IT-Listed Companies · Consob

Until 2024 Italy asked more of insiders than the EU minimum. Article 114(7) of the Consolidated Law on Finance (TUF) required anyone holding at least 10% of a listed issuer's share capital, and any person controlling it, to report dealings in its shares to Consob and to the public. Article 10 of Law no. 21 of 5 March 2024, known as the Legge Capitali, repealed that paragraph from 27 March 2024.

Italian internal dealing now rests on article 19 of MAR alone. It covers members of the administrative, management and supervisory bodies, senior executives with access to inside information, and their closely associated persons. A large shareholder shows up only when it falls into one of those categories, for example a holding company that a director controls.

Consob moves to 50,000 euros

Consob resolution no. 23979 of 14 May 2026 amended the Issuers' Regulation (no. 11971/1999) and raised the threshold from 20,000 to 50,000 euros, the ceiling the Listing Act allows. In its notice to ESMA, Consob said it wanted the regime to be proportionate: lighter reporting burdens for the domestic market, with market integrity and the quality of investor information preserved.

How an Italian filing travels

Listed issuers release regulated information through an SDIR dissemination circuit and file it with an authorised storage mechanism. Consob has authorised two: 1Info, run by Computershare, and eMarket Storage, run by Teleborsa since December 2022. Our Italian feed reads eMarket Storage, so each record is a per-trade internal dealing notice as the issuer published it.

Filings dated before 27 March 2024 can include declarations by 10% shareholders under the repealed rule. If you find a major shareholder among older Italian filings, check the date first. The glossary defines the role buckets.