The Italian Government completed the implementation process of Directive 2010/73/EC, which amended Prospectus Directive 2003/71/EC and Transparency Directive 2004/109/EC.
The Decree sets out provisions relating to, inter alia (i) the voting requirements to approve capital increases, by reducing the requirement of majority shareholder approval previously required for capital increases that exclude or limit preemptive rights; (ii) retail cascade, by allowing financial intermediaries to resell securities originally offered directly by issuers; and, (iii) disclosure obligations, by simplifying the disclosure of privileged information.
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