We have adopted a Market Abuse Procedure which describes the principles and rules for preventing market abuse and concerns the processing of price sensitive corporate data, internal dealing and blackout periods.


The Italgas Board of Directors approved the Market Abuse Procedure, which gathers and coordinates into a single document the principles and rules for preventing market abuse, pursuant to Regulation (EU) 596/2014 and related implementing regulations.

The Market Abuse Procedure aims to:

  • guarantee appropriate processing of price sensitive information regarding the company by persons coming into possession of such information;
  • regulate transactions in shares or credit instruments issued by the company or derivative instruments or other associated financial instruments, by certain parties holding a very senior position (internal dealing);
  • define the operating methods and scope of application of bans imposed upon the company and persons discharging managerial responsibilities (PMDRs) with the company in relation to the execution of transactions in shares, credit instruments, derivative instruments or other associated financial instruments in predefined periods (the blackout periods).


Access to inside information

In the first section, the Market Abuse Procedure governs the management and processing of inside information and the procedures to be followed for their disclosure both inside and outside the corporate environment, so as to avoid delays in and/or incomplete processing of the inside information or processing that could in any event cause confusion among the public.

The Market Abuse Procedure also governs the establishment, keeping and updating of the Insider List.


Rules on Internal Dealing and Black Out Periods

In the second section, the Procedure governs the disclosure of transactions in the company’s financial instruments by certain “significant parties”.

In particular, it contains:

  • the criteria for identifying “significant parties” and “significant transactions” (exceeding a certain limit), to which the regulations apply;
  • the disclosure obligations of “significant parties”, persons closely associated with the significant parties, and the company’s obligations to Consob and the public in relation to “significant transactions”;
  • the rules against carrying out “significant transactions” during blackout periods;
  • the scope of application of the ban imposed upon the company on executing transactions in listed financial instruments issued by the company during blackout periods, and the related operating methods.

For further information, see the section on internal dealing.


The Market Abuse Procedure also applies to other group companies under the scope of the management and coordination activities exercised by Italgas.

Market Abuse Procedure

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ultimo aggiornamento Tue Jun 05 14:34:21 UTC 2018