Euronext STAR Milan Requirements

Formal requirements for Euronext STAR Milan Segment

Formal requirements at IPO

Euronext STAR Milan Segment

Free Float


Audited financial statements


Accounting principles



Institutional / Retail

Other documents


Market Cap (€)

Min € 40 m – Max 1 bn

BoD (# independent members)

Mandatory (# within Issuer Regulation)

Internal audit committee


Remuneration committee


Incentives to top management

Mandatory (remuneration related to performance)

Investor relations manager




Main advisor

Listing Agent / Global coordinator


Requisiti formali on going

Segmento Euronext STAR Milan

Corporate Governance Code

Partially mandatory


Mandatory (liquidity provider / 2 annual research / meeting with investors)


TUF – 30% mandatory 25% non SMEs (20% - 40% statutory for SMEs), 60% preventive, 90%-95% residual

Related parties

Procedures and reporting requirements

Quarterly data

I-III quarterly report within 45 days from quarte end (no IV quarterly report if  annual report is published within 90 days from year end)

Half year data

Yes - within 75 days from half year end

Annual data

Yes – is within 90 days form year end no IV quarterly report

Accounting information

TUF and Issuer Regulation

Price sensitive and extraordinary deals

These documents need to be produced according to  (i) Italian GAAP (ii) International GAAP – mandatory in case the issuer has widespread financial instruments, (iii) US GAAP – Generally Accepted Accounting Principles

Communication, as soon as possible, of: preferred info, i.e. asset acquisition /sale , extraordinary deal, change in expected financial results (profit warning and earning surprise), change in key manager

In case of acquisitions / divesture with a significant impact on the issuer and / or critical deals with related parties, the issuer has to publish and information  addendum

Technical information

The issuers communicate further information, according to Borsa Italiana Regulation, in order to ensure a correct and organized market management (i.e. agenda of events, change in capital, change of company name)


For further details please send an email to


Consult the Statistics prepared by Borsa Italiana and the Market Regulations

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