MILAN (Reuters) – Ialy has widened investor disclosure rules to cover 104 firms in a bid to counter volatility fuelled by the coronavirus pandemic, market watchdog Consob said on Friday, more than doubling the list of such companies.
Consob last month announced steps to boost transparency covering 48 firms as it lowered the disclosure threshold for holdings in larger companies to 1% from 3%.
It eased the threshold to 3% from 5% for smaller firms.
Criteria considered were both a wide shareholder base and significant market value.
Following a government decree this week that strengthened Consob’s powers, the regulator said the sole criterion now was a wide shareholder base, excluding only groups where a single investor holds 50% of the capital plus one share.
The new thresholds will apply for a period of three months starting on April 11, Consob said.
It also halved to 5% the threshold which requires investors to declare their future investment intentions in relation to a company.
(Reporting by Valentina Za; editing by Jason Neely)
