Consob has published the updated list of issuers of listed shares qualifying as “SMEs”, pursuant to Article 1, paragraph 1, letter w-quater. 1) of the Consolidated Law on Finance (TUF), as amended by Law no. 21 of 5 March 2024 (so-called Capital Law), which entered into force on 27 March 2024

In fact, Article 2 of the Capital Law brought about an amendment to Article 1, paragraph 1, letter w-quater. 1) TUF, increasing the market capitalization threshold provided for therein for the purpose of qualifying as an SME from 500 million Euro to one billion Euro.

Following the entry into force of the law itself, qualifying as an SME therefore depends on not exceeding the new capitalization threshold of 1 billion Euro.

Consequently, an additional 17 companies have been identified that have acquired the status of SME as of 27 March 2024 and in relation to which the provisions applicable to SMEs regarding transparency of ownership structures and mandatory public takeover bids therefore apply.

The Committee on Payments and Market Infrastructures at the Bank for International Settlements (BIS) has published a study on the state of art and the near future of infrastructure integration in the payments market

ESMA has issued a statement reminding issuers about the applicable legislative framework to “pre-close calls” and encouraging them to follow good practices when engaging in such calls, with the goal of contributing to maintain fair, orderly, and effective markets