1. Issuers of listed financial instruments must provide Borsa Italiana with all the information the latter deems necessary, on a case-by-case or a general basis, to ensure the proper operation of the market. Borsa Italiana S.p.A. undertakes to ensure the confidentiality of any inside information communicated to it. 2. To the same end as specified in paragraph 1, Borsa Italiana may require issuers to disseminate data and news needed to inform the public in accordance with the procedures and time limits it shall establish. Where an issuer fails to comply with the requirement, Borsa Italiana, after hearing the issuer, may diffuse such information, except where the issuer invokes the decision to delay the public disclosure pursuant to Article 114(3) of the Consolidated Law on Finance or claims, by means of a reasoned complaint to Consob, that disseminating the information is likely to cause it serious harm. 3. In the exercise of the powers referred to in paragraphs 1 and 2 Borsa Italiana shall cooperate with Consob to avoid the duplication of requests made to issuers. 4. Issuers of listed financial instruments shall notify the name of the person to whom requests for information referred to in this article are to be sent and that of his or her substitute to Borsa Italiana, using the form annexed to the Instructions. 5. For financial instruments issued by Borsa Italiana, for the purposes of this article, references to Borsa Italiana shall be understood as referring to Consob and references to the issuer as referring to Borsa Italiana, insofar as applicable.
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