Consob has amended the regulations for issuers, markets and transactions with related parties. With these corrections, the Italian legislation is adapted to the new European legislation on market abuse, in force since 3 July as a result of a new EU regulation.
In particular, the threshold that triggers the disclosure obligation for transactions carried out by managers on the securities of the issuers for which they work (so-called internal dealing) is raised from 5 to 20 euros. The raising of the threshold, also envisaged for transactions carried out by significant shareholders, aims to mitigate the administrative burdens for listed issuers, with particular reference to smaller companies.
The high number of requests for clarification on the new discipline has led Consob to produce operating guides. The first concerns the management of privileged information and the preparation of the insider list, to allow issuers to bring the publication obligations within the sphere of internal organizational procedures.
The second guide, on the other hand, deals with various topics: the correct presentation of investment recommendations, the disclosure to the public of particular interests and conflicts of interest and the description of the conditions under which Consob may request the publication of investment recommendations.
The consultation on the operational guides, which will be adopted in the form of communications of a general nature, closes on 6 June.
