The Board of Assonymous, chaired by Patrizia Grieco, presented a document containing proposals of reform of Consolidated Finance Act (TUF), in response to the recently approved legislative delegation. The Valid identity document, published on the website of the Association for Italian joint-stock companies, contains various proposals aimed at enhance market competitiveness of Italian capital and to facilitate the listing of companies.
The document aims to reduce unnecessary regulatory excesses and align the Italian system with international best practices, enhancing statutory autonomy and self-discipline rules.
Assonime's proposals
La organic reform of market regulations, promoted 25 years after the adoption of the Consolidated Law on Finance (TUF), represents an important initiative to update the Italian regulatory framework. The objective is to improve the competitiveness of the national market, addressing its long-known critical issues and adapting to the needs of European financial integration, as well as global changes such as the transition towards a more ecological and digital economy. The guiding principles of delegation aim to simplify and rationalize regulations, ensuring proportionality and flexibility in the regulatory framework. At the same time, we seek to strengthen the autonomy of private parties and enhance the role of self-discipline in the sector, in order to promote a more efficient and competitive environment for all companies operating on the Italian market.
For an organic reform of the TUF, the Association offers the elimination of goldplating, the enhancement of statutory autonomy and the alignment with international best practices to increase the attractiveness of the national stock market.
Assonime has proposed solutions in various thematic areas: corporate information, corporate governance, meetings, access to markets, financial information and enforcement. These proposals aim to unify and simplify the rules for all companies, regardless of their size, to improve access and permanence on the national market.
The performance of the Italian economy
During today's meeting in Rome, the Council eexamined the performance of the Italian economy, marked by a long phase of stagnation interrupted in the first quarter of this year by positive signs of recovery, with a 0,3% increase in the area's GDP, higher than forecast. They were also highlighted favorable signals from leading indicators in the services sector and international trade. However, Italy is now subject to an infringement procedure for excessive deficit, bringing it back into the corrective arm of the new Stability Pact. This implies greater stringency in the management of public accounts, with the need to plan medium-term recovery plans to reduce deficit and debt, in contrast to the previous approach based on the annual evaluation of budgets. Consequently, economic policies, especially budgetary ones, today require greater continuity and intertemporal coherence to guarantee credibility and stability in the plans agreed with the European Commission.
Assonime: 2023 budget approved
The Assonime Council also has the 2023 budget project was approved of the Association characterized by a balance between income and expenditure.
Prof. Antonio Rizzi, new President of Immobiliare Grande Distribuzione SpA, and the lawyer join the Board. Alberta Figari, new President of TIM SpA, thus expanding the governance of the Association.
