Italy to unveil measures by end of year to boost capital markets
By Valentina Za
MILAN, Oct 8 (Reuters) -Italy expects to be able to unveil by the end of this year a proposed reform of financial markets regulation as the government works to stem a steady draining of liquidity from its capital markets, a Treasuryofficial said on Tuesday.
Italy has been working on measures to revise its 'Testo Unico della Finanza' (TUF) law, the country's main piece of regulation for markets and financial intermediaries.
With an economy made up mostly of small businesses which struggle to access capital and debt markets, Italy has witnessed an outflow from its stock exchange as companies were taken private.
In addition, major names such as drinks maker Campari CPRI.MI and car manufacturer Stellantis STLAM.MI have moved their legal base abroad to benefit from more favourable corporate governance rules.
"We've been working since March, we'll keep working in the coming months and we expect to be able to produce some results before the end of the year," Economy Ministry Undersecretary Federico Freni said.
Italy has already introduced a first set of financial reforms aimed at encouraging companies to pursue external growth, while allowing core shareholders, often founding families, to preserve their grip on a group.
The measures have drawn criticismfrom institutional investors.
"Reforming the TUF law is the only chance of survival for our capital markets which are otherwise destined to struggle further and eventually atrophy," Freni told a conference organised in Milan by law firm Clifford Chance and media group Il Sole 24 Ore.
Freni said that relevant stakeholders would have a chance to provide input on the reform as it makes its way through parliament.
"One of the criticisms we received was the lack of consultation ahead of unveiling the reform. But I can guarantee that we have consulted, and anyway we'll have a chance to all work together during the parliamentary debate on the bill: are we ready to all work together?".
Italy introduced the TUF law in the 1990s when Mario Draghi, the former European Central Bank President and former Italian Prime Minister, was the economy ministry's director general.
Known also as 'Draghi law', it came into force in 1998 and has been amended dozens of times over the years.
To draw up a major revamp of the regulation, the economy ministry earlier this year set up a group of experts to advise on the necessary changes.
Reporting by Valentina Za
Editing by Keith Weir
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