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So far Legália has created 159 blog entries.
14 04, 2020

Enhanced Transparency: CONSOB introduces new rules on disclosure of significant shareholdings and “declaration of intentions”.

By | April 14th, 2020|Capital Markets, Finance, Financial Regulation, Uncategorized|

Consob has adopted two measures (Resolutions n. 21326 of  9 April 2020 and n. 21327 of 9 April 2020 only Italian version) which, in the context of the new powers given to the Authority by the “Business Decree” (Law Decree No 23 of 8 April 2020), provide for a regime […]

25 03, 2020

CONSOB suspends the deadline for the payment of supervisory contributions and extends the suspension of all the terms of the proceedings under way at the ACF

By | March 25th, 2020|Finance, Financial Regulation, Uncategorized|

Consob,  taking into account the epidemiological emergency from Covid-19, decides to:

  • suspend until May 15, 2020 the deadline, already set for April 15, for the payment of supervisory contributions for 2020 due by Italian and foreign supervised entities (resolution no.21305 of March 18, 2020).
  • further extend, from March 22 to April […]
18 03, 2020

CONSOB: 3 months ban to short selling on the entire stock exchange list and enhanced transparency

By | March 18th, 2020|Capital Markets, Finance, Newsflash, Payment Services|

[Newsflash n. 70]

Due to the strong market turbulences triggered in the last days by the Covid-19 pandemic, Consob has introduced a prohibition of net short positions (short selling and other bearish operations) for three months (Resolution n. 21303 of March 17, 2020), following the positive opinion of ESMA.

For the first […]

16 03, 2020

CONSOB renews the prohibition of short selling for 20 Italian shares on 17 March 2020

By | March 16th, 2020|Capital Markets, Finance, Financial Regulation, Insurance, Payment Services, Uncategorized|

Consob, with Resolution no. 21302, has decided to renew the prohibition of short selling in 20 Italian shares pursuant to Article 23 of Regulation (UE) no. 236/2012.

The restriction will apply for the entire trading day of 17 March 2020.

Moreover, Consob has decided to start the procedure for the adoption of further restrictive measures pursuant to Article 20 of […]

16 03, 2020

CONSOB suspends the procedure-related terms of the ongoing sanction proceedings and of the proceedings under way at the ACF

By | March 16th, 2020|Alternative Dispute Resolution, Dispute Resolution, Finance, Uncategorized|

Consob, with reference to the measures taken by the Italian Government in recent days to deal with the Coronavirus emergency, decides to suspend:

The goal is to guarantee […]

13 03, 2020

SHORT SELLING: Temporary ban on several stocks

By | March 13th, 2020|Capital Markets, Finance, Financial Regulation, Insurance, Newsflash, Payment Services, Uncategorized|

[Newsflash n. 69]

The effect of the coronavirus on the economy is badly affecting also the stock markets and action has been taken by the EU competent authorities to mitigate the amplifying impact of short-selling, to reduce volatility and avoid inappropriate behavior of speculative investors. In particular:


Borsa Italiana is recovering after the shock of yesterday like […]

12 03, 2020

FinTech: consultation on Italian FinTech Sandbox

By | March 12th, 2020|Capital Markets, Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 68]

Following to the introduction in Italy of the notion of regulatory sandbox by the Law Decree n. 34/2019 (“Growth Decree”, as modified by the Law n. 58 of 2019), the Italian Ministry of Finance (“MEF”) submitted to public consultation a Draft Regulation to establish the criteria to use sandboxes and to regulate the […]

18 02, 2020

Lawyers Moves

By | February 18th, 2020|News, Uncategorized|

As of March 2020 our special partner Salvatore Providenti will leave the Firm to join Carbonetti Studio Legale. The cooperation between Legália and Salvatore Providenti – which may continue in other forms – has been one of mutual enrichment, thanks to the thirty-years experience of Mr Providenti as CONSOB lawyer and the proficient skills of […]

5 02, 2020

Brexit: transitional period before actual withdrawal

By | February 5th, 2020|Finance, Financial Regulation|

[Newsflash n. 67]

After complex negotiations, the EU and the UK agreed on a withdrawal agreement (European Union Withdrawal Agreement Act). The agreement, ratified by both parties, came into force on 31 January 2020 and, as a result, from 1 February 2020 the UK is no longer a member of European Union.

The agreement establishes a transitional […]

16 01, 2020

MiFID II: new provisions to supplement the Italian implementing legislation

By | January 16th, 2020|Capital Markets, Finance, Financial Regulation, FinTech, Insurance, Newsflash|

[Newsflash n. 66]

During the period of application of the legislative decree n. 129 of 2017, implementing EU Directive 2014/65/EU (“MiFID II”) and EU Regulation 2014/600/EU (“MiFIR”) in the Italian legal system, national Supervisory Authorities spotted certain issues in the transposing legislation and reported them to the Ministry of Finance (“MEF”).

Following a

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