Publish Offer. Official Quotation.

Abstract

For the publication 2020-21.04 we looked at the legislative evolution in the context of the conditions for the admission of securities to the official listing of a stock exchange starting from 1979; we have considered the changes introduced in the Italian legal system introduced with the stability decree of 2014 with reference to the increased vote and multiple vote, that make changes to the provisions regarding the obligation to publish a takeover bid, including in the limit beyond the holding of a stake of more than 30% also the availability of a voting right of more than 30% following purchases. We carried out a study on the official listing on the stock exchange regulated by Directive 2001/34/EC, taking a look at the legislative changes since 1979 at the EU level and which led to the same directive; further studies were of interest to the public prospectus with reference to the requirements relating to the preparation, approval and dissemination. In the last paragraph we took a look at the regulation (EU) 909/2014 (CSDR) concerning central depositories that improves the securities settlment operated by CSDs, considering the systemic importance they assume in this role for the functioning of the securities markets. The commission has issued provisions aimed at increasing the prudential requirements established by the CRD IV regulation which regulates access to credit institutions, both for depositaries and for the same credit institutions when they provide the accessory banking services defined by the CSDR regulation for a securities settlement system has also sanctioned the prohibition of providing other banking services by the same legal entity to reduce exposure to the risk of bankruptcy, considering the application of limited liability for corporations and the article 44 paragraph 1 subparagraph 1 letter b and f that the relative subparagraph 3, of the BRRD directive (2014/59/EU). In the appendix we are interested in the additions made by the European Commission to the market abuse regulation, regulation (EU) 596/2014, with reference to the provisions of article 16 concerning the harmonization of a single model for reporting transactions and information deemed suspicious (STOR).

Keywords: public offer, increased and multiple rating, official listing, admission, directive 2001/34 / EC, prospectus to be published, regulation (EU) 2017/1129, regulation (EU) No. 909/2014, CSDR, improvement of securities settlement system, central securities custodians, CSD, EU regulation 2016/957, STOR,