{"id":36481,"date":"2020-09-01T00:00:00","date_gmt":"2020-08-31T22:00:00","guid":{"rendered":"https:\/\/lexia.studioup.site\/the-latest-changes-to-the-aim-italia-by-borsa-italiana-s-p-a-introduction-of-a-new-market-segment-dedicated-exclusively-to-professional-clients\/"},"modified":"2025-01-07T18:48:41","modified_gmt":"2025-01-07T16:48:41","slug":"changes-aim-italia","status":"publish","type":"post","link":"https:\/\/www.lexia.it\/es\/2020\/09\/01\/changes-aim-italia\/","title":{"rendered":"The latest changes to the AIM Italia by Borsa Italiana S.p.A.: introduction of a new market segment dedicated exclusively to professional clients"},"content":{"rendered":"<p>By <strong>Francesco Dagnino<\/strong> and <strong>Marco Stefanini<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Some of the changes brought by Borsa Italiana S.p.A. (hereinafter, \u201c<strong>Borsa Italiana<\/strong>\u201d) with Notice no. 17857 to the Alternative Investment Market Italia, the <em>sub<\/em>-market reserved to small and medium Italian companies with high growth potential \u2013 known simply as \u201c<em>AIM Italia<\/em>\u201d \u2013 have become effective on July 6, 2020.<\/p>\n<p>The new provisions see, in particular, the expansion of the AIM Italia with a new market segment dedicated exclusively to \u201cprofessional clients\u201d (the \u201c<strong>Professional Segment<\/strong>\u201d), as referred to in Annex II of EU Directive no. 2014\/65. The amendment is specifically designed to meet the demands of a wider audience of listed companies and is aimed in particular at companies that (i) in the absence of immediate needs to raise capital, intend to put on hold the listing on the Professional Segment (the so-called \u201c<em>just listing<\/em>\u201d), (ii) intend to have access to trading on the retail investor market slower, gradually implementing the necessary structure, and (iii) have been marketing their products\/services for less than a year and\/or have yet to start the fundamental strategic functions\/processes envisaged by their business model (so-called \u201c<em>scale-up<\/em>\u201d).<\/p>\n<p>Specific provisions are also established with reference to (i) the contents of the so called \u201cadmission document\u201d, (ii) the minimum requirements of the free float at the date of admission to trades and (iii) the trading methods.<\/p>\n<p><strong><u>Contents of the admission to trades document<\/u><\/strong><\/p>\n<p>With regard to the first profile, a simplification is introduced with regard to the working capital declaration, in line with the standards of growth markets for small and medium companies. In this regard, the issuer\u2019s directors may go as far as to declare, differently from the AIM Italia market for retail clients, whether or not the company\u2019s working capital is sufficient to meet the current needs of the company or, if not, how they plan to provide the additional working capital (see Article 78, paragraph 2, letter e) of Regulation No. 565\/2017).<\/p>\n<p><strong><u>Minimum free float requirements at the date of admission to trades<\/u><\/strong><\/p>\n<p>Specific rules also apply to the companies admitted to the Professional Segment in terms of minimum requirements of the free float, which must be at least 10% of the total company\u2019s share capital. This requirement is presumed to be met when the shares are distributed to at least five investors, including non-institutional or professional investors, who are not related parties or employees of the company or its group companies. In the event that the above requirement is not met, Borsa Italiana is entitled, at the same time of the admission of the company to trade on the AIM Italia, to suspend the shares for a period of two years, at the end of which, if the free float requirement is not met, the latter will delist the company from the professional segment.<\/p>\n<p><strong><u>Methods of negotiation<\/u><\/strong><\/p>\n<p>Finally, the new provisions introduce specific requirements on how to trade in the Professional Segment, taking into account the different cash needs of investors. In this regard, it is established that these procedures must be carried on the basis of a single daily price, applied to a minimum stock of shares with a countervalue of Euros 5,000.00; moreover, the operation of a \u201cstock exchange specialist\u201d is not envisaged. In addition, issuers admitted to trade on the Professional Segment will be the only ones who may refrain from appointing the so called \u201cindependent director\u201d and the \u201cinvestor relator\u201d.<\/p>\n<p>The above amendments came into force on 20 July 2020 and limit tradings on the Professional Segment to professional clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Francesco Dagnino and Marco Stefanini &nbsp; Some of the changes brought by Borsa Italiana S.p.A. (hereinafter, \u201cBorsa Italiana\u201d) with Notice no. 17857 to the Alternative Investment Market Italia, the sub-market reserved to small and medium Italian companies with high growth potential \u2013 known simply as \u201cAIM Italia\u201d \u2013 have become effective on July 6, &hellip; <a href=\"https:\/\/www.lexia.it\/es\/2020\/09\/01\/changes-aim-italia\/\">Continued<\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[540],"area":[],"collana":[],"competenza":[],"class_list":["post-36481","post","type-post","status-publish","format-standard","hentry","tag-publicaciones"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Latest changes to the AIM Italia by Borsa Italiana S.p.A. - LEXIA<\/title>\n<meta name=\"description\" content=\"Latest changes to the AIM Italia by Borsa Italiana S.p.A.: introduction of a new market segment dedicated exclusively to professional clients.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexia.it\/es\/2020\/09\/01\/changes-aim-italia\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest changes to the AIM Italia by Borsa Italiana S.p.A. - 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