonio Coletti and Isabella Porchia On 28 March 2019, the Italian central bank (Bank of Italy) published two notices detailing the requirements for Italian banks and financial intermediaries operating in the UK, and for UK banks and financial...

The notice details the requirements applicable to UK investment firms operating in Italy, and Italian investment firms operating in the UK. By Antonio Coletti and Isabella Porchia On 26 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the requirements applicable to UK investment firms operating in Italy and Italian investment firms operating...

The law decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. By Antonio Coletti and Isabella Porchia On 20 March 2019, the Italian Council of Ministers approved a law decree laying down urgent measures to ensure financial stability and market integrity in the event of a no-deal Brexit. In particular,...

Increased revenue, improved governance, and innovative financing in Serie A are drawing interest from overseas investors. By Giancarlo D’Ambrosio In the 1980s and 1990s, Italian football dominated the European football industry, achieving consistent success on the field and attracting a vast global audience. Italy’s top division, Serie A, is still among the best in the...

Deal making is likely to surge as companies seek funding and private equity firms scour the market for buyout opportunities. By Andrea Novarese and Cataldo Piccarreta Italy is poised to help steer automotive deal activity in the final weeks of what has been another bumper year for the industry. According to PwC, global automotive deals reached US$59.3...

By Antonio Coletti, Stefano Sciolla, and Isabella Porchia The Italian Council of Ministers has approved law decree no. 148 (the Decree), extending the disclosure requirements on stakebuilding in Italian listed companies and the Italian government’s so-called “golden powers”. The government may exercise these powers — veto or special conditions — in connection with extraordinary transactions...

By Isabella Porchia The Italian Securities Commission (CONSOB) has approved two handbooks, “Management of Inside Information” and “Investment Recommendations,” which offer guidelines under Market Abuse Regulation no. 596/2014 (MAR) and delegated acts. These publications have implications for a range of market participants, including companies with listed equity and debt securities on both Italian