(Finance) – As loudly requested by operators in recent months, in the wake of the MEF Green Book and the discussion of the capital bill, thegovernment amendment to revise the Consolidated Finance Act (TUF) of 1998, now considered dated given the evolution of the financial markets over the last 30 years.
The Government is delegated to adoptwithin twelve months from the date of entry into force of the Capital Bill, on the proposal of the Minister of Economy and Finance and in particular thanks to the push of the undersecretary Federico Frenione or more legislative decrees for the organic reform of the regulations and, where necessary, of the provisions relating to joint-stock companies contained in the Civil Code also applicable to issuers.
In exercising the delegation, the Government must observe the following principles and directive criteria: supporting the growth of the country, promote companies’ access to risk capital with particular regard to regulated markets; increase the competitiveness of the national market, simplify and rationalize the regulation of issuersincluding the related sanctioning system, the methods of election of the corporate bodies, with reference to related parties, and the possibility of providing systems for multiplying the right to vote, reducing the obligations and burdens envisaged by current legislation; facilitate the transition from listing on unregulated to regulated markets; review the rules regarding private investment activities to encourage maximum diffusion; simplify government rules corporate also taking into account the rules established by the self-discipline codes.
And again, among other things: provide for a reorganization and updating of the regulations regarding the appeal to public savings, with particular regard to public offers of securities and public purchase and exchange offers; reconciling the level of administrative burdens imposed on companies with the need to ensure the efficiency, effectiveness and relevance of controls; ensure a coherent and integrated system of internal controls, eliminating overlaps or duplications in control functions and structures and also identifying appropriate forms of coordination.