CAPITAL MARKETS | Bill to implement the multiple-vote shares directive and the listing act proposed

Through Government Act No. 427, the Italian Government submitted to Parliament a draft legislative decree aimed at implementing Directive (EU) No. 2810 of 23 October 2024 on multiple-vote share structures (the Listing Act). First, the draft decree would introduce a provision governing the admission to trading on multilateral trading facilities (MTFs) of shares issued by companies adopting multiple-vote share structures (new Article 66-bis.1 TUF). This provision, however, would not apply to companies whose shares are already listed.

The draft decree would also amend the rules governing the transmission of documentation evidencing the conditions for delaying the disclosure of inside information to the public (Article 114(3) TUF). In particular, Consob would be given the power to determine whether to maintain the current regime or introduce a system providing for the automatic transmission of such documentation.

Finally, the draft decree would amend the sanctions regime applicable to infringements of Regulation (EU) No. 596/2014 of 16 April 2014 (the Market Abuse Regulation). In particular, the proposed amendments would remove the automatic application of ancillary disqualification sanctions upon the imposition of pecuniary sanctions for market abuse (Article 187-quater TUF). As of today, the draft legislative decree has received the opinions of the competent parliamentary committees and is awaiting final approval by the Council of Ministers.

Newsletter n. 121 – August/September 2026