The scope and content of the “early warning” provisions recently introduced in the Italian legal system by Law Decree no. 148 of October 16, 2017.
In sum, the new provisions introduce the obligation of the purchaser of material shareholdings exceeding 10%, 20% and 25% of the share capital of a listed company to disclose the “goals” pursued by the same.
The relevant statement must be filed within 10 days from the completion of the purchase.
The content of the statement is described in the new paragraph 4-bis of art. 120 of the Italian Consolidated Financial Act, introduced by the mentioned Law Decree no. 148/2017.
According to a more conservative and safe approach, the new provisions appear to be immediately applicable and enforceable in the part concerning the filing of the relevant statement with Consob and the “target” issuer.
As you will see, the attached newsletter addresses a number of interpretative concerns and matters which we believe should be considered and taken into account in this initial phase of application of the new provisions.