On 1 October 2018, the revised Rules of the Market and related Instructions, which were amended by Borsa Italiana S.p.A., the managing company of the Italian stock exchange (Borsa Italiana), entered in force.
The most important amendments relate to the reinstatement and voluntary renouncement of STAR status (Segmento con Titoli ad Alti Requisiti, a highly-regulated segment of the MTA regulated market, where only companies meeting certain requirements can be listed). The rules concerning the reinstatement of STAR status when the applicant company (i) has requested withdrawal from the segment in the past, or (ii) has been excluded by Borsa Italiana, in the event extraordinary exclusion circumstances occurred, have been amended.
In particular, Borsa Italiana, when requested by the company previously excluded, can reinstate the STAR status only when compliance with both the specific regulatory requirements during the exclusion period and the existence of the required free float in the shareholding structure has been verified. Borsa Italiana is obliged to order the withdrawal of STAR status only after having determined the existence of the required regulatory conditions.
Finally, Borsa Italiana specified that the separation of the procedure for admission to listing and the procedure for admission to trading is also valid for warrants and convertible bonds whose admission is requested at the same time as shares of a company.
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