Amendments to the Joint Consob/Bank of Italy provision on post-trading implementing Directive (EU)2017/828 (Shareholder Rights Directive II)

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Following the adoption of Legislative Decree 49/2019, through which Directive (EU) 2017/828 amending the 2007/36/EC Directive on encouraging the long-term commitment of shareholders - the Shareholder Rights Directive II ('SHRD II') - was transposed into Italian law, it is now necessary to complete the implementation of SHRD II in Italy.

To this end, in agreement with the Bank of Italy, Consob is called upon to adopt the changes to its rules on the identification of shareholders, transmission of information and facilitation of the exercise of the rights of shareholders of listed companies, within twenty-four months of the adoption of the enforcement acts referred to in Articles 3-bis, paragraph 8, 3-ter, paragraph 6, and 3-quater, paragraph 3, of the SHRD II.

The Bank of Italy and Consob are now launching a market consultation on the proposed changes to their 'Joint Provision', which will end on 25 September 2020.