Financial, Organic reform of the TUF, International dimension of the Italian market
Consolidated Finance Act, Legislative Decree 24 February 1998, n. 58
Consolidated text of the provisions on financial intermediation, pursuant to articles 8 and 21 of law 6 February 1996, n. 52.
Elimination of goldplating, enhancement of statutory autonomy, alignment with international best practices to make our stock market more attractive
Approximately 25 years after the adoption of the Consolidated Finance Act (hereinafter TUF), the delegation for the organic reform of the provisions relating to markets, contained in the Capital Law, constitutes an important opportunity for modernizing the regulatory framework to project the Italian market – affected by chronic weaknesses – into an international dimension, promoting innovative and coherent solutions, both with the process of European financial integration and with the new challenges imposed by changes in the global economy, by the ecological transition and digital.
The delegation criteria aim to promote a rewriting of the rules oriented towards principles of rationalization and simplification, proportionality and flexibility of the regulatory framework, also through the strengthening of private autonomy and the valorisation of the role of self-regulation, in order to increase the competitiveness of the national market and avoid forum/listing shopping phenomena.
In this context, starting from a brief survey of the state of the Italian market and an analysis of the evolution of the institutes also in international and European comparison, Assonime formulates some proposals on various thematic areas which concern in particular:
i) corporate information and ownership structures;
ii) administration and control systems;
iii) the assembly; iv) access to the market and transitions between markets;
iv) financial information and budget;
v) enforcement.
Although intervening in different areas, all the proposals are inspired by a unitary design that aims to simplify and make e fficient for all companies – regardless of their size – the rules for accessing and remaining on the market.
Source Assonime
Association of Italian joint-stock companies
