• Italian Listed Companies: Obligation to Submit Financial Information to CONSOB Is No Longer One-Off
  • May 21, 2012
  • Law Firm: Norton Rose Canada LLP - Montreal Office
  • Pursuant to CONSOB (the Italian Securities and Exchange Commission) communication n. DIE/12036415 issued on 4 May 2012, listed companies which do not prepare balance sheets according to Bank of Italy and/or ISVAP regulations must submit to CONSOB certain financial information and data contained in their relevant annual and mid-year balance sheets.

    This obligation had already been contemplated in past CONSOB communications (see Communications n. Dem/10036807 of 26 April 2010, Dem/10082834 of 08 October 2010 and Dem/11027586 of 04 April 2011), but on a one-off basis. According to the new communication, these companies must provide the information on a continuous basis. In particular, the annual reports have to be filed electronically via Teleraccolta no later than the 20th of May of each year and the mid-year reports by the 30th of September each year.

    To facilitate the process, Teleraccolta has been adapted to upload financial data and a manual containing instructions for the completion and submission of the data has been published on the CONSOB website.