A series of corporate scandals in Italy have driven an update to the rules for related party transactions in a bid to protect minority shareholders. Gianfranco Veneziano and Stefano Simontacchi report
On 3 August 2009, Consob (the Italian securities market regulator) issued a new consultation document to regulate related party transactions carried out by listed companies and companies that issue financial instruments widely distributed among the public. The expiry date for public comment was 31 October 2009. Even though final rules might differ from those proposed, companies may wish to become familiar with the new regulations so as to plan future implementation appropriately.
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