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Article 5.2.1

Functions

1.       The collection of acceptances of purchase and exchange tender offers for listed financial instruments made by the person who holds the absolute majority of such instruments and of tender offers made by the issuer for its own financial instruments referred to in Article 40.7, of Consob Regulation 11971/1999 and the execution of purchase obligations referred to in Article 108 of the Consolidated Law on Finance may be carried out using the electronic trading support system.

2.       The collection of acceptances and the execution of purchase obligations referred to in the preceding paragraph shall be at the price established by the offeror or the person subject to the obligation and entered on a special book. Acceptances and request to sell shall be entered on the book as orders without a limit price and with the “good till time” method of execution specified; they may be cancelled by Borsa Italiana upon receipt of a reasoned request from approved intermediaries.

3.       The contracts concluded shall be handled by the trade-checking service referred to in Article 5.1.1 and settled in the settlement service referred to in Article 69 of the Consolidated Law on Finance, in the manner established on a case-by-case basis by Borsa Italiana and notified to Consob provided the consideration consists exclusively of cash; if even part of the consideration consists of securities, the acceptances shall not be transmitted to the settlement service referred to in Article 69 of the Consolidated Law on Finance.

 

 



Last update:  September 23 2009 - 11:15



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